Autowell(688516) 东吴证券·2024-08-22 18:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to show high growth, achieving revenue of 4.418 billion yuan in the first half of 2024, a year-on-year increase of 75.5%. The revenue from photovoltaic equipment accounted for 88.2% of total revenue [3][8] - The company's profitability has slightly declined, with a gross margin of 33.8%, down 2.8 percentage points year-on-year, and a net profit margin of 18.2%, down 2.3 percentage points year-on-year [11] - The company has maintained a strong order intake, with new orders of 6.29 billion yuan in the first half of 2024, a year-on-year increase of 8.7% [13] - The company is positioned as an automation platform across photovoltaic, lithium battery, and semiconductor sectors, with significant orders and market share in each area [15] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 44.18 billion yuan, with a net profit of 7.69 billion yuan, reflecting a year-on-year increase of 47.2% [3][8] - The second quarter alone saw revenue of 24.53 billion yuan, a year-on-year increase of 65.9% [8] Profitability Analysis - The gross margin for the first half of 2024 was 33.8%, a decrease of 2.8 percentage points compared to the previous year, while the net profit margin was 18.2%, down 2.3 percentage points [11][12] Order and Inventory Management - As of the end of Q2 2024, the company's contract liabilities were 3.26 billion yuan, a decrease of 17% quarter-on-quarter, and inventory stood at 7.34 billion yuan, down 4% [13][14] - The backlog of orders was approximately 14.34 billion yuan, a year-on-year increase of 41% [13] Business Segmentation and Growth - The company has diversified into three main sectors: photovoltaic, lithium battery, and semiconductor, with significant orders in each area, including major contracts for low-oxygen monocrystalline furnaces and other equipment [15][16] - The forecasted net profit for 2024-2026 is 18.4 billion, 23.5 billion, and 29.9 billion yuan respectively, with corresponding P/E ratios of 6, 4, and 4 times [16]