Autowell(688516) 国联证券·2024-08-23 08:34Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 4.42 billion yuan in H1 2024, representing a year-on-year increase of 75%, with a net profit attributable to shareholders of 770 million yuan, up 47% year-on-year [2][7]. - The gross margin for H1 2024 was 33.8%, down 2.8 percentage points year-on-year, while the net margin was 18.2%, down 2.3 percentage points year-on-year, primarily due to the industry's cyclical downturn [2][7]. - The company is expected to generate revenues of approximately 10.3 billion, 12.7 billion, and 15.7 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of about 63%, 24%, and 23% [2][7]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.45 billion yuan, a year-on-year increase of 66% and a quarter-on-quarter increase of 25% [7]. - The net profit for Q2 was 440 million yuan, up 45% year-on-year and 31% quarter-on-quarter [7]. - The company’s contract liabilities and inventory both grew by 23% year-on-year, reaching 3.26 billion yuan and 7.34 billion yuan, respectively, by the end of Q2 2024 [7]. Market Position and Technology - The company has successfully developed ultra-high-speed 0BB string welding equipment, which has been validated by leading enterprises and secured orders exceeding 10GW [7]. - The report highlights the rapid technological iteration in the component segment, with the 0BB technology being the next generation after SMBB, aimed at reducing costs and increasing efficiency [7]. Future Outlook - The report expresses optimism regarding the continued growth of 0BB orders, anticipating that the new technology will lead to sustained revenue growth for the company [2][7]. - The expected revenue and net profit for 2024-2026 are projected to be approximately 10.3 billion, 12.7 billion, and 15.7 billion yuan, with net profits of about 1.93 billion, 2.50 billion, and 3.07 billion yuan, respectively [2][7].