Autowell(688516) 长城证券·2024-08-23 10:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company achieved rapid growth in Q2 2024, with total revenue reaching 2.453 billion yuan, a year-on-year increase of 65.94% and a quarter-on-quarter increase of 24.89% [2]. - The company has a strong order backlog, with new orders amounting to 6.285 billion yuan in the first half of 2024, reflecting a year-on-year increase of 8.74% [2]. - The company is focusing on R&D, with investments totaling 178 million yuan in the first half of 2024, a year-on-year increase of 37.01%, which supports stable order growth [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.418 billion yuan, up 75.48% year-on-year, and a net profit attributable to shareholders of 769 million yuan, up 47.19% year-on-year [1]. - The gross margin and net margin for the first half of 2024 were 33.81% and 18.19%, respectively, showing a slight decline compared to the previous year [2]. - The company’s return on equity (ROE) is projected to be 35.7% in 2024, indicating strong profitability [1][7]. Market and Product Insights - The photovoltaic equipment market is experiencing a slowdown in demand growth, with new installations in China reaching 102.48 GW in the first half of 2024, a year-on-year increase of 30.7% [3]. - The energy storage market is expected to continue growing, driven primarily by power storage needs, with new installations in the first half of 2024 increasing by 48.5% year-on-year [3]. - The semiconductor packaging sector presents significant opportunities for domestic substitution, as the industry is expected to recover in the second half of 2024 [6].