Autowell(688516) 国海证券·2024-08-26 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company reported a strong performance in H1 2024, with revenue of 4.418 billion yuan, a year-on-year increase of 75.48%, and a net profit attributable to shareholders of 769 million yuan, up 47.19% year-on-year [2][3] - The company secured significant orders, including a large procurement order for over 10GW of high-speed 0BB string welding equipment, indicating accelerated platform layout [3][4] - The company is increasing its R&D investment, with R&D expenses rising by 37.01% year-on-year in H1 2024 [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.453 billion yuan, a year-on-year increase of 65.94% and a quarter-on-quarter increase of 24.89% [3] - The gross margin for H1 2024 was 33.81%, a decrease of 2.83 percentage points year-on-year, while the net margin was 18.19%, down 2.27 percentage points year-on-year [3] - The company signed new orders worth 6.285 billion yuan (including tax) in H1 2024, a year-on-year increase of 8.74%, with total orders on hand reaching 14.341 billion yuan, up 41.11% year-on-year [3] Market Position and Orders - The company holds over 60% market share in string welding machines, serving more than 600 production bases globally [3] - The company has received orders from major clients in the module PACK production line and semiconductor equipment, indicating a strong demand for its products [3] Earnings Forecast - The company is expected to achieve revenues of 9.503 billion yuan, 12.516 billion yuan, and 14.626 billion yuan for the years 2024, 2025, and 2026, respectively [4][6] - The projected net profit attributable to shareholders for the same years is 1.835 billion yuan, 2.407 billion yuan, and 2.894 billion yuan, respectively [4][6] - The current price corresponds to a PE ratio of 6, 4, and 4 times for the years 2024, 2025, and 2026, respectively [4][6]