Autowell(688516) 东吴证券·2024-09-11 23:30Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company recently secured a 900 million yuan (including tax) order for monocrystalline furnaces and auxiliary equipment from a leading overseas photovoltaic enterprise, with delivery expected to start in December 2024 and equipment acceptance concentrated in 2025 [3] - The company's monocrystalline furnaces demonstrate global competitiveness, with the order primarily consisting of low-oxygen monocrystalline furnaces, along with other auxiliary equipment [3] - The company has accelerated the realization of high-cost performance low-oxygen monocrystalline furnace orders, with significant growth in new orders from 1.7 billion yuan in 2021 to over 3 billion yuan in 2023 [3] - The rise of overseas production capacity presents opportunities for domestic equipment manufacturers, as both overseas and domestic photovoltaic enterprises are accelerating their overseas capacity construction [3] Financial Forecast and Valuation - The company is projected to achieve net profits of 1.84 billion yuan, 2.35 billion yuan, and 2.99 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 6, 5, and 4 times [4] - The total revenue is expected to grow from 6.30 billion yuan in 2023 to 14.89 billion yuan in 2026, with a compound annual growth rate of approximately 46.19% [2][4] - The report highlights a significant increase in earnings per share (EPS), projected to rise from 3.99 yuan in 2023 to 9.51 yuan in 2026 [2][4]