Autel(688208) 民生证券·2024-10-23 10:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Insights - The company reported a revenue of 2.804 billion yuan for the first nine months of 2024, representing a year-on-year increase of 28.07%. The net profit attributable to shareholders reached 541 million yuan, up 103.08% year-on-year, while the net profit after deducting non-recurring gains and losses was 444 million yuan, reflecting a 65.67% increase [1]. - The company's strong performance is attributed to its high-end positioning in the new energy sector and the expansion of its product matrix. The digital energy business generated 591 million yuan in revenue, a 77.77% increase year-on-year, while the digital maintenance business achieved 2.178 billion yuan, up 20.11% year-on-year [1]. - The gross margin for Q3 was 54.99%, an increase of 0.59 percentage points year-on-year, and the net profit margin was 14.81%, up 7.42 percentage points year-on-year, indicating improved profitability [1]. - The company is actively expanding its overseas operations, particularly in the charging pile business, which is expected to yield significant growth opportunities due to low penetration rates of new energy vehicles in international markets [1]. - The company has established production bases in Shenzhen, Vietnam, and North Carolina, USA, enhancing its global supply chain and production capabilities [1]. - A stock incentive plan has been approved, granting 9.7696 million restricted shares to 229 employees, aimed at boosting morale and long-term development [1]. Financial Forecast - The company is projected to achieve revenues of 4.1 billion, 5.16 billion, and 6.62 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.1%, 25.8%, and 28.5% [2]. - The net profit attributable to shareholders is expected to reach 650 million, 760 million, and 980 million yuan for the same years, with growth rates of 262.1%, 17.1%, and 28.9% [2]. - The current stock price corresponds to price-to-earnings ratios of 22, 19, and 15 for 2024, 2025, and 2026, respectively, reflecting a favorable valuation given the company's growth trajectory [1][2].