Autowell(688516) 国盛证券·2024-10-30 01:40Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the photovoltaic (PV) equipment industry and its potential to benefit from technological advancements such as 0BB welding technology [3][5] Core Views - The company reported strong financial performance in Q3 2024, with revenue reaching 6.921 billion yuan, a year-on-year increase of 63.27%, and net profit attributable to shareholders of 1.166 billion yuan, up 36.91% year-on-year [1] - Despite a temporary oversupply in the PV industry, the company demonstrated strong risk management capabilities, with net operating cash flow growing faster than revenue [1] - The company is a leader in the PV equipment market, with key products including string welding machines, silicon wafer sorting machines, and screen printing lines [1] - The company's new orders for Q3 2024 were 8.707 billion yuan, with a total backlog of 13.434 billion yuan as of September 30, 2024 [2] Financial Performance - Q3 2024 revenue was 2.504 billion yuan, up 45.42% year-on-year, while net profit attributable to shareholders was 397 million yuan, a 20.58% increase year-on-year [1] - The net profit margin for Q3 2024 was 17.54%, down 2.29 percentage points year-on-year [1] - Operating cash flow for Q3 2024 was 421 million yuan, up 85% year-on-year and 117% quarter-on-quarter, outperforming revenue growth [2] Product and Market Analysis - The company's string welding machines hold over 60% market share, with the successful development of 0BB and XBC string welding machines in 2023 [2] - The company introduced a low-oxygen monocrystalline furnace in 2023, which has gained significant orders from leading customers [2] - The company's screen printing technology achieved a breakthrough with a 0.8-second cycle time and 6-micron precision, compatible with 182-230mm wafer sizes [2] - The Laser Enhanced Metallization (LEM) equipment has been validated by leading TOPCon battery manufacturers and is becoming a standard product in TOPCon production lines [3] - The silicon wafer sorting machine has been upgraded to handle 18,000 wafers per hour, with major customers including LONGi Green Energy and Gaojing Solar [3] Future Projections - The report forecasts the company's net profit attributable to shareholders to reach 1.654 billion yuan in 2024, 1.705 billion yuan in 2025, and 1.816 billion yuan in 2026, with year-on-year growth rates of 31.7%, 3.1%, and 6.5%, respectively [3] - The company's PE ratio is projected to be 10x, 10x, and 9x for 2024, 2025, and 2026, respectively [3] Industry Context - The PV industry is currently facing a phase of oversupply, but the company is expected to benefit from technological advancements and overseas market growth [3]