Autel(688208) 华金证券·2024-11-21 12:28Investment Rating - The investment rating for the company is "Buy" (initial coverage) with a stock price of 34.49 yuan as of November 21, 2024 [2]. Core Views - The company's automotive electronics business is stable, and its digital energy business is opening a second growth curve. The company has been deeply engaged in the automotive aftermarket since its establishment in 2004, focusing on technological innovation to create a comprehensive product matrix for automotive diagnostics and related software services. This positions the company well to benefit from the increasing electronic and intelligent features in vehicles [9][10]. Summary by Sections Automotive Electronics Business - The company has achieved revenue of 1.18 billion yuan, 1.56 billion yuan, 2.22 billion yuan, 2.13 billion yuan, and 2.65 billion yuan from 2019 to 2023, with year-on-year growth rates of 32.59%, 32.37%, 42.41%, -4.07%, and 24.15% respectively. The gross profit margins for these years were 62.58%, 64.22%, 58.30%, 58.87%, and 59.95%, indicating a stable upward trend [9]. Digital Energy Business - The company began strategic layout in overseas new energy charging business in 2021. It has developed a comprehensive product matrix covering intelligent charging network solutions and energy management solutions. The company has signed contracts with several large enterprises in North America and Europe, indicating strong market expansion [10][13]. Financial Forecast - The company is projected to achieve revenues of 3.96 billion yuan, 5.06 billion yuan, and 6.53 billion yuan from 2024 to 2026, with corresponding net profits of 583 million yuan, 766 million yuan, and 893 million yuan. The price-to-earnings ratios are expected to be 26.7, 20.4, and 17.5 respectively [14][19]. Market Positioning - The company has completed its global customer and production capacity layout in the digital energy sector, which is expected to contribute significantly to its growth in the coming years. The market for electric vehicle charging infrastructure is projected to grow substantially, with the U.S. needing 28 million charging ports by 2030 [13][14]. Comparison with Peers - The company's price-to-earnings ratio is lower than that of comparable companies in the charging pile sector, suggesting a favorable valuation relative to its peers. This, combined with the stable development of its traditional business and the opening of a second growth curve in digital energy, supports the "Buy" recommendation [20].