Autel(688208) 民生证券·2025-01-06 10:55Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][12]. Core Insights - The company is projected to achieve revenue of 3.99 billion to 4.0 billion yuan in 2024, representing a year-on-year growth of 16.88% to 23.03%. The net profit attributable to shareholders is expected to be between 620 million and 680 million yuan, showing a significant increase of 245.92% to 279.39% [1]. - The digital energy business is showing strong momentum, with expected revenue of 830 million to 890 million yuan in 2024. The company has established a diverse product matrix to meet the varied needs of overseas customers [1][2]. - The company is committed to expanding its global presence, having established production bases in Shenzhen, Vietnam, and North Carolina, USA, enhancing its global service capabilities [2]. - The integration of generative AI technology is a key focus, with the company developing intelligent solutions for the energy and transportation sectors, aiming to accelerate technology transfer and innovation [2]. - A stock incentive plan has been approved for 229 employees, granting 9.7696 million restricted shares to boost morale and promote long-term development [3]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.99 billion, 4.99 billion, and 6.37 billion yuan, respectively, with year-on-year growth rates of 22.6%, 25.1%, and 27.7% [3][4]. - The net profit attributable to shareholders is projected to be 650 million, 800 million, and 970 million yuan for the same years, with growth rates of 260.4%, 23.8%, and 21.7% [3][4]. - The current stock price corresponds to a price-to-earnings ratio of 25, 20, and 16 for 2024, 2025, and 2026, respectively, reflecting the company's high-end market positioning and growth potential [3][4].