Autel(688208) 国元证券·2025-01-08 06:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6]. Core Insights - The company is projected to achieve a revenue of between 3.8 billion to 4 billion CNY 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 to 680 million CNY, showing a significant increase of 245.92% to 279.39% [1]. - The digital maintenance business continues to lead the industry, with expected revenue of approximately 2.95 billion to 3.09 billion CNY in 2024. The digital energy business is also expanding, with projected revenue of around 830 million to 890 million CNY [2]. - The company is exploring new growth areas in integrated air-ground solutions, leveraging generative AI technology for smarter and more efficient inspection operations in energy and transportation sectors [3]. - The company focuses on R&D, production, sales, and services related to new energy charging piles, automotive diagnostics, and electronic components, indicating a broad future growth potential [4]. Financial Projections - The adjusted revenue forecasts for 2024-2026 are 3.91 billion, 4.62 billion, and 5.36 billion CNY, respectively. The net profit forecasts for the same period are 641.56 million, 706.20 million, and 827.92 million CNY, with corresponding EPS of 1.42, 1.56, and 1.83 CNY per share [4][8]. - The company’s revenue growth rates are projected at 20.36% for 2024, 18.12% for 2025, and 15.90% for 2026, with net profit growth rates of 257.95%, 10.07%, and 17.24% for the same years [10].