Autel(688208) 国元证券·2025-04-08 06:23Investment Rating - The report maintains a "Buy" rating for the company, considering its growth potential and industry outlook [4]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 3.932 billion yuan, a year-on-year increase of 20.95%. The net profit attributable to shareholders was 641 million yuan, up 257.59% year-on-year [2][4]. - The digital repair business generated 3.018 billion yuan in revenue, a 13.93% increase, while the smart energy business saw revenue of 867 million yuan, growing by 52.98% [2][4]. - The company is expanding into AI and robotics, launching integrated solutions that enhance operational efficiency and promote digital transformation across industries [2]. Financial Performance - The company forecasts revenues of 4.751 billion yuan, 5.644 billion yuan, and 6.584 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 769 million yuan, 926 million yuan, and 1.091 billion yuan [4][7]. - The earnings per share (EPS) are expected to be 1.70 yuan, 2.05 yuan, and 2.42 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 17.90, 14.87, and 12.62 [4][7]. Strategic Initiatives - The company is proactively addressing tariff risks by relocating some production to the U.S. and Mexico, aiming to mitigate the impact of potential tariffs on its products [3]. - The establishment of a comprehensive market service system across Europe, Asia-Pacific, the Middle East, and South America is part of the company's strategy to reduce reliance on the U.S. market [3].