Autel Intelligent Technology Corp.Ltd(688208) (688208)
The "new three modernizations" of automobiles have brought about industrial changes, and the three diagnostic businesses have grown rapidly. With the increase of global car ownership and average car age, combined with the three major trends of networking, intelligence and electrification, the industry space of automobile diagnosis and detection is further enhanced. Based on the three product lines of automobile comprehensive diagnosis, TPMS and ADAS, the company has the core advantages of high cost performance and strong compatibility. At the same time, it continues to invest in R & D and upgrading. The three businesses have achieved rapid and large-scale, and further strengthen the leading position of global automobile intelligent diagnosis.
Cloud services are being cashed in at an accelerated pace, and globalization is progressing well. The company's software cloud service collects data through three diagnostic terminals and provides services such as remote diagnosis, maintenance data and software upgrade. From 2016 to 2020, the company's cloud service revenue grew rapidly, with CAGR reaching 39.2%, accounting for 13.2%. At the same time, At present, the company adopts a one-year free upgrade policy overseas (not charged in China for the time being). The value of cloud business has not been fully reflected. In the future, the proportion of software services with high gross profit is expected to further increase and release the profit elasticity. In addition, the company has been deeply engaged in mature markets in Europe and America for a long time, maintained a strong position in mature markets, has established a good reputation and brand influence, and is gradually infiltrating into emerging markets such as Asia Pacific and South America. At present, it is more than 70 countries in the world Countries or regions have established sales networks, and the global integrated marketing layout is progressing smoothly.
New energy products are released, and the second curve is opened. Aiming at the core pain points of new energy vehicles such as "poor vehicle repair timeliness, lack of talent and technology, and difficult compatibility of charging piles", combined with the needs of third-party maintenance stores and consumers, in September 2021, the company officially released the digital integrated solution of "diagnosis, inspection, charging and storage" of new energy, mainly including the tool chain of full matrix new energy detection system and intelligent charging pile products. The core of the product is still the advantage extension of the detection technology and compatible technology accumulated by the company for many years. Now, mass production has been gradually started in Q4, superimposing the company's rich downstream store resources. In the future, it is expected to quickly implement the large-scale production and open the second growth curve.
Risk warning: risk of deterioration of international trade situation; Exchange rate fluctuation risk; The progress of R & D and promotion of new products is less than expected; Intensified industry competition, etc.
