Autel Intelligent Technology Corp., Ltd. stated that it is expected to achieve revenue of RMB 1.46 billion to RMB 1.47 billion for its traditional diagnostic business in the first half of 2024, an increase of over 15% year-on-year; and revenue of RMB 370 million to RMB 380 million for its new energy charging station business, an increase of over 80% year-on-year. Looking at the overseas market, the United States is still driving the construction of new energy charging stations, including the charging station projects currently undertaken by Autel Intelligent Technology Corp., Ltd., which are expected to be released in the second half of the year.
On July 2nd, Autel Intelligent Technology Corp., Ltd. announced that it is expected to achieve revenue of RMB 1.83 billion to 1.85 billion in the first half of 2024, a year-on-year increase of 26.41% to 27.79%. It is expected to achieve a net profit of RMB 380 million to 400 million in the first half of 2024, a year-on-year increase of 101.03% to 111.62%.
Regarding revenue growth, Autel Intelligent Technology Corp., Ltd. stated that in 2024, the company will focus on the development trend of automotive electrification, while maintaining its competitive advantages and stable profitability in traditional diagnostic businesses, increasing R&D investment in new energy businesses and enhancing the company's product competitiveness. It is expected that in the first half of 2024, revenue from traditional diagnostic businesses will reach RMB 1.46 billion to 1.47 billion, an increase of over 15% year-on-year, and revenue from new energy charging station businesses will reach RMB 370 million to 380 million, an increase of over 80% year-on-year.
According to a spokesperson from Autel Intelligent Technology Corp., Ltd. in an interview with the Science and Technology Innovation Committee Daily on July 2nd, the company's new energy charging station business mainly targets overseas markets represented by the United States. The significant increase in revenue from the new energy charging station business during the reporting period is mainly due to the continuous improvement and optimization of the company's production capacity layout in overseas factories such as the United States, as well as the significant breakthroughs achieved in overseas market sales while reducing tariff costs compared with the same period last year.
"Looking at the development of overseas markets, the US market is still vigorously promoting the construction of new energy charging stations, and some charging station projects undertaken by Autel Intelligent Technology Corp., Ltd. are expected to be released in the second half of the year," added the aforementioned spokesperson.
Industry insiders believe that with the surge of electric vehicles, there is a huge gap in charging stations, and the European and American markets are expected to accelerate their release.
According to IEA data estimates, the ratios of vehicle charging stations to cars in the United States and Europe will reach 19.66 and 34.41, respectively, in 2023, while the ratio of new energy public vehicle charging stations in China will be 9.73. Compared with Europe and the United States, China's construction of charging stations is significantly lagging, with a clear demand gap. The Grand View Research report predicts a compound annual growth rate of 36.9% from 2022 to 2030.
However, sales of electric vehicles in the European and American markets have recently slowed down. Market data shows that from April to May this year, the growth rates of electric vehicles in light vehicles in the United States increased by 3.5% and 3.2% year-on-year, respectively, resulting in a decrease in the proportion of electric vehicle sales in light vehicles from 9.1% in April to 8.7% in May.
"The short-term fluctuations in the new energy vehicle industry does not affect the long-term development of the new energy vehicle and charging station industry." Autel Intelligent Technology Corp., Ltd. stated in an investor survey on June 19th that charging stations are a necessary infrastructure for the popularization of electric vehicles. The European and American governments are also increasing policy subsidies, and downstream customers are still accelerating their layout. The overseas market charging station industry is ushering in huge development opportunities.
Regarding the planning of new product promotion and R&D investment, the aforementioned spokesperson from the company stated to the Science and Technology Innovation Committee Daily that the company's current research and development focus is on the development of new energy and software cloud platforms, mainly projects including liquid-cooled charging modules, bidirectional charging modules (V2G), EMS systems, and gateways.