CAERI(SH:601965) Zhong Guo Neng Yuan Wang·2025-09-17 02:52Core Insights - The company reported a revenue of 1.91 billion yuan for the first half of 2025, a year-on-year decrease of 6.4%, while the net profit attributable to shareholders was 410 million yuan, an increase of 1.8% [2][4]. Revenue Analysis - The overall revenue structure has been optimized, with the core automotive technology service business generating 1.72 billion yuan, a year-on-year increase of 2.9%, accounting for 90.0% of total revenue [2][3]. - The equipment manufacturing business generated 200 million yuan, a significant year-on-year decrease of 47.8%, leading to a decline in its revenue share [2][4]. Profitability - The gross profit margin improved to 45.4%, an increase of 4.8 percentage points, primarily due to the higher proportion of revenue from the high-margin technology service business [2][3]. - Research and development expenses amounted to 120 million yuan, a year-on-year increase of 16.5%, with a research expense ratio of 6.2% [2][3]. Automotive Technology Services - The automotive technology service business, driven by new energy and intelligent connected vehicles, achieved a revenue of 1.72 billion yuan, growing by 2.9% year-on-year [3][4]. - The revenue from new energy and intelligent connected vehicle development and testing services reached 310 million yuan, reflecting a robust growth of 22.9% [3]. - The company is expanding its national capacity layout, with the establishment of a headquarters in East China and the completion of a southern testing ground acquisition, enhancing its service capabilities [3]. Equipment Manufacturing Business - The company is strategically optimizing its structure by focusing on core components, resulting in a revenue of 200 million yuan for the equipment manufacturing business, down 47.8% year-on-year [4][5]. - The revenue from high-value-added businesses, such as rail transit and specialized vehicle components, increased significantly by 97.0% to 50 million yuan [5]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.03 billion, 1.31 billion, and 1.55 billion yuan, respectively, with corresponding EPS of 1.03, 1.31, and 1.55 yuan [5]. - Given the expansion of the pre-installation testing industry and the rapid growth in intelligent demand, the company is expected to benefit from the increasing demand for new energy vehicle testing and the implementation of intelligent connected vehicle standards [5].