CAERI(601965) 国联证券·2024-08-27 03:39Investment Rating - The report maintains a "Buy" rating for China Automotive Engineering Research Institute (601965) [2][5] Core Views - The company's revenue is expected to grow steadily, with projected revenues of 4.724 billion, 5.612 billion, and 6.424 billion yuan for 2024, 2025, and 2026, respectively [2] - Net profit attributable to the parent company is forecasted to be 1.004 billion, 1.168 billion, and 1.346 billion yuan for 2024, 2025, and 2026, respectively, with a CAGR of 17.72% [2] - EPS is expected to be 1.00, 1.16, and 1.34 yuan per share for 2024, 2025, and 2026, respectively [2] - The company's wind tunnel, new energy, and intelligent connected vehicle businesses are expected to perform well, along with the equipment manufacturing business [2] Financial Performance - In H1 2024, the company achieved revenue of 2 billion yuan, a year-on-year increase of 20.38%, and net profit attributable to the parent company of 401 million yuan, a year-on-year increase of 16.88% [7] - In Q2 2024, the company achieved revenue of 1.139 billion yuan, a year-on-year increase of 19.31%, and net profit attributable to the parent company of 237 million yuan, a year-on-year increase of 18.04% [7] - The gross profit margin and net profit margin for H1 2024 were 40.59% and 21.58%, respectively, remaining relatively stable [7] Business Segments - Automotive technical services revenue in H1 2024 was 1.627 billion yuan, a year-on-year increase of 17.45% [7] - Special vehicle modification and sales revenue in H1 2024 was 206 million yuan, a year-on-year increase of 48.81% [7] - Rail transit and special vehicle parts revenue in H1 2024 was 25 million yuan, a year-on-year decrease of 14.44% [7] - Automotive gas systems and key components revenue in H1 2024 was 142 million yuan, a year-on-year increase of 31.03% [7] Future Outlook - The company is expected to maintain stable growth in its core businesses, with a focus on expanding its new energy and intelligent connected vehicle sectors [2][7] - The company's equipment manufacturing business is expected to contribute significantly to future revenue growth [2]