CAERI(601965) INDUSTRIAL SECURITIES·2024-08-29 13:15Investment Rating - The report maintains an "Accumulate" rating for the company [2][6][12] Core Views - The company reported strong revenue and net profit growth in Q2 2024, with revenue reaching 1.14 billion yuan, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 32.2% [5][6] - The company's gross margin improved in Q2 2024, reaching 41.2%, with a decrease in expense ratio, indicating the realization of scale effects [6][12] - The acquisition of a 51% stake in Tianjin Tianping Quality Inspection Development Co., Ltd. is part of the company's strategy to enhance its competitive position and integrate its operations [6][12] - The company is well-positioned to benefit from the growing demand for intelligent testing services, particularly in the context of increasing penetration rates of advanced driver-assistance systems (ADAS) [6][12] Financial Summary - For H1 2024, the company reported revenue of 2.0 billion yuan, a year-on-year increase of 21.2%, and a net profit of 400 million yuan, up 17.1% year-on-year [5][6] - The automotive technology service segment generated revenue of 1.63 billion yuan in H1 2024, reflecting a 17.5% year-on-year growth, with the new energy and intelligent network development testing business growing by 38.1% [6][12] - The projected net profits for 2024-2026 are 972 million yuan, 1.203 billion yuan, and 1.450 billion yuan, respectively, indicating a positive growth trajectory [6][12]