CAERI(SH:601965) ZHONGTAI SECURITIES·2024-09-05 03:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Insights - The company has demonstrated steady growth in its core business, with a reported revenue of 2 billion yuan, reflecting a year-on-year increase of 20.38%. The automotive technology services segment contributed 1.626 billion yuan, up 17.45% year-on-year, while the new energy and intelligent connected vehicle development and testing business saw a revenue increase of 38.09% to 252 million yuan [2][3]. - The company is actively expanding its business scope, achieving significant improvements in equipment manufacturing, with a revenue increase of 35.06% to 374 million yuan. This growth is attributed to enhanced market development strategies and breakthroughs in the hydrogen energy sector [2][4]. - The company’s revenue forecast for 2024, 2025, and 2026 has been adjusted to 4.764 billion yuan, 5.478 billion yuan, and 6.580 billion yuan respectively, with year-on-year growth rates of 19%, 15%, and 20% [2]. Financial Summary - The company reported a net profit of 4.01 billion yuan for the first half of 2024, marking a 16.88% increase year-on-year. The second quarter alone saw a revenue of 1.139 billion yuan, up 20.7% year-on-year and 32.2% quarter-on-quarter [3]. - The earnings per share (EPS) for 2024 is projected to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 17.5, indicating a favorable valuation compared to historical performance [2][6]. - The company’s return on equity (ROE) is expected to improve from 12% in 2023 to 14% by 2026, reflecting enhanced profitability [2][6].