CAERI(601965) 国联证券·2024-10-28 13:12Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The report maintains a positive outlook on the company's wind tunnel, new energy, and intelligent connected vehicle businesses, as well as its equipment manufacturing business. Revenue projections for 2024-2026 are estimated at 4.724 billion, 5.612 billion, and 6.424 billion yuan, respectively, with net profit attributable to the parent company expected to be 1.004 billion, 1.168 billion, and 1.346 billion yuan, reflecting a CAGR of 17.72%. EPS is projected to be 1.00, 1.16, and 1.34 yuan per share for the same period [2][6][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.047 billion yuan, a year-on-year increase of 18.12%, and a net profit of 670 million yuan, up 18.77%. In Q3 alone, revenue was 1.016 billion yuan, growing 13.94% year-on-year, with a net profit of 263 million yuan, an increase of 21.95% [6][4]. - The automotive technology service business generated revenue of 2.591 billion yuan, up 18.69% year-on-year, while the equipment manufacturing business saw revenue of 456 million yuan, a 15.02% increase [6][4]. - The company's gross margin for the first three quarters was 42.21%, with a net margin of 23.5%. In Q3, the gross margin was 45.29%, and the net margin was 27.17% [6][4]. Financial Data and Valuation - The company's market capitalization is approximately 17.804 billion yuan, with a total share capital of 1,003 million shares and a circulating share capital of 987 million shares. The current price per share is 18.03 yuan, with a book value per share of 6.82 yuan and a debt-to-asset ratio of 24.18% [4][6]. - Revenue and net profit forecasts for 2024-2026 are as follows: - Revenue: 4.724 billion (2024), 5.612 billion (2025), 6.424 billion (2026) - Net Profit: 1.004 billion (2024), 1.168 billion (2025), 1.346 billion (2026) - EPS: 1.00 (2024), 1.16 (2025), 1.34 (2026) [7][6].