CAERI(601965) Soochow Securities·2024-10-29 06:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.02 billion yuan for Q3 2024, representing a year-on-year increase of 13.9%, and a net profit attributable to the parent company of 260 million yuan, up 22.0% year-on-year [2] - The technical services business saw significant revenue growth, with automotive technical services revenue reaching 965 million yuan, a quarter-on-quarter increase of 29% [3] - The company is entering the automotive aftermarket technical services sector, with plans to invest up to 900 million yuan to establish a new evaluation technology company [4] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 47.7 billion yuan, 59.1 billion yuan, and 70.7 billion yuan respectively, with a corresponding increase in net profit for 2024 to 980 million yuan [4] Financial Performance Summary - Total revenue for 2022 was 3.29 billion yuan, with a projected increase to 4.007 billion yuan in 2023, and further growth to 4.767 billion yuan in 2024 [1] - The net profit attributable to the parent company is expected to grow from 689.14 million yuan in 2022 to 825.22 million yuan in 2023, and to 984.11 million yuan in 2024 [1] - The latest diluted EPS is projected to be 0.98 yuan per share in 2024, with a P/E ratio of 18.88 [1]