CAERI(601965) ZHONGTAI SECURITIES·2024-10-31 10:06Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady revenue growth, with a year-on-year increase of 18.12% in the first three quarters, achieving a revenue of 3.047 billion yuan [1] - The net profit for the same period reached 670 million yuan, reflecting a year-on-year growth of 21.71% [1] - The company is focusing on enhancing its strategic advantages and expanding into new business areas, particularly in electric energy, hydrogen energy, and energy storage [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 3,291 - 2023A: 4,007 - 2024E: 4,764 - 2025E: 5,478 - 2026E: 6,580 - Year-on-year growth rates: - 2023A: 22% - 2024E: 19% - 2025E: 15% - 2026E: 20% [1] - Net Profit (in million yuan): - 2022A: 689 - 2023A: 825 - 2024E: 942 - 2025E: 1,119 - 2026E: 1,392 - Year-on-year growth rates: - 2023A: 20% - 2024E: 14% - 2025E: 19% - 2026E: 24% [1] - Earnings per Share (in yuan): - 2022A: 0.69 - 2023A: 0.82 - 2024E: 0.94 - 2025E: 1.12 - 2026E: 1.39 [1] Business Development - The company is actively expanding its market presence through deep cooperation with key clients and enhancing its technical service capabilities [1] - The report highlights the successful integration of new business areas, including intelligent driving evaluation and electric vehicle certification [1] - The company has established a strategic cooperation network in key regions such as Europe and Southeast Asia, enhancing its international business footprint [1]