CAERI(601965) 民生证券·2025-01-24 01:42Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][13]. Core Views - The company is expected to achieve a revenue of 4.698 billion yuan in 2024, representing a year-on-year growth of 14.68%, with a net profit of 914 million yuan, up 9.33% year-on-year [1][3]. - The company's performance is driven by continuous market expansion and efficient management, leading to steady revenue growth and improved profitability [1][2]. - The East China base is set to begin trial production in the second half of 2025, which is anticipated to contribute additional revenue [3]. Summary by Sections Financial Performance - For 2024, the company forecasts a revenue of 46.98 billion yuan, with a net profit of 9.14 billion yuan, and a non-recurring net profit of 8.69 billion yuan, reflecting a growth of 15.25% year-on-year [1][5]. - In Q4 2024, the expected revenue is 16.51 billion yuan, showing an 11.10% increase year-on-year and a 57.69% increase quarter-on-quarter [1]. Business Segments - The technical services segment reported a revenue of 25.91 billion yuan in the first three quarters of 2024, up 18.69% year-on-year, driven by a focus on customer needs and strategic partnerships [2]. - The equipment manufacturing segment generated 4.56 billion yuan in revenue during the same period, reflecting a 15.02% year-on-year increase [2]. Regional Performance - Revenue growth in East China was particularly strong at 51.39% year-on-year, attributed to the successful implementation of the technical services strategy [2]. - International business also saw significant growth, with foreign revenue increasing by 404.23% year-on-year, indicating successful international expansion efforts [2]. Future Outlook - The company is projected to achieve revenues of 55.90 billion yuan and 65.98 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 1.115 billion yuan and 1.327 billion yuan [3][5]. - The report emphasizes the company's unique position in the automotive testing industry, characterized by asset and qualification barriers, which are expected to drive future growth [3].