CAIP(SH:603035) Huaan Securities·2025-04-28 02:26Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 56.67 billion yuan in 2024, a year-on-year increase of 23.2%, while the net profit attributable to the parent company was 4.25 billion yuan, a year-on-year decrease of 22.1% [7] - In Q1 2025, the company achieved a revenue of 13.38 billion yuan, a year-on-year increase of 26.3%, with a net profit of 0.88 billion yuan, down 16% year-on-year [7] - The company is focusing on expanding its new bases and actively developing domestic and international markets, with new factories in Zhaoqing, Hefei, and Anqing expected to be completed in 2024 [7] - The company aims to enhance its core competitiveness in the interior parts sector by continuing to innovate in smart cockpit technology [7] - Future profit growth is anticipated, with net profits projected to reach 5.57 billion yuan, 6.88 billion yuan, and 8.58 billion yuan from 2025 to 2027, reflecting growth rates of 30.9%, 23.5%, and 24.7% respectively [7] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 69.71 billion yuan, 84.92 billion yuan, and 101.67 billion yuan respectively, with year-on-year growth rates of 23.0%, 21.8%, and 19.7% [6] - The net profit attributable to the parent company is expected to be 5.57 billion yuan in 2025, 6.88 billion yuan in 2026, and 8.58 billion yuan in 2027, with corresponding growth rates of 30.9%, 23.5%, and 24.7% [6] - The company's gross margin is projected to stabilize at 16.0% from 2025 to 2027 [6] - The P/E ratio is expected to decrease from 12.85 in 2024 to 5.79 in 2027, indicating increasing valuation attractiveness [6]