CAERI(601965) Soochow Securities·2025-04-30 00:33Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 4.697 billion yuan, a year-on-year increase of 14.65%, and a net profit attributable to shareholders of 908 million yuan, up 8.56% year-on-year [7] - The automotive technology service business showed strong growth, with revenue increasing by 21.36% year-on-year, while the equipment manufacturing business faced a decline of 20.50% due to market conditions [7] - The company is deepening its layout in new energy and intelligent connected vehicles, achieving breakthroughs in hydrogen energy and equipment business, and expanding its international service network [7] - The company’s gross margin remained stable at 44.5% in 2024, with a focus on R&D investment to strengthen its technological barriers [7] Financial Summary - Total revenue forecast for 2024 is 4.697 billion yuan, with expected growth rates of 16.50% in 2025 and 15.55% in 2026 [1][8] - The net profit attributable to shareholders is projected to be 1.114 billion yuan in 2025, reflecting a year-on-year growth of 22.76% [1][8] - The report anticipates a steady increase in earnings per share (EPS), reaching 1.11 yuan in 2025 and 1.27 yuan in 2026 [1][8] - The company’s P/E ratio is expected to decrease from 20.98 in 2024 to 17.09 in 2025, indicating a more attractive valuation over time [1][8]