CAERI(SH:601965) Soochow Securities·2025-04-30 01:40Investment Rating - The investment rating for the company is "Buy" (maintained) [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 net profit attributable to shareholders at 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 maintains a stable gross margin of 44.5% in 2024, with a focus on R&D investment to strengthen its competitive edge [7] - Revenue and profit forecasts for 2025 and 2026 have been adjusted downwards, but the company is expected to achieve a revenue of 7.365 billion yuan and a net profit of 1.438 billion yuan by 2027, reflecting a growth rate of 17% [7] Financial Summary - Total revenue forecast for 2024 is 4.697 billion yuan, with a projected growth of 16.50% in 2025 and 15.55% in 2026 [8] - Net profit attributable to shareholders is expected to reach 1.114 billion yuan in 2025, with a growth rate of 22.76% [8] - The company's earnings per share (EPS) is projected to be 1.11 yuan in 2025, with a price-to-earnings (P/E) ratio of 17.09 [8]