CAERI(SH:601965) Soochow Securities·2025-10-30 06:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's business structure continues to optimize, with performance generally in line with expectations. In Q3 2025, the company achieved revenue of 1.114 billion yuan, representing a year-on-year increase of 9.33% [7] - The focus on high-margin testing services has led to an increase in the proportion of testing business revenue, which accounted for 93% of total revenue in Q3 2025 [7] - The company has maintained a stable profit release, with a gross margin of 47.47% in Q3 2025, benefiting from the optimization of its business structure [7] - Continuous investment in R&D has strengthened the company's technological barriers, with R&D expenses increasing by 50.26% year-on-year in Q3 2025 [7] - The company has established key testing capabilities to support the implementation of national standards for intelligent connected vehicles [7] Financial Forecasts - Total revenue is forecasted to be 5.471 billion yuan in 2025, with a year-on-year growth rate of 16.50% [1] - The net profit attributable to the parent company is projected to be 1.009 billion yuan in 2025, with a year-on-year growth rate of 11.10% [1] - The earnings per share (EPS) is expected to be 1.01 yuan in 2025, with a corresponding P/E ratio of 17.47 [1]