CAERI(SH:601965) GUOTAI HAITONG SECURITIES·2026-01-21 11:07Investment Rating - The report assigns a rating of "Accumulate" for the company [4][12]. Core Views - The company is expected to achieve a net profit of 1.061 billion yuan in 2025, representing an 18% year-on-year growth. The company maintains a steady operational momentum, benefiting from the upcoming L3 autonomous driving strong inspection business, which is anticipated to expand the market space [12]. - The projected revenue for 2025 is 4.95 billion yuan, reflecting a 5.4% increase compared to the previous year. The fourth quarter is expected to generate 1.94 billion yuan in revenue, an 18% year-on-year increase and a 74% quarter-on-quarter increase [12]. - The report highlights that the L3 autonomous driving strong inspection market is set to expand, with the Ministry of Industry and Information Technology approving two L3 level autonomous driving vehicle products, marking the entry into the L3 era [12]. Financial Summary - Total revenue projections for the years 2023 to 2027 are as follows: - 2023: 4.096 billion yuan - 2024: 4.697 billion yuan (up 14.7%) - 2025: 4.950 billion yuan (up 5.4%) - 2026: 5.876 billion yuan (up 18.7%) - 2027: 6.962 billion yuan (up 18.5%) [10][13] - Net profit (attributable to the parent company) projections are: - 2023: 836 million yuan - 2024: 908 million yuan (up 8.6%) - 2025: 1.061 billion yuan (up 16.8%) - 2026: 1.287 billion yuan (up 21.3%) - 2027: 1.584 billion yuan (up 23.1%) [10][13] - Earnings per share (EPS) estimates are: - 2023: 0.83 yuan - 2024: 0.91 yuan - 2025: 1.06 yuan - 2026: 1.28 yuan - 2027: 1.58 yuan [10][13]. Market Data - The company's target price is set at 29.50 yuan, with a current market capitalization of 19.951 billion yuan [4][5]. - The stock has traded within a range of 16.38 to 20.30 yuan over the past 52 weeks [5].