CAERI(SH:601965) GUOTAI HAITONG SECURITIES·2026-01-21 13:25Investment Rating - The report assigns a rating of "Accumulate" for the company [2][4]. 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 company forecasts a total revenue of 4.97 billion yuan in 2025, reflecting a 5% year-on-year increase. In the fourth quarter, the revenue is projected to reach 1.94 billion yuan, up 18% year-on-year and 74% quarter-on-quarter [12]. - 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. This certification will significantly enlarge the strong inspection market [12]. Financial Summary - Total revenue projections for the company are as follows: 4.096 billion yuan in 2023, 4.697 billion yuan in 2024, 4.950 billion yuan in 2025, 5.876 billion yuan in 2026, and 6.962 billion yuan in 2027, with respective growth rates of 24.5%, 14.7%, 5.4%, 18.7%, and 18.5% [10]. - The net profit attributable to the parent company is expected to be 836 million yuan in 2023, 908 million yuan in 2024, 1.061 billion yuan in 2025, 1.287 billion yuan in 2026, and 1.584 billion yuan in 2027, with growth rates of 21.3%, 8.6%, 16.8%, 21.3%, and 23.1% respectively [10]. - The earnings per share (EPS) are projected to be 0.83 yuan in 2023, 0.91 yuan in 2024, 1.06 yuan in 2025, 1.28 yuan in 2026, and 1.58 yuan in 2027 [10]. Market Data - The company's stock has a 52-week price range of 16.38 to 20.30 yuan, with a total market capitalization of 19.951 billion yuan and a total share capital of 1,003 million shares [5]. - The price-to-earnings (P/E) ratio based on the current price and latest diluted share capital is projected to be 23.86 for 2023, decreasing to 12.59 by 2027 [10].