CAERI(601965) 国联证券·2024-04-26 07:30Investment Rating - The report maintains a "Buy" rating for the company [9][6]. Core Views - The report expresses a positive outlook on the company's new energy and intelligent connected vehicle businesses, highlighting significant revenue growth and profitability in recent quarters [2][6]. - The company achieved a revenue of 4.007 billion yuan in 2023, representing a year-on-year increase of 21.76%, and a net profit of 825 million yuan, up 19.75% [2][3]. - In Q1 2024, the company reported a revenue of 861 million yuan, a 21.83% increase year-on-year, with a net profit of 164 million yuan, growing by 15.24% [2][3]. Financial Performance Summary - The automotive technology service segment showed strong growth, with revenues of 3.31 billion yuan, a 19.11% increase, and the specialized vehicle modification and sales segment saw a remarkable 74.57% growth to 340 million yuan [3]. - The company’s gross margin slightly declined to 42.96% in 2023, down 1.1 percentage points year-on-year, attributed to changes in revenue structure [5]. - For Q1 2024, the gross margin was reported at 39.62%, a decrease of 2.84 percentage points year-on-year [5]. Earnings Forecast and Valuation - The report forecasts revenues of 4.724 billion yuan, 5.612 billion yuan, and 6.424 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 17.76% [6]. - The expected net profits for the same years are projected to be 1.004 billion yuan, 1.169 billion yuan, and 1.348 billion yuan [6]. - The report assigns a target price of 26.31 yuan for 2024, based on a price-to-earnings (P/E) ratio of 26 times [6].