CAERI(601965) 东吴证券·2024-08-28 00:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 interim report shows stable performance with a focus on intelligent and international development [1] - Revenue for the first half of 2024 reached 2 billion yuan, up 20% YoY, with net profit attributable to the parent company at 400 million yuan, up 17% YoY [3] - The company's new energy and intelligent connected vehicle business outperformed the industry, with revenue from these segments reaching 250 million yuan, up 38% YoY [3] - International revenue surged to 3.81 million yuan, up 404% YoY, driven by multiple global business achievements [3] - The net profit margin in Q2 2024 improved to 20.8%, reflecting optimized revenue structure and scale effects [3] Financial Forecasts - Revenue for 2024-2026 is projected to be 4.77/5.91/7.07 billion yuan, with YoY growth of 19%/24%/20% [4] - Net profit attributable to the parent company for 2024-2026 is forecasted at 953/1,167/1,358 million yuan, with YoY growth of 15%/23%/16% [4] - EPS for 2024-2026 is expected to be 0.95/1.16/1.35 yuan per share [4] - The company's P/E ratio for 2024-2026 is estimated at 16/13/11 times [4] Business Performance - In H1 2024, the company's automotive technical service business generated 1.63 billion yuan in revenue, up 17% YoY [3] - Special vehicle modification and sales, rail transit and parts, and automotive gas systems and key parts businesses contributed 210/30/140 million yuan in revenue, with YoY growth of 49%/-16%/31% respectively [3] - The company's gross margin in Q2 2024 was 41.3%, up 1.3 ppts YoY and 1.7 ppts QoQ, driven by higher-margin technical service business [3] Market Data - The company's closing price is 15.50 yuan, with a P/B ratio of 2.34 times [5] - The market capitalization of tradable A-shares is 15.31 billion yuan, and the total market capitalization is 15.55 billion yuan [5] Financial Indicators - The company's net asset per share is 6.62 yuan, with a debt-to-asset ratio of 26.89% [6] - ROE for 2024-2026 is projected at 12.71%/13.46%/13.51%, with a ROIC of 12.52%/13.19%/13.06% [9]