Dongwu Securities: China Automotive Research's performance remains robust, maintaining a "buy" rating.

Dongwu Securities research report pointed out that China Automotive Research is a leading domestic automotive technology research and service platform, and is one of the six full-licensed automotive testing institutions in China, with a leading market share. In 2024, the company achieved operating income of 4.697 billion yuan, a year-on-year increase of 14.65%; net profit attributable to shareholders was 0.908 billion yuan, a year-on-year increase of 8.56%. Focusing on its main business, in 2024, the proportion of revenue from automotive technical services increased to 87.82%, with revenue from new energy and intelligent connected vehicle development and evaluation business increasing by 42.86%. The company's performance remains steady, with the annualized growth rate of net profit attributable to shareholders from 2019 to 2024 reaching 14.15%, and the gross profit margin/net profit margin maintained above 30%/16%. Considering that the implementation of the L2 national standard will bring more performance increments to the company, the company's revenue forecast for 2025 is maintained at 5.47 billion yuan, and the operating income for 2026-2027 is raised to 7.00/8.39 billion yuan, maintaining a "buy" rating.