CTI(SZ:300012) Xin Lang Cai Jing·2025-04-18 08:33Core Viewpoint - The company, 华测检测, reported steady revenue growth for 2024 and Q1 2025, demonstrating resilience as a comprehensive testing institution [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.08 billion yuan, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 921 million yuan, up 1.2% [1]. - For Q1 2025, revenue reached 1.287 billion yuan, reflecting an 8.0% year-on-year growth, with a net profit of 136 million yuan, increasing by 2.8% [1]. - The non-recurring net profit for 2024 was 860 million yuan, a 9.8% increase year-on-year [1]. Group 2: Business Segments - Life Sciences segment (environmental and food testing) generated 2.84 billion yuan, a 13.75% increase, driven by new growth points in marine environment and agricultural testing [2]. - Industrial Testing segment reported revenue of 1.20 billion yuan, up 10.32%, with improved gross margins due to business upgrades [2]. - Consumer Products Testing segment saw revenue of 988 million yuan, a modest increase of 0.88%, impacted by reclassification in medical device product lines [2]. - Trade Assurance segment achieved 764 million yuan in revenue, a 9.19% increase, maintaining competitive advantages in niche markets [2]. - Pharmaceutical segment revenue declined by 14.71% to 287 million yuan, affected by regulatory actions, although the company is optimistic about future growth in CMC research and medical devices [2]. Group 3: Profitability Metrics - The non-recurring net profit margin for 2024 was 14.14%, an increase of 0.16 percentage points year-on-year [3]. - The overall gross margin for 2024 was 49.5%, up 1.42 percentage points, indicating strong competitive advantages [3]. - The company faced asset impairment losses of 34 million yuan and credit impairment losses of 85 million yuan in 2024, attributed to certain subsidiaries [3]. Group 4: Q1 2025 Performance - In Q1 2025, the non-recurring performance grew by 11.0%, with a non-recurring net profit margin increasing by 0.27 percentage points [4]. - The gross margin for Q1 2025 was 46.3%, up 0.99 percentage points, while the expense ratio decreased by 0.56 percentage points [4]. - The company has been actively pursuing acquisitions, including entities in Taiwan and Greece, to enhance its service offerings [4]. Group 5: Future Outlook - Revenue projections for 2025-2027 are 6.521 billion yuan, 7.191 billion yuan, and 7.921 billion yuan, with year-on-year growth rates of 7.18%, 10.28%, and 10.15% respectively [4]. - Expected net profits for the same period are 1.014 billion yuan, 1.143 billion yuan, and 1.287 billion yuan, with growth rates of 10.1%, 12.6%, and 12.7% respectively [4]. - The company maintains a PE valuation of 19.2x, 17.0x, and 15.1x for the years 2025, 2026, and 2027 [4].