CTI(SZ:300012) Guotai Junan Securities·2024-07-05 02:31Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance for H1 2024 is in line with expectations, with steady growth anticipated in the life sciences and industrial testing segments, while the pharmaceutical and medical segment faces short-term pressure. Long-term development remains positive [3] - The report projects 2024-2026 EPS at 0.62, 0.71, and 0.80 yuan, respectively, with a target price of 14.14 yuan [3] - The company expects H1 2024 revenue to be between 2.76 billion and 2.82 billion yuan, representing a year-on-year growth of 8% to 10%, and a net profit attributable to shareholders of 433 million to 440 million yuan, reflecting a growth of 1% to 3% [3] Summary by Sections Performance Expectations - The company anticipates steady growth in the life sciences segment, benefiting from strong performance in environmental testing and a gradual recovery in demand for food testing from enterprises. The industrial testing segment continues to show good growth, particularly in construction and industrial equipment testing [3] - The pharmaceutical and medical segment is expected to face short-term challenges but is projected to grow steadily in the medium to long term [3] Financial Projections - Revenue is forecasted to grow from 5.131 billion yuan in 2022 to 8.282 billion yuan in 2026, with annual growth rates of 18.5%, 9.2%, 14.2%, 14.1%, and 13.4% respectively [4] - Net profit attributable to shareholders is expected to increase from 903 million yuan in 2022 to 1.353 billion yuan in 2026, with growth rates of 21.0%, 0.8%, 14.3%, 14.8%, and 13.3% respectively [4] Management and Efficiency - The company is focused on enhancing its lean management capabilities and improving internal processes to boost efficiency and profitability [3]