CTI(SZ:300012) Haitong Securities·2024-07-10 09:01Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company is expected to achieve revenue of 2.76-2.82 billion yuan in the first half of 2024, representing a year-on-year growth of 8% to 10%, with a midpoint of 2.79 billion yuan, which is a 9% increase year-on-year [4][6] - The net profit attributable to shareholders is forecasted to be 433-440 million yuan, reflecting a year-on-year increase of 1% to 3%, with a midpoint of 437 million yuan, indicating a 2% growth year-on-year [4][6] - The company has launched a share repurchase plan, demonstrating confidence in its development and aiming to implement employee stock ownership plans [5] Summary by Sections Financial Performance - The company forecasts a revenue of 6.4 billion yuan for 2024, with a year-on-year growth of 14.2%, and a net profit of 1.031 billion yuan, reflecting a 13.3% increase [7][9] - The projected earnings per share (EPS) for 2024 is 0.61 yuan, with a reasonable valuation range of 13.48-14.70 yuan per share based on a PE ratio of 22-24 times [8][9] Business Segments - Nuclear Pollution Detection: The company has initiated radiation element detection services following Japan's nuclear wastewater discharge plan, receiving inquiries and orders from clients [6] - Low-altitude Economy: The company is actively developing a full industrial chain for low-altitude economy testing, establishing laboratories in key regions [6] - Semiconductor Testing: The acquisition of a 100% stake in Weisi Bo and the establishment of a new chip testing base enhance the company's capabilities in semiconductor testing [6] - Medical Device Testing: The company has acquired an 80% stake in Guangdong Niuwai Quality Technology Service Co., further strengthening its position in the medical device testing market [6] Revenue Projections by Business Segment - Trade Assurance: Expected revenue growth of 8% annually from 2024 to 2026, with a gross margin of 64% [11] - Consumer Product Testing: Anticipated revenue growth of 15% annually from 2024 to 2026, with a gross margin increasing to 44.5% by 2026 [11] - Industrial Testing: Projected revenue growth of 20% annually from 2024 to 2026, with a gross margin of 41.5% by 2026 [11] - Life Sciences: Expected revenue growth of 17% in 2024, with a gross margin of 48% [11] - Pharmaceutical and Medical Services: Forecasted revenue decline of 15% in 2024, followed by a recovery of 10% in subsequent years, with a gross margin of 37% [10][11]