CTI(300012) 国海证券·2024-08-12 10:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][5]. Core Insights - The life sciences sector showed impressive growth with a year-on-year revenue increase of 21.68%, contributing significantly to the company's overall performance [3]. - The company achieved a total revenue of 2.791 billion yuan in H1 2024, reflecting a 9.2% year-on-year growth, while the net profit attributable to shareholders reached 437 million yuan, up by 1.97% [2][5]. - The report highlights the company's strong management capabilities and anticipates a recovery in performance for Q2 2024, projecting revenues of 6.292 billion yuan, 7.039 billion yuan, and 7.855 billion yuan for 2024, 2025, and 2026 respectively [5][6]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 2.791 billion yuan, with a net profit of 437 million yuan, and a non-recurring net profit of 403 million yuan, showing growth rates of 9.2%, 1.97%, and 4.74% respectively [2]. - The overall gross margin for H1 2024 was 49.52%, a slight increase of 0.15 percentage points year-on-year [5]. Sector Performance - The life sciences segment generated 1.259 billion yuan in revenue for H1 2024, with a gross margin of 49.42%, marking a year-on-year growth of 21.68% [3]. - The industrial testing sector also performed well, with a revenue of 559 million yuan, reflecting a 13.8% year-on-year increase [3]. Future Projections - The company is expected to achieve revenues of 6.292 billion yuan in 2024, with net profits projected at 1.039 billion yuan, corresponding to a P/E ratio of 19 times [6][7]. - The report anticipates a consistent growth rate of 12% for revenue in the following years, with net profit growth rates of 14% and 13% for 2025 and 2026 respectively [6][7].