CTI(SZ:300012) GF SECURITIES·2024-08-13 03:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.42 CNY per share based on a 25x PE valuation for 2024 [3][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.038 billion CNY in 2024, with projections of 1.208 billion CNY in 2025 and 1.402 billion CNY in 2026 [2][6]. - The report highlights strong performance in the environmental testing segment, driven by the successful bidding and implementation of projects, particularly in the soil testing area [7][8]. - The company is actively expanding its product lines and diversifying its business, including acquisitions to enhance digital transformation capabilities across various industries [7][8]. Financial Summary - Revenue for 2024 is projected at 6.343 billion CNY, reflecting a growth rate of 13.2% [2][8]. - The company reported a revenue of 2.791 billion CNY for the first half of 2024, a year-on-year increase of 9.2%, with a net profit of 437 million CNY, up 1.97% [7][8]. - The EBITDA for 2024 is estimated to be 1.813 billion CNY, with a steady increase in subsequent years [2][8]. - The report indicates a stable growth in major business segments, with the life sciences segment showing a revenue increase of 21.68% year-on-year [7][8].