CTI(SZ:300012) Haitong Securities·2024-08-13 08:07Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company reported a revenue of 2.791 billion yuan for H1 2024, representing a year-on-year increase of 9.2%, with a net profit attributable to the parent company of 437 million yuan, up 1.97% year-on-year. In Q2 2024, the revenue was 1.599 billion yuan, an increase of 11.14% year-on-year, and the net profit was 304 million yuan, up 7.09% year-on-year [5][6] - The gross margin improved in Q2 2024, with a gross margin of 52.68% and a net margin of 19.17%, reflecting a quarter-on-quarter increase of 7.4% and 8.17% respectively [5][6] - The company is expanding into new fields, particularly in the semiconductor and medical sectors, which are expected to drive long-term growth despite short-term pressures in the medical services segment [6][10] Summary by Sections Financial Performance - For H1 2024, the company achieved a gross margin of 49.52% and a net margin of 15.68%, with a slight year-on-year change of +0.15% and -1.48 percentage points respectively [5] - The company’s operating cash flow for H1 2024 was 22 million yuan, a decrease of 86.72% year-on-year, while Q2 2024 saw a cash inflow of 192 million yuan, an increase of 0.43% year-on-year [5][6] Business Segments - Life Sciences segment revenue was 1.259 billion yuan, up 21.68% year-on-year, with a gross margin of 49.42% [5] - The Pharmaceutical and Medical Services segment reported revenue of 136 million yuan, down 34.21% year-on-year, with a gross margin of 24.31% [5] - Industrial Testing revenue was 559 million yuan, up 13.8% year-on-year, with a gross margin of 45.45% [5] - Consumer Testing revenue was 462 million yuan, down 3.88% year-on-year, with a gross margin of 43.23% [5] - Trade Assurance revenue was 375 million yuan, up 9.3% year-on-year, with a gross margin of 72.73% [5] Future Outlook - The company is expected to achieve revenues of 6.329 billion yuan in 2024, 7.010 billion yuan in 2025, and 7.766 billion yuan in 2026, with year-on-year growth rates of 12.9%, 10.8%, and 10.8% respectively [8][9] - The net profit forecast for 2024 is 1.014 billion yuan, with expected growth rates of 11.4%, 13.9%, and 11.9% for the following years [8][9] - The company is positioned to benefit from its strategic investments in new areas, particularly in semiconductor testing and medical services, which are anticipated to enhance its long-term growth potential [6][10]