CTI(SZ:300012) Guoxin Securities·2024-08-13 10:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company's revenue for the first half of 2024 increased by 9.20% year-on-year, while the net profit attributable to shareholders grew by 1.97%. The second quarter showed signs of recovery with a net profit growth of 7.09% year-on-year [1][2]. - The company is a leading third-party comprehensive testing service provider, demonstrating strong operational resilience as its second-quarter performance stabilized despite high base effects [1][2]. - The company is actively repurchasing shares to enhance investor confidence, with plans to buy back 2-3 million shares at a maximum price of 16.83 yuan, totaling up to 50.49 million yuan [1]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 2.791 billion yuan, with a net profit of 437 million yuan. The revenue for the first and second quarters was 1.192 billion yuan and 1.599 billion yuan, respectively, showing year-on-year growth of 6.70% and 11.14% [1][2]. - The gross margin improved in the second quarter, with first and second-quarter gross margins at 45.28% and 52.68%, reflecting a year-on-year change of -1.86 and +1.59 percentage points [1]. - The life sciences testing segment performed well, with revenue growth of 21.68% to 1.259 billion yuan, while the industrial product testing segment grew by 13.80% to 559 million yuan [1][2]. Earnings Forecast and Financial Metrics - The company forecasts net profits of 1.003 billion yuan, 1.148 billion yuan, and 1.316 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 20, 17, and 15 times [1][2][12]. - The projected revenue for 2024 is 6.218 billion yuan, with a year-on-year growth of 10.9% [2][13].