CTI(300012) 国泰君安·2024-10-25 14:13Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q3 2024 met expectations, with steady growth in traditional testing sectors and an optimistic outlook for demand recovery [2][3] - The company is actively pursuing strategic acquisitions to enhance its presence in emerging testing fields, which is expected to contribute to steady revenue growth [3] Financial Summary - Revenue for 2022 was 5,131 million, projected to grow to 8,282 million by 2026, reflecting a CAGR of approximately 13.4% [1] - Net profit attributable to the parent company was 903 million in 2022, expected to reach 1,352 million by 2026, with a CAGR of about 13.3% [1] - Earnings per share (EPS) is projected to increase from 0.54 in 2022 to 0.80 by 2026 [1] - The return on equity (ROE) is expected to stabilize around 14.8% from 2024 to 2026 [1] Performance Expectations - The company achieved a revenue of 4,396 million in the first three quarters of 2024, a year-on-year increase of 7.71%, with a net profit of 747 million, up 0.79% year-on-year [3] - The traditional testing sector is expected to maintain stable growth, with significant projects in soil testing and marine environmental testing [3] - The company is expanding its capabilities in semiconductor testing and health management services through strategic acquisitions [3] Target Price - The target price has been raised to 17.75, based on a 25x PE ratio for 2025, compared to the previous target of 14.14 [4]