CTI(300012) Guolian Securities·2024-10-28 04:01Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The macroeconomic environment in 2024 is expected to remain relatively low, with overall downstream demand weakening. However, specific sectors such as soil testing and aviation testing are anticipated to provide incremental growth for the company. Revenue projections for 2024-2026 are estimated at 6.431 billion, 7.246 billion, and 8.187 billion yuan, with net profits of 1.034 billion, 1.231 billion, and 1.442 billion yuan respectively, reflecting a CAGR of 16.57%. EPS is projected to be 0.61, 0.73, and 0.86 yuan per share for the same period [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.396 billion yuan, a year-on-year increase of 7.71%, and a net profit of 747 million yuan, up 0.79% year-on-year. In Q3 2024, revenue was 1.605 billion yuan, a 5.21% increase year-on-year, while net profit was 310 million yuan, down 0.82% year-on-year. The gross margin slightly increased, while the net margin decreased [6][7] Business Developments - The company plans to acquire land and invest 280 million yuan in the Baoan Comprehensive Testing Service Base project to reduce operational costs and enhance management efficiency. The soil testing business has shown strong performance, with successful bids in multiple provinces, and the company is actively exploring acquisition opportunities in high-growth niche markets [6][7] Market Position - As a leading player in the testing industry, the company demonstrates stable operational capabilities. Despite potential pressures in the medical testing sector due to a weak macro environment, the company is well-positioned to leverage growth in soil testing and aviation testing [2][6]