CTC(603060) 长江证券·2024-11-04 02:44Investment Rating - The investment rating for the company is "Accumulate" [7]. Core Views - The company reported a Q3 revenue of 611 million yuan, a year-on-year increase of 2.63%, while the net profit attributable to shareholders decreased by 1.82% to 45 million yuan [3][4]. - The company aims for a total profit increase of 10.5% year-on-year for 2024, with a target revenue of 2.9 billion yuan, reflecting a 9.01% increase [5][6]. - The company completed an 800 million yuan convertible bond issuance on October 23, 2024, to support various projects and optimize its capital structure [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.652 billion yuan, a year-on-year increase of 3.27%, while the net profit attributable to shareholders was 71 million yuan, down 3.51% [3]. - Q3 performance showed a revenue of 611 million yuan, with a net profit of 45 million yuan, reflecting a decline in net profit margin by 0.22 percentage points to 9.23% [4][6]. Business Segments - The inspection and testing segment generated 749 million yuan in revenue, with a year-on-year growth of 2.61%. The engineering segment saw a recovery, while other segments faced declines due to external pressures [3][4]. - The revenue from testing instruments and intelligent manufacturing reached 134 million yuan, up 9.86% year-on-year, with significant contracts in traditional sectors [3][4]. Future Outlook - The company expects revenue growth of 4.5%, 7.3%, and 8.8% for the years 2024, 2025, and 2026, respectively, with net profit projections of 250 million yuan, 270 million yuan, and 301 million yuan [6]. - The company is focusing on cross-regional and cross-sector mergers and acquisitions to enhance growth and profitability [6].