CTI(300012) 东吴证券·2025-01-17 09:54Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's performance in 2024 is stable with steady growth in revenue and net profit [2] - The company's gross margin has improved slightly, and the efficiency of lean management is significant [3] - The company's forward-looking emerging business layout and internationalization strategy support long-term growth [4] Financial Performance - 2024 revenue is expected to reach 6,081 million yuan, a year-on-year increase of 8.5% [2] - 2024 net profit attributable to the parent company is expected to be 934.25 million yuan, a year-on-year increase of 2.6% [1] - 2024 Q4 revenue is 1.7 billion yuan, a year-on-year increase of 10.6%, and net profit attributable to the parent company is 190 million yuan, a year-on-year increase of 10.8% [2] - 2024 gross margin is 49.5%, an increase of 1.4 percentage points year-on-year [3] - 2024 Q4 gross margin is 45.8%, an increase of 4.0 percentage points year-on-year [3] Business Strategy - The company maintains a competitive advantage in traditional fields such as life sciences and trade assurance, while actively exploring emerging market demands such as pet food and new energy [2] - The company is strategically investing in semiconductor testing and low-altitude economy sectors to create a second growth curve [4] - The company is expanding its international presence through acquisitions, such as Maritec in Singapore and Yima in Germany, to enhance its global influence [4] Market and Industry Outlook - The domestic demand for third-party testing services is under pressure, but the company's leading position and alpha attributes are evident [2] - With the adjustment of macroeconomic policies and the introduction of incremental policies, the demand for testing services is expected to recover, supporting the company's performance growth in 2025 [2] Financial Forecasts - 2025 revenue is expected to reach 6,687 million yuan, a year-on-year increase of 9.97% [1] - 2025 net profit attributable to the parent company is expected to be 1,097.26 million yuan, a year-on-year increase of 17.45% [1] - 2026 revenue is expected to reach 7,463 million yuan, a year-on-year increase of 11.61% [1] - 2026 net profit attributable to the parent company is expected to be 1,280.65 million yuan, a year-on-year increase of 16.71% [1] Valuation Metrics - Current P/E ratio is 21.82x for 2023, expected to decrease to 15.51x by 2026 [1] - Current P/B ratio is 3.20x, expected to decrease to 2.09x by 2026 [10]