CTI(300012) 国信证券·2025-01-19 15:07Investment Rating - The investment rating for the company is "Outperform the Market" [6][14]. Core Views - The company reported a revenue of 6.08 billion yuan for 2024, representing a year-on-year growth of 8.49%, while the net profit attributable to shareholders increased by 2.64% to 934 million yuan. The non-recurring profit also showed a significant increase of 11.39% [1][3]. - The company is actively pursuing strategic acquisitions, including a 51% stake in Changzhou Microtech and a 70% stake in Changzhou Honghai, which are expected to enhance its capabilities in the electronic materials and electric bicycle testing sectors [2]. - The company has initiated a share buyback program aimed at employee stock ownership plans, having repurchased 1.2 million shares, which is 0.0713% of the total share capital, to strengthen its long-term development [3]. Financial Performance Summary - For 2024, the company achieved a revenue of 6.08 billion yuan, with a year-on-year growth of 8.49%. The net profit attributable to shareholders was 934 million yuan, reflecting a growth of 2.64%. The non-recurring profit was 873 million yuan, up by 11.39% [1][5]. - The projected net profits for 2024, 2025, and 2026 are 934 million yuan, 1.05 billion yuan, and 1.20 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 17 [3][5]. - The company maintains a gross margin of approximately 49.47% and a net profit margin of 15.36% for the year [1].