CTI(300012) 天风证券·2025-01-22 00:34Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a total revenue of 6.08 billion yuan in 2024, representing an 8.49% year-on-year growth, with a net profit attributable to shareholders of 934 million yuan, up 2.64% year-on-year [1]. - The company is actively pursuing strategic mergers and acquisitions and international expansion to enhance its core competitiveness [2][3]. - The company plans to implement the "123 strategy" in 2025, focusing on maintaining stable operations in traditional businesses, investing in new projects, and exploring new fields and technologies [3]. Financial Performance - In Q4 2024, the company reported revenue of 1.685 billion yuan, a 10.6% increase year-on-year, and a net profit of 188 million yuan, up 11% year-on-year [1]. - The gross profit margin for 2024 was 49.5%, with a net profit margin of 15.4% [1]. - The company expects net profits to grow to 1.09 billion yuan in 2025 and 1.25 billion yuan in 2026, reflecting growth rates of 16.3% and 14.6%, respectively [4]. Strategic Initiatives - The company is focusing on innovation to drive business growth in traditional sectors such as life sciences and trade assurance [2]. - Recent acquisitions include a 70% stake in Changzhou Honghai to expand into the electric bicycle testing sector and a 51% stake in Changzhou Microtech to enhance PCB testing services [3].