CTI(300012) 华泰证券·2025-01-22 07:00Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 16.90 [7]. Core Views - The company has experienced revenue growth in 4Q24, with a year-on-year increase of 10.6% to RMB 1.68 billion, driven by stable growth in its advantageous sectors such as life sciences and trade assurance [2]. - The net profit margin for 4Q24 improved year-on-year by 0.02 percentage points to 11.1%, with a forecasted recovery in profitability for 2025-2026 [3]. - The company has completed three acquisitions since 4Q24, which are expected to enhance its capabilities in environmental, electronic, and consumer product testing [4]. Summary by Sections Revenue and Profitability - The company's revenue for 2024-2026 has been revised down by 6.7%, 7.3%, and 6.6% to RMB 9.34 billion, RMB 10.90 billion, and RMB 12.24 billion respectively, with expected growth of 10% in 2025 [1][5]. - The net profit margin is projected to recover to 16.4% and 16.8% in 2025 and 2026 respectively, supported by scale effects and digital efficiency improvements [3]. Acquisitions and Growth Potential - The company has successfully completed three acquisitions, which are anticipated to enhance its testing capabilities in marine environmental services, PCB testing, and electric bicycle components [4]. Valuation and Market Comparison - The company's expected PE for 2025 is 26x, which is lower than the average of comparable companies, while its ROE is significantly higher than the average [5][18].