CTI(SZ:300012) Changjiang Securities·2025-04-18 08:14Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company has demonstrated resilient growth with a revenue increase of 8.6% year-on-year, reaching 6.08 billion yuan in 2024. The net profit attributable to shareholders rose by 1.2% to 0.921 billion yuan, while the non-recurring net profit increased by 9.8% to 0.860 billion yuan [2][6]. - In Q1 2025, the company achieved a revenue of 1.287 billion yuan, reflecting an 8.0% year-on-year growth, with a net profit of 0.136 billion yuan, up 2.8% [2][6]. Summary by Sections Financial Performance - For 2024, the company reported a total revenue of 60.8 billion yuan, with a year-on-year growth of 8.6%. The net profit attributable to shareholders was 9.21 billion yuan, a 1.2% increase, and the non-recurring net profit was 8.60 billion yuan, up 9.8% [2][6]. - In Q1 2025, the company recorded a revenue of 12.87 billion yuan, an 8.0% increase year-on-year, with a net profit of 1.36 billion yuan, reflecting a 2.8% growth [2][6]. Business Segments - The revenue from the Life Sciences segment (including environmental and food testing) was 2.84 billion yuan, a 13.75% increase. The Industrial Testing segment generated 1.20 billion yuan, up 10.32%. The Consumer Products Testing segment saw revenue of 0.988 billion yuan, a modest increase of 0.88%. The Trade Assurance segment achieved 0.764 billion yuan, a 9.19% growth. However, the Medical and Pharmaceutical segment experienced a decline of 14.71%, with revenue of 0.287 billion yuan [6][10]. Profitability Metrics - The company’s non-recurring net profit margin for 2024 was 14.14%, a slight increase of 0.16 percentage points. The overall gross margin improved to 49.5%, up 1.42 percentage points, indicating strong competitive advantages and internal control capabilities [10]. - In Q1 2025, the gross margin was 46.3%, reflecting a year-on-year increase of 0.99 percentage points, while the non-recurring net profit margin improved by 0.27 percentage points [10]. Future Outlook - The company forecasts revenues of 65.21 billion yuan, 71.91 billion yuan, and 79.21 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.18%, 10.28%, and 10.15%. The net profit attributable to shareholders is expected to reach 10.14 billion yuan, 11.43 billion yuan, and 12.87 billion yuan over the same period, with corresponding growth rates of 10.1%, 12.6%, and 12.7% [10].