CTI(300012) 中邮证券·2025-04-21 07:47Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company reported a revenue of 6.084 billion yuan for 2024, representing an 8.55% year-on-year growth, and a net profit attributable to shareholders of 921 million yuan, which is a 1.19% increase [3][11]. - The company is positioned as a leading third-party testing enterprise, with strong operational quality and growth resilience, expected to navigate through economic cycles effectively [7][9]. - The company is focusing on high-quality development and actively entering emerging sectors such as AI testing and low-altitude economy, while also enhancing its service capabilities for major clients [6]. Financial Performance Summary - In 2024, the company achieved a gross margin of 49.47%, an increase of 1.42 percentage points year-on-year, with the life sciences segment showing the highest gross margin growth [5]. - The company’s revenue projections for 2025 to 2027 are 6.698 billion, 7.408 billion, and 8.150 billion yuan, with respective growth rates of 10.08%, 10.61%, and 10.02% [11][12]. - The net profit attributable to shareholders is forecasted to be 1.058 billion, 1.197 billion, and 1.349 billion yuan for the years 2025 to 2027, with growth rates of 14.83%, 13.19%, and 12.70% respectively [11][12].