CTI(SZ:300012) Huachuang Securities·2025-04-21 13:45Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][20]. Core Views - The company demonstrated resilient operations and improved profitability, with 2024 revenue reaching 6.08 billion yuan, a year-on-year increase of 8.55% [9][10]. - The report highlights the company's strategic focus on sustainable growth and innovation, particularly in traditional sectors like life sciences and trade assurance, while also expanding into new markets such as environmental testing and PCB testing services [9][10]. Financial Performance Summary - In 2024, the company achieved revenue of 6.08 billion yuan, net profit attributable to shareholders of 921 million yuan, and a non-recurring net profit of 860 million yuan, reflecting year-on-year growth of 8.55%, 1.19%, and 9.79% respectively [9][10]. - For Q1 2025, the company reported revenue of 1.29 billion yuan, a net profit of 136 million yuan, and a non-recurring net profit of 125 million yuan, with year-on-year increases of 7.96%, 2.75%, and 11% respectively [9][10]. - The gross margin for 2024 was 49.47%, with a net margin of 15.33% and a non-recurring net margin of 14.14%, indicating a slight improvement in profitability metrics [9][10]. - The company’s expense management remains strong, with sales, management, R&D, and financial expenses as a percentage of revenue showing minor fluctuations [9][10]. Strategic Initiatives Summary - The company is actively pursuing strategic acquisitions to enhance its global presence, including the acquisition of a Greek laboratory to strengthen its position in the green energy sector [9][10]. - It is also focusing on diversifying its service offerings in the aerospace and semiconductor sectors, aiming to build a comprehensive testing and certification service capability [9][10]. - The report emphasizes the company's commitment to innovation and operational efficiency, which are expected to drive future revenue and margin growth [9][10].