CTI(300012)2025-04-21 15:36Investment Rating - The report maintains an "Accumulate" rating for the company [1][8] Core Views - The company has demonstrated steady revenue growth with a year-on-year increase in gross margin [1][7] - In 2024, the company achieved total operating revenue of 6.084 billion and net profit attributable to shareholders of 0.921 billion, representing year-on-year growth of 8.55% and 1.19% respectively [3][4] - The company is focusing on consolidating its advantages in traditional sectors while expanding into strategic areas such as life sciences, industrial testing, and consumer product testing [4][5] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 60.84 billion and net profit attributable to shareholders of 9.21 billion, with a year-on-year growth of 8.55% and 1.19% respectively [3] - For Q1 2025, the company achieved total operating revenue of 12.87 billion and net profit of 1.36 billion, reflecting year-on-year growth of 7.96% and 2.75% respectively [3] Business Segments - The life sciences segment generated revenue of 28.41 billion, up 13.75% year-on-year, while the industrial testing segment saw revenue of 12.04 billion, increasing by 10.32% [4] - The consumer product testing segment reported a modest growth of 0.88%, with revenue reaching 9.88 billion [4] - The trade assurance segment achieved revenue of 7.64 billion, up 9.19%, while the medical and health services segment faced a decline of 14.71%, generating 2.87 billion [4] Strategic Initiatives - The company is actively pursuing strategic acquisitions to enhance its global presence, including the acquisition of NAIAS in Greece to strengthen its maritime services [4][5] - The company has also acquired a 51% stake in Changzhou Microtech, a leading third-party testing agency in the electronic materials and PCB industry, to boost its influence in this sector [5] Profitability and Forecast - The overall gross margin for 2024 was reported at 49.47%, an increase of 1.41 percentage points year-on-year [7] - The report forecasts operating revenues of 65.40 billion, 71.05 billion, and 78.34 billion for 2025, 2026, and 2027 respectively, with net profits of 10.34 billion, 11.81 billion, and 12.86 billion [6][8]