CTI(SZ:300012) Tianfeng Securities·2025-04-28 14:42Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Views - The company has demonstrated stable revenue growth, with a total revenue of 6.084 billion yuan in 2024, reflecting an 8.55% year-on-year increase, and a net profit of 921 million yuan, up 1.19% year-on-year [1][2]. - The company is actively pursuing strategic mergers and acquisitions to enhance its international presence and core competitiveness, particularly in the green energy sector and electronic materials [4][6]. - The report highlights the company's strong performance in traditional sectors such as life sciences and industrial testing, with significant improvements in gross margins [3][4]. Financial Performance Summary - In 2024, the gross margin and net margin were 49.5% and 15.3%, respectively, showing a year-on-year increase of 1.41 percentage points and a decrease of 1.21 percentage points [2]. - For Q4 2024, the company achieved a revenue of 1.688 billion yuan, a year-on-year increase of 10.82%, and a net profit of 174 million yuan, up 2.96% year-on-year [2]. - The first quarter of 2025 saw revenues of 1.287 billion yuan, a 7.96% increase year-on-year, with a net profit of 136 million yuan, up 2.75% year-on-year [1][2]. Business Segment Analysis - In 2024, revenue from life sciences, industrial testing, consumer testing, trade assurance, and pharmaceuticals was 2.841 billion, 1.204 billion, 988 million, 764 million, and 287 million yuan, respectively, with year-on-year growth rates of 13.8%, 10.3%, 0.9%, 9.2%, and a decline of 14.7% [3]. - The environmental testing segment benefited from successful implementation of soil testing initiatives, leading to strong growth and improved gross margins [3]. - The industrial testing segment maintained stable operations in the maritime sector and expanded its global footprint through acquisitions, providing a strong growth impetus for 2025 [3][4]. Financial Forecast - The company expects net profits for 2025, 2026, and 2027 to be 1.013 billion, 1.154 billion, and 1.294 billion yuan, respectively, with year-on-year growth rates of 10%, 14%, and 12% [4][5]. - The report projects a revenue growth rate of 8.57% for 2025, with an estimated revenue of 6.605 billion yuan [5].