CTI(SZ:300012) GUOTAI HAITONG SECURITIES·2025-07-11 11:07Investment Rating - The report maintains a rating of "Accumulate" for the company [11][18]. Core Views - The company has slightly exceeded performance expectations for the first half of 2025, with a gradual recovery in the pharmaceutical and medical sectors, and steady growth in traditional testing services. Additionally, the company plans to acquire South Africa's Safety SA, accelerating its internationalization strategy [3][11]. Financial Summary - Total revenue is projected to grow from 5,605 million in 2023 to 7,501 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.7% [5]. - Net profit attributable to the parent company is expected to increase from 910 million in 2023 to 1,310 million in 2027, with a notable growth rate of 15.7% in 2025 [5]. - Earnings per share (EPS) is forecasted to rise from 0.54 in 2023 to 0.78 in 2027 [5]. Market Data - The company's market capitalization is approximately 20,295 million, with a current share price of 12.06 [6][11]. - The stock has traded within a range of 10.24 to 16.64 over the past 52 weeks [6]. Strategic Developments - The company is actively pursuing an international strategy, with the planned acquisition of Safety SA expected to enhance its service capabilities in South Africa and the broader African market [11]. - Previous acquisitions include German and Greek testing institutions, indicating a consistent approach to expanding its global footprint [11]. Performance Metrics - The company’s return on equity (ROE) is projected to remain stable around 13.3% to 14.7% from 2023 to 2027 [5][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.30 in 2023 to 15.49 in 2027, indicating potential value appreciation [5][12].