CTI(SZ:300012) Soochow Securities·2025-08-25 10:32Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 9%, aligning with the forecast median, supported by diversification and globalization strategies for steady growth [2] - The company achieved a total revenue of 2.96 billion yuan in the first half of 2025, representing a year-on-year growth of 6%, with a net profit of 470 million yuan, up 7% year-on-year [2] - The company is focusing on emerging markets and strategic acquisitions to enhance its international presence and maintain competitive advantages in traditional sectors [4] Financial Performance Summary - In the first half of 2025, the company reported a gross profit margin of 49.6%, a slight increase of 0.1 percentage points year-on-year, and a net profit margin of 15.7%, remaining stable [3] - The revenue breakdown by business segments shows: - Life Sciences: 1.27 billion yuan, up 1% - Industrial Products Testing: 600 million yuan, up 7% - Consumer Products Testing: 520 million yuan, up 13% - Trade Assurance Testing: 430 million yuan, up 13% - Pharmaceuticals and Others: 140 million yuan, up 1% [2] - The company’s overseas revenue reached 220 million yuan, growing by 21% year-on-year, while domestic revenue was 2.74 billion yuan, up 5% [2] Strategic Outlook - The company is expected to maintain steady growth through proactive strategies in life sciences and trade assurance, while also exploring new markets such as pet food and aerospace [4] - The company plans to accelerate internationalization through strategic acquisitions, including entities in Greece, Australia, and South Africa [4]