CTI(SZ:300012) Guoxin Securities·2025-10-29 09:50Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company has shown steady growth in revenue and net profit, with a year-on-year increase of 6.95% in revenue and 8.78% in net profit for the first three quarters of 2025. The third quarter alone saw a revenue increase of 8.53% and a net profit increase of 11.24% [1][3]. - The internationalization strategy is accelerating, with significant contributions expected from recent acquisitions in various global markets, including Africa and Europe [3][4]. - The company is positioned as a leading third-party comprehensive testing service provider, with a focus on high-value applications and strategic mergers and acquisitions to enhance growth [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.702 billion yuan and a net profit of 0.812 billion yuan, with a gross margin of 49.83% and a net margin of 17.23% [1][8]. - The operating cash flow for the same period was approximately 0.596 billion yuan, reflecting a significant year-on-year growth of 117.88% [1]. Business Segments - The life sciences segment performed well, particularly in rapid testing for pets and modern agricultural products, while the food sector showed steady growth. The environmental testing segment is diversifying into new areas [2]. - The consumer goods testing segment is increasing investments in new energy vehicles and has made progress in aerospace projects [2]. - The industrial testing segment has expanded globally through acquisitions, enhancing its presence in sustainable development markets [2]. Internationalization Strategy - The company reported a domestic revenue growth of 6.35% and an international revenue growth of 16.02%, with the domestic revenue accounting for 93.22% of total revenue [3]. - Recent acquisitions include Safety SA in South Africa and Openview, which will enhance global supply chain auditing capabilities [3]. Earnings Forecast - The forecast for net profit from 2025 to 2027 is projected at 1 billion yuan, 1.101 billion yuan, and 1.227 billion yuan, respectively, with corresponding P/E ratios of 24, 22, and 20 [4][20].