CTI(SZ:300012) Guohai Securities·2025-10-30 09:42Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company achieved a revenue of 4.702 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 6.95%. The net profit attributable to shareholders reached 812 million yuan, up 8.78% year-on-year, while the net profit excluding non-recurring items was 766 million yuan, reflecting a growth of 9.26% [3][8] - The company's international expansion is accelerating, with strategic acquisitions enhancing its global service capabilities, particularly in the African and European markets [6][8] Summary by Sections Recent Performance - In Q3 2025, the company reported a revenue of 1.742 billion yuan, a year-on-year increase of 8.53%, and a net profit of 345 million yuan, up 11.24% year-on-year [6][8] - The company’s gross margin for the first three quarters of 2025 was 49.83%, a slight decrease of 1.05 percentage points year-on-year, while the net profit margin improved to 17.23%, an increase of 0.12 percentage points [8] Business Segments - The Life Sciences segment is expanding through acquisitions and focusing on niche markets, while the Environmental Testing segment is enhancing its management and exploring new areas [6][8] - The Consumer Products Testing segment is making progress in the electric vehicle and aerospace sectors, with significant growth in semiconductor testing [6][8] - The Trade Assurance segment is benefiting from acquisitions, and the Industrial Testing segment is showing strong growth across various fields [6][8] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.608 billion yuan, 7.311 billion yuan, and 8.252 billion yuan, respectively, with corresponding net profits of 1.017 billion yuan, 1.170 billion yuan, and 1.331 billion yuan [7][9] - The report anticipates a stable return on equity (ROE) of 13% for 2025 and 2026, increasing to 14% in 2027 [7][9]