CTI(SZ:300012) GUOTAI HAITONG SECURITIES·2026-01-21 02:35Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.96 CNY [6]. Core Insights - The company is experiencing a significant acceleration in performance recovery, with improved operational quality. The fourth quarter shows enhanced synergy in internal business operations and better cash collection quality. Additionally, overseas acquisitions are being consolidated in the fourth quarter, clarifying the long-term internationalization strategy and growth potential [2][4]. Financial Summary - Total revenue is projected to grow from 5,605 million CNY in 2023 to 8,431 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.6% [4]. - Net profit attributable to the parent company is expected to increase from 910 million CNY in 2023 to 1,297 million CNY in 2027, with a notable growth rate of 11.7% in 2025 [4]. - Earnings per share (EPS) is forecasted to rise from 0.54 CNY in 2023 to 0.77 CNY in 2027 [4]. Performance Forecast - The company anticipates a net profit of 1,013 to 1,021 million CNY for 2025, representing a year-on-year increase of 10% to 11%. The fourth quarter alone is expected to yield a net profit of 201 to 209 million CNY, with a growth rate of 15% to 20% compared to the previous year [13]. - The operational cash flow is expected to grow significantly, indicating improved profitability and cash conversion capabilities [13]. Strategic Initiatives - The company continues to implement its "123 strategy," focusing on upgrading quality and service capabilities, increasing technological investments, and enhancing lean management and digital transformation. This approach is expected to yield clear improvements across multiple business segments [13]. - Recent acquisitions, including SafetySA in South Africa and Emicert in Greece, are set to enhance the company's international presence and operational flexibility, with a focus on differentiated integration strategies to maintain business continuity and team stability [13].