CTI(SZ:300012) Guolian Securities·2024-04-19 14:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.58 CNY [6][8]. Core Views - The company's performance is under short-term pressure, but the soil three-phase testing is expected to bring incremental revenue [1][6]. - In 2023, the company achieved a revenue of 5.605 billion CNY, a year-on-year increase of 9.24%, and a net profit attributable to shareholders of 910 million CNY, a slight increase of 0.83% [2][3]. - The first quarter of 2024 saw a revenue of 1.192 billion CNY, a year-on-year growth of 6.7%, but a net profit decline of 8.12% to 133 million CNY [4][6]. Financial Performance Summary - In 2023, the main segments of the company experienced growth, with life sciences testing, industrial product testing, consumer product testing, trade assurance testing, and pharmaceutical sectors generating revenues of 2.497 billion, 1.091 billion, 979 million, 700 million, and 337 million CNY respectively [3]. - The company is focusing on new opportunities in the aviation testing sector, establishing laboratories in various cities to provide comprehensive testing services for both manned and unmanned aircraft [5][6]. - Revenue projections for 2024 to 2026 are estimated at 6.344 billion, 7.571 billion, and 8.882 billion CNY, with net profits of 1.069 billion, 1.291 billion, and 1.616 billion CNY respectively, indicating a CAGR of 21.08% [6][7].