CTI(300012) 国盛证券·2024-10-27 08:23Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 performance met expectations, with revenue of 4.4 billion and a year-on-year growth of 7.7%. The net profit attributable to shareholders was 750 million, reflecting a 0.8% increase year-on-year. The company anticipates that the acquisition in Q4 will contribute to steady annual growth [1] - The gross margin for Q1-Q3 was 50.88%, showing a year-on-year increase of 0.5 percentage points, while the net profit margin decreased slightly due to rising expenses [1] - The company is optimizing its capital expenditure strategy and expanding into strategic emerging sectors, including acquisitions in health management and green energy technology services [1] Financial Performance Summary - Revenue for 2022 was 5,131 million, with a growth rate of 18.5%. For 2023, revenue is projected at 5,605 million, with a growth rate of 9.2% [2] - The net profit attributable to shareholders for 2022 was 903 million, with a growth rate of 21.0%. For 2023, it is expected to be 910 million, reflecting a growth rate of 0.8% [2] - The company’s EPS for 2024 is projected to be 0.56, with a corresponding P/E ratio of 26 [2][3] Cash Flow and Capital Expenditure - The operating cash flow for 2023 was 1,122 million, with a slight increase from 1,100 million in 2022. The company expects a cash flow of 1,083 million in 2024 [7] - Capital expenditures for Q1-Q3 were approximately 5.05 billion, maintaining a similar level to the previous year, representing about 11% of revenue [1] Strategic Direction - The company is focusing on expanding into new growth areas such as semiconductors, biomedicine, and electric vehicle testing, aligning with national strategic development directions [1]