CTI(300012) 东吴证券·2024-10-27 08:41Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue growth of 8% year-on-year in the first three quarters of 2024, with total revenue reaching 4.4 billion yuan and a net profit attributable to shareholders of 750 million yuan, reflecting a 1% increase year-on-year [2] - The gross profit margin for Q3 2024 was 53.2%, showing an increase of 1.2 percentage points year-on-year, supported by lean management practices [3] - The company is strategically positioning itself in emerging sectors and pursuing international expansion, which is expected to support long-term growth [4] Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 5,131 in 2022 to 7,664 in 2026, with year-on-year growth rates of 18.52%, 9.24%, 8.08%, 12.33%, and 12.64% respectively [1] - Net profit attributable to shareholders (in million yuan) is forecasted to increase from 902.73 in 2022 to 1,339.84 in 2026, with year-on-year growth rates of 20.98%, 0.83%, 5.87%, 18.27%, and 17.57% respectively [1] - The latest diluted EPS is expected to rise from 0.54 in 2022 to 0.80 in 2026, with corresponding P/E ratios decreasing from 22.22 to 14.97 [1] Operational Insights - The company’s Q3 2024 sales net profit margin was 19.6%, with a slight decrease of 1.4 percentage points year-on-year, while the operating expense ratio increased to 31.0% due to higher R&D spending and reduced foreign exchange gains [3] - The company is in the early stages of implementing lean management, which is anticipated to enhance profitability as operational efficiencies improve [3]