CTI(300012) 中邮证券·2024-11-05 07:11Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 4.396 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.71%. The net profit attributable to shareholders was 747 million yuan, up 0.79% year-on-year [3][4]. - The company has shown steady revenue growth in Q3, with total revenue of 1.605 billion yuan, reflecting a year-on-year growth rate of 5.21% [3]. - The gross margin improved by 0.50 percentage points to 50.88% for the first three quarters of 2024, with Q3 gross margin reaching 53.24%, an increase of 1.16 percentage points year-on-year [3]. - The company is investing in strategic areas such as semiconductor chips and new energy, with plans to invest 280 million yuan in a comprehensive testing service base in Bao'an [3][4]. - The company is also pursuing external growth through acquisitions, including the acquisition of Naias and Hefei Zhongxin Health Management, enhancing its strategic layout in green energy and health management services [3]. Financial Summary - The company is projected to achieve revenues of 6.103 billion yuan, 6.812 billion yuan, and 7.517 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.90%, 11.61%, and 10.35% [4][5]. - The net profit attributable to shareholders is expected to be 980 million yuan, 1.118 billion yuan, and 1.254 billion yuan for the same years, with growth rates of 7.71%, 13.99%, and 12.23% [4][5]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 24.22, 21.25, and 18.93, respectively [4][5].