CTI(300012) 东吴证券·2025-04-19 08:25Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue growth is stable, with government subsidies and other non-operating factors impacting net profit. In 2024, the company achieved total revenue of 6.1 billion yuan, a year-on-year increase of 9%, and a net profit of 920 million yuan, a year-on-year increase of 1%. The non-recurring profit decreased by 0.65 million yuan due to reduced government subsidies [2] - The gross margin is steadily increasing, with significant results from lean management. In 2024, the company's gross margin was 49.5%, up 1.4 percentage points year-on-year, while the net profit margin was 15.3%, down 1.2 percentage points year-on-year [3] - The company is well-positioned for long-term growth due to its forward-looking, diversified layout, and international strategy. The company is expanding into new markets such as pet food and renewable energy, and enhancing its overseas presence through acquisitions [4] Revenue and Profit Forecast - The company forecasts total revenue of 6.1 billion yuan for 2024, with a net profit of 921 million yuan. The projected net profit for 2025 is adjusted to 1.06 billion yuan, with a corresponding P/E ratio of 18 [4]