CTI(300012) 国信证券·2025-04-22 03:22Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 6.084 billion yuan in 2024, representing a year-on-year growth of 8.55%, while the net profit attributable to shareholders increased by 1.19% to 921 million yuan. The growth is attributed to the company's solid business advantages, accelerated development in strategic sectors, and improved operational efficiency [1][2] - In Q1 2025, the company reported a revenue of 1.287 billion yuan, up 7.96% year-on-year, and a net profit of 136 million yuan, reflecting a 2.75% increase [1] - The company is actively pursuing strategic acquisitions to enhance its international presence and operational capabilities, including acquisitions in the green energy and electronic materials sectors [2][3] Summary by Sections Financial Performance - In 2024, the company's revenue was 60.84 billion yuan, with a gross margin of approximately 49.47% and a net profit margin of 15.33% [1] - The company reported a non-recurring net profit of 860 million yuan, which is a 9.79% increase year-on-year [1] - The revenue breakdown by business segments for 2024 includes: Life Sciences (2.841 billion yuan, +13.75%), Industrial Testing (1.204 billion yuan, +10.32%), Consumer Testing (988 million yuan, +0.88%), Trade Assurance (764 million yuan, +9.19%), and Medical Services (287 million yuan, -14.71%) [2] Strategic Initiatives - The company is focusing on enhancing its core business through digital transformation and operational efficiency improvements [3] - Recent strategic acquisitions include a 51% stake in Changzhou Microtech and a 70% stake in Changzhou Honghai, aimed at strengthening its capabilities in electronic materials and PCB testing [2][3] Future Outlook - The profit forecast for 2025-2027 is adjusted to 1 billion yuan, 1.101 billion yuan, and 1.227 billion yuan respectively, with corresponding P/E ratios of 19, 17, and 16 [3][4] - The company plans to distribute a cash dividend of 1.67 billion yuan in 2024, which is about 21.26% of the net profit attributable to shareholders [3]