1H26业绩达标，对2026年下半年增长势头重拾信心

Centre Testing InternationalGrp (300012.SZ)GrowingConfidencein2H26EGrowthMomentumFollowingIn-line 1H26Results Price (14 Aug 26 15:00) Target priceRmb24.000Expectedsharepricereturn71.7%Expected dividendyield1.4%Expectedtotalreturn73.1%Market CapRmb23,526MUS$3,490M netprofitofRmb563.7m,+20.6%yoy.Thisislargelyin linewiththemidptguidanceofRmb564mbasedonthepreviouspreliminary1H26resultsThe recurringnetprofit rose20.3% yoy, ifexcluding one-off gainsofRmb35.0mversusRmb27.9mayearago.The2Q26netprofitgrowthslowedto16.4%yoycomparedwithanunusualhighof30.9%in1Q26onalow base.SeeFig1&2.However,2Qnetprofitgrowthmaintainedamid-teensgrowthpace.The2Q26revgrowthof15.6% iscomparableto1Q's16.2%,implyingthecompany isontracktosustainamid-teensrevgrowthtargetthroughoutthisyear.3Qrevgrowthshouldsustainmomentum on easier comps.Maintain Buy; CTI remains inour ChinaSMIDtop-picklistforthisyear. Eric LauAC+852-2501-2726eric.h.lau@citi.com CTIwill hostaresultsbriefingcall-on17Augat3pmHKTinMandarin. Alice Cai+852-2501-2704alice.cai@citi.com GrowthOutlookfor2H26Eand Beyond-Withthe in-line1H26results,wehavemoreconfidenceinourearningsprojectionof~16%/20%growthforrevenue/netprofitthisyear.TheprimarygrowthdriversforCTIover2026and2027stem fromabalancedmixofemergingtechnologicaltracks,overseasexpansion,andhigh-demand specialized sectors.First,strategic emergingindustries,including1)semiconductorchiptesting,2)Alcomplianceandhardwarevalidation,3)lowcarbon/ESGsustainabilitycertification,and4)low-atlitudeeconomy/newenergyapplications-arescalingrapidlytoformsolid secondandthirdgrowth curves.fueledbydeepersynergywithinitsexpanding overseasfootprintacross Europe,Southeast Asia,and Africa,isunlockinglucrativeinternationaltradeand supplychaincompliancedemand.Recall cTIacquiredacoupleofoverseas operations,5%oftotal15%revgrowthtargetwouldcomefromthoseacquiredassetssothisisquitepromisingforfull-yearcontribution.Finally,therapidreboundofspecializedsectorslikeCROpharmaceuticalresearch,medicaldevicetesting,andspecializedconsumergoodsverification serves asanimmediatecatalystforacceleratingrevenueand profitgeneration. Andy Li+852-2501-2597andy.li@citi.com NetMarginTrendfor2026and2027-Wemodel thenet marginwill steadilyexpandto16.9%in2028Efrom15.4%in2025.WeseeroomforfurtherGMexpansion incomingyears given the continuedGM recoveryonPharmacyandMedical(P&M)segment,Consumptionsegmentthruturnaroundofsemitestingand SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations Notfordistribution inthePeople'sRepublicofChina,excludingtheHongKongSpecial AdministrativeRegionandQualifiedForeignInstitutional Investors. citivelocity.com 41.9%,TradeProtectiontestingGMwasdown1.6%to71.2%,accountingfor42%,21%,14%oftotal1H26salesIncontrast,ConsumptionandP&MsegmentalGMwidenedby5.4%ptand9.1%ptto46.8%and28.5%respectively,representing17%and6%of1H26sales.WeexpectmoreroomforGMrecoveryonConsumptionsegmentthankstoautomarginrecoveryandsemiturnaround.P&Mshouldhaveampleroomto improveGMtobecomparabletogroupaverageintheend,onceitachieveseconomiesofscale. ratio150bpto15.2%of revenueand carryingnetmarginup65bpyoyto16.4%.Admin expenses(+26.3%yoy)andR&D(+22.4%yoy)bothranahead ofrevenue and addedback~100bpcombined,which iswhereM&Aintegration and new-labspendshowup.Oncash,ARclosedatRmb2,235m,up8.0%fromyear-endversusrevenueup15.9%yoy,and0CFofRmb437.6mcovered78%of1Hnetprofit.CTIcontinuedtheinterimpayoutatRmb0.05/share,Rmb84mintotal. CentreTestingInternationalGrp OurtargetpriceofRMB24isbasedon33xPEforFY26Eat-0.5SDto historicalmean whichreflects 3-yearEPSCAGRof19% through2027E.Mgmthasrecentlyraised2026Eguidanceof~15%revenuegrowthfromprevious10%.1Q26revgrowthwascross-check,weusea DCFapproach,as CTI'sbusinessmodel inTiCservices shouldgenerate sustainable strongFCFinthemid-tolong-term,aftertheambitiousexpansionperiodandtheramp-upofnewbusinessesinautomobile,semiconductor,EsG andAgriculture(under soilassessment).Weemployacostofequityof8.5%(3%risk-freereturn,8%marketpremium,and 1.2xbeta),post-tax costofdebt as 3.0%,andterminalgrowth rateof2%.Thelong-termgrowthrate is set inline withtheindustrygrowthrateforotherdeveloped countries,whichshouldbesustainedbyChina'songoingstricterregulationsandtargetprice. RisksKeyfundamental downside risks that couldpreventthe stock fromachieving ourtarget price include:1)unfavorable policy changes;2)slowerrevenuegrowthduetomarketdownturn andcontraction;3)faster increasinglaborand rental costs; and 4)failures inM&A. US+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblock or(i)listedinboldalongsidecontent whichisattributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyingan