Centre Testing International Grp (3000012.SZ): Preliminary 1H26 Results In-line

Research evidence excerpt

Centre Testing International Grp (3000012.SZ): Preliminary 1H26 Results In-line

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09 Jul 2026 01:48:14 ET │ 11 pages

Centre Testing International Grp (300012.SZ)

Preliminary 1H26 Results In-line

CITI’S TAKE

Centre Testing (300012.SZ) released its 1H26 preliminary results. The

Buy attributable net profit likely grew 20%–22% yoy to Rmb561m–571m. The

Price (08 Jul 26 15:00) Rmb13.510 2Q26 net profit growth implies 17% yoy based on mid-pt guidance which

is slower than 31% in 1Q26 but this is because of the low base a year Target price Rmb24.000

ago. Recall 1Q quarterly profit is well below the rest of the 3 quarters due Expected share price return 77.6%

to the CNY holiday. Non-operating gains of ~Rmb35m (vs Rmb28m a year Expected dividend yield 1.4%

ago) adds a small boost to the bottom line. In addition, mgmt also cited Expected total return 79.1%

good operating cash flow and improving collection quality. Maintain Buy Market Cap Rmb22,735M

on rev growth acceleration in 2H rather than 1H, despite recent share

US$3,359M price decline of 20%+ over the past 2mths on likely market rotation into

AI hardware from non-tech.

Growth mix thru new verticals – CTI’s strategy focuses more on new verticals with Eric LauAC

robust growth but a relatively smaller contributor to the group such as pharmacy & +852-2501-2726

medical devices, aviation materials, chipsets, low-altitude economy, PCB testing and eric.h.lau@citi.com

NEV was the key growth driver for 1H26 results. Prior strategic M&A (mainly

Alice Cairecognized in 4Q25 as ~5% of total sales) and internationalization projects add a

positive increment for 1H26. +852-2501-2704

alice.cai@citi.com

Andy Li

+852-2501-2597

Revenue growth acceleration expected in 2026 – CTI mgmt. raised its 2026 revenue andy.li@citi.com