It may change on what technology it has, what is my technological level, and what is my weapons preferability.
If the ship is strong, but does use weapons i do not even bother to research (say, organic weapons when i am nom-organic race) i'd look - if it is a strong ship, and barely damaged (or damaged in such way i can repair it) i might not analyse it at all but keep it at defense/attack. If it is damaged, or not the most powerful thing in the game, i'd analyse it.
But when? Though it'd be nice to retrofit it and get the lvl 5 S.C, the question is - how many research points you have?
If it is not a problem to research lvl 5, (lvl 6 is far more expensive than lvl 5), then research level 5 and then retrofit. but if your research is a problem, then retrofit it and be happy - cruisers are FAR more powerful than LCs (read: CR is my favorite ship size, i barely go beyond lvl 5 untill i reach realy high-techs).
Another thing to think about is that the lvl 6 gives you the Large Transport.
Now what would i do?
I usualy tend to have high number of research points, so i'd research lvl 5, and then analyse the ship to obtain the far more expensive lvl 6.
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Emperor Klis't of the Taera Republic.
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