MTC(002429) 新浪财经·2025-04-18 06:42Core Viewpoint - The company reported a revenue of 20.33 billion RMB for 2024, reflecting an 18.4% year-on-year increase, while the net profit attributable to shareholders was 1.6 billion RMB, up 0.89% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 4.16 billion RMB in Q4 2024, a decrease of 7.05% year-on-year, with a net profit of 230 million RMB, down 27.41% year-on-year [1] - The company declared a cash dividend of 1.07 RMB per 10 shares, totaling 484 million RMB, which represents 30.23% of the net profit attributable to shareholders for 2024 [1] - The gross profit margin for 2024 was 17.2%, a decrease of 1.7 percentage points year-on-year, with the multimedia audio-visual products and services segment showing a gross margin of 13.1%, down 3.2 percentage points [3] Group 2: Business Segments - The multimedia audio-visual products and services segment generated a revenue of 15 billion RMB, an 18.4% increase year-on-year, with the company ranking second globally in TV ODM manufacturing [2] - The LED industry chain business achieved a revenue of 5.33 billion RMB, up 18.3% year-on-year, with significant contributions from semiconductor and packaging segments [2] - The company’s semiconductor segment, Zhaochi Semiconductor, reported a revenue of 2.63 billion RMB, a 27% increase year-on-year, with a net profit of 580 million RMB, up 69.5% [2] Group 3: Strategic Initiatives - The company is strategically investing in semiconductor laser chip projects and optical communication devices to establish a vertical integration in the optical communication industry [4] - The focus is on expanding production scale and accelerating technology upgrades for optical communication modules, targeting higher-speed optical modules [4] - The company aims to leverage its leadership in the LED industry to expand into core raw material chips for optical communication, enhancing overall industry upgrade [4] Group 4: Future Outlook - The company is transitioning from a terminal manufacturing enterprise to a technology-driven group, with projected net profits of 2.01 billion RMB, 2.35 billion RMB, and 2.67 billion RMB for 2025, 2026, and 2027 respectively [5] - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 9.9x, 8.5x, and 7.4x respectively, maintaining a "buy" rating [5]