MTC(002429) 新浪财经·2025-04-18 12:33Core Insights - The company reported a revenue of 20.326 billion yuan for 2024, representing a year-on-year growth of 18.4%, with a net profit attributable to shareholders of 1.602 billion yuan, up 0.89% [1] - The global LED chip market is projected to reach approximately 2.96 billion USD in 2024, reflecting a 9% year-on-year increase, with improvements in the competitive landscape of the LED industry [2] - The company has established a comprehensive presence across the entire LED industry chain, enhancing its resilience during industry downturns and positioning for greater growth during recovery [3] Industry Overview - The LED chip market is experiencing a stabilization in prices for general lighting chips, while high-value chips like Mini/Micro LED and high-power lighting chips are undergoing rapid technological advancements [2] - The global TV market is expected to see a shipment of 230 million units in 2024, a growth of approximately 2% from 2023, driven by sports events and government subsidy policies in China [2] - The ODM market for TVs is projected to reach a total shipment of 11.2 million units in 2024, marking a 5.7% increase from the previous year [2] Business Strategy - The company has effectively integrated resources across multiple business segments, including LED chips, packaging, lighting, and display products, fostering synergy within the LED industry chain [3] - The company serves both as an ODM business client for TV manufacturers and as a supplier for LED backlighting, creating a vertical integration that enhances operational resilience [3] - The deep collaboration across the vertical supply chain allows the company to better navigate industry cycles and capitalize on recovery opportunities [3] Financial Projections - Revenue projections for the company are estimated at 24.188 billion yuan, 27.333 billion yuan, and 30.613 billion yuan for the years 2025 to 2027, respectively [4] - Net profit forecasts for the same period are 2.076 billion yuan, 2.455 billion yuan, and 2.837 billion yuan [4] - The company is assigned a target price of 5.5 yuan based on a 12x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]