TFME(SZ:002156) Huajin Securities·2024-07-12 14:30Investment Rating - The investment rating for the company is maintained at "Buy - A" [1]. Core Views - The company is expected to turn a profit in the first half of 2024, with a significant increase in revenue from mid-to-high-end products, benefiting from the recovery in the semiconductor industry and the rise in market demand driven by technologies such as artificial intelligence [1]. - The company anticipates a net profit attributable to shareholders of between 190 million to 277 million yuan in Q2 2024, marking a year-on-year turnaround from a loss of 188 million yuan in the same period last year [1]. - The company is actively enhancing its ecosystem through acquisitions, including a planned acquisition of a 26% stake in Jinglong Technology, which is expected to strengthen its testing capabilities [1][4]. Financial Performance - The company forecasts revenues of 25.28 billion yuan, 29.23 billion yuan, and 34.56 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 13.5%, 15.6%, and 18.2% [4]. - The projected net profit for the same years is 850 million yuan, 1.13 billion yuan, and 1.58 billion yuan, with growth rates of 401.7%, 33.2%, and 39.3% [4]. - The company’s gross margin is expected to improve from 12.9% in 2024 to 15.1% in 2026, indicating enhanced operational efficiency [5]. Market Trends - The demand for AI servers is projected to grow significantly, with shipments expected to reach 1.942 million units in 2024 and 2.364 million units in 2025, reflecting a compound annual growth rate of 24.7% from 2022 to 2027 [3]. - The advanced packaging market is anticipated to grow rapidly, with the global market size expected to increase from 36.7 billion USD in 2022 to 52.2 billion USD by 2026, capturing a larger share of the overall packaging market [3].