TFME(SZ:002156) Huaan Securities·2024-07-15 22:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown growth in the second quarter compared to the previous quarter, with a continuous expansion in its mid-to-high-end product lines [1] - The semiconductor industry is gradually recovering, and the company's performance is in the process of being restored [1] - The company has established a close strategic partnership with AMD, becoming a major packaging supplier, which accounts for 80% of AMD's total orders [1] Financial Performance Summary - The company achieved a net profit attributable to shareholders of 288 million yuan in the first half of 2024, a significant turnaround from a loss in the previous year [1] - The expected net profits for 2024-2026 are projected to be 819 million, 1.21 billion, and 1.539 billion yuan respectively, with corresponding EPS of 0.54, 0.80, and 1.01 yuan [1][2] - Revenue for 2024 is expected to reach 25.947 billion yuan, reflecting a year-on-year growth of 16.5% [2][3] Key Financial Indicators - The company's gross margin is projected to improve from 11.7% in 2023 to 14.2% by 2026 [3] - The return on equity (ROE) is expected to increase from 1.2% in 2023 to 8.8% in 2026 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 210.18 in 2023 to 23.08 by 2026 [3]