TFC(SZ:300394) Huachuang Securities·2024-07-18 06:01Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][14]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 630-677 million yuan for the first half of 2024, representing a year-on-year growth of 167% to 187% [1]. - The second quarter of 2024 is projected to show significant growth, with a net profit of 351-398 million yuan, reflecting a quarter-on-quarter increase of 34.4% [1]. - The alleviation of personnel and material shortages is anticipated to support high growth as downstream demand increases [1]. - The company is accelerating its expansion in Thailand, establishing a comprehensive domestic and international production capacity layout [1]. - As a leading global manufacturer of optical engines and devices, the company is expected to benefit significantly from the ongoing AI infrastructure investments [1]. Financial Summary - The total revenue for 2024 is projected to be 4.011 billion yuan, with a year-on-year growth rate of 106.9% [2]. - The net profit attributable to shareholders is forecasted to be 1.47 billion yuan in 2024, reflecting a growth rate of 101.4% [2]. - Earnings per share (EPS) are expected to increase from 1.32 yuan in 2023 to 2.65 yuan in 2024 [2]. - The company maintains a strong financial position with a low debt-to-asset ratio of 12.49% [5].