MTC(SZ:002429) Guoxin Securities·2024-08-07 00:30Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Insights - The company's net profit for the first half of 2024 (1H24) increased by 24% year-on-year, with the LED industry chain contributing over 50% to the net profit [1]. - The company's revenue for 1H24 reached 9.52 billion yuan, a year-on-year increase of 23.07%, while the net profit attributable to shareholders was 911 million yuan, reflecting a growth of 24.04% [1]. - The company has achieved a leading position in the Mini RGB chip market, with a monthly shipment of 12,000kk units and a market share exceeding 50% [1]. - The gross margin of the LED industry chain improved by 8.09% year-on-year to 31.52% in 1H24 [1]. - The company is expanding its Mini LED backlight module orders, successfully securing new clients among major television brands [1]. Financial Forecast and Metrics - The company is expected to achieve revenue growth of 26.3% in 2024, reaching 21.68 billion yuan, and a net profit growth of 38.4%, amounting to 2.199 billion yuan [2][17]. - The projected earnings per share (EPS) for 2024 is 0.49 yuan, with a price-to-earnings (P/E) ratio of 10.2 [2][17]. - The company's EBIT margin is forecasted to improve to 11.4% in 2024, with a return on equity (ROE) of 13.6% [2][17].