TFC(SZ:300394) GOLDEN SUN SECURITIES·2024-08-23 08:49Investment Rating - The report maintains a "Buy" rating for the company [3][2] Core Views - The company has demonstrated exceptional performance in the first half of 2024, with revenue reaching 1.56 billion yuan, a year-on-year increase of 134.3%, and a net profit attributable to shareholders of 650 million yuan, up 177.2% year-on-year [1] - The growth is primarily driven by the ongoing development of AI technology and the accelerating demand for computing power, which has led to a stable increase in demand for high-speed optical device products globally [1] - The company is actively expanding its production capacity and increasing its overseas revenue, with overseas revenue accounting for 80.1% of total revenue in the first half of 2024, a year-on-year increase of 145.9% [1] Summary by Sections Financial Performance - In H1 2024, the company's revenue from active optical devices was 820 million yuan, a significant year-on-year increase of 267.4%, with a gross margin of 46.8%, up 5.4 percentage points [1] - Revenue from passive optical devices reached 697 million yuan, a year-on-year increase of 63.4%, with a gross margin of 68.94%, up 13.9 percentage points [1] - The company’s R&D investment in H1 2024 was 110 million yuan, accounting for 7.2% of revenue, reflecting a year-on-year growth of 76.6% [2] Future Projections - The company is expected to achieve revenues of 3.8 billion yuan, 5.8 billion yuan, and 7.4 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1.42 billion yuan, 2.11 billion yuan, and 2.71 billion yuan for the same years [2][7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 33, 22, and 18 for the years 2024, 2025, and 2026 respectively [2][7]