TFC(300394) 华创证券·2024-08-23 10:08Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][12]. Core Views - The company's performance in the first half of 2024 met expectations, with a significant increase in revenue and net profit, driven by a strong demand for active components [1]. - Active components have now surpassed passive components in revenue contribution, marking a strategic shift in the company's product mix [1]. - The company is well-positioned to benefit from the growing demand for optical devices driven by AI computing needs, with expectations for continued revenue growth in the coming years [1]. Financial Performance Summary - In H1 2024, the company achieved revenue of 1.556 billion yuan, a year-on-year increase of 134.27%, and a net profit of 654 million yuan, up 177.20% [1]. - The second quarter alone saw revenue of 824 million yuan, a year-on-year growth of 118.54% and a quarter-on-quarter increase of 12.66% [1]. - The gross margin for the first half was 57.77%, an increase of 6.81 percentage points year-on-year, while the net margin was 42.13%, up 6.58 percentage points [1]. Business Segment Analysis - Revenue from passive components reached 700 million yuan, a year-on-year increase of 63.4%, accounting for 45% of total revenue [1]. - Revenue from active components was 820 million yuan, a year-on-year increase of 267.4%, making up 53% of total revenue for the first half [1]. - The company has maintained good cost control, with a sales expense ratio of 0.91% and a management expense ratio of 4.15% [1]. Future Outlook - The company anticipates stable growth in traditional products and is looking forward to the ramp-up of new products, particularly those related to AI [1]. - The ongoing expansion of the Jiangxi factory and the commissioning of the first phase of the Thailand factory are expected to enhance production capacity [1]. - Revenue projections for 2024, 2025, and 2026 are 4.011 billion yuan, 5.951 billion yuan, and 7.962 billion yuan, respectively, with net profits expected to be 1.470 billion yuan, 2.274 billion yuan, and 3.042 billion yuan [2].