TFME(SZ:002156) Guoxin Securities·2024-09-01 08:01Investment Rating - The report maintains an "Outperform the Market" rating for Tongfu Microelectronics (002156.SZ) [1][4][20] Core Views - The company achieved a revenue of 11.08 billion yuan in the first half of 2024, representing a year-on-year growth of 11.83%, and a net profit attributable to shareholders of 323 million yuan, indicating a turnaround from losses [1] - The gross margin improved by 3.7 percentage points to 14.16% year-on-year, while R&D and management expense ratios decreased slightly [1] - The company is benefiting from the semiconductor cycle recovery and the implementation of AI applications, leading to an increase in capacity utilization and gross margin [1] Financial Performance Summary - Revenue and Profit Forecasts: - 2024E revenue is projected at 24.173 billion yuan, an increase of 8.6% from 2023 [2] - Net profit attributable to shareholders is expected to reach 984 million yuan in 2024E, a significant increase of 480.5% from 2023 [2] - Earnings per share (EPS) is forecasted to be 0.65 yuan in 2024E [2] - Key Financial Ratios: - EBIT margin is expected to improve to 6.4% in 2024E [2] - Return on equity (ROE) is projected to rise to 6.6% in 2024E [2] - Price-to-earnings (P/E) ratio is forecasted to be 29.4x in 2024E [2] Business Development Summary - The company is focusing on traditional framework products, which have shown stable market performance, while emerging markets such as RF modules and communication SoC chips are experiencing over 50% growth [1] - The company has upgraded its large-size multi-chip Chiplet packaging technology and is ramping up production of 16-layer chip stacking packaging products [1] - The company is actively expanding its production capacity in response to the demand for high-performance packaging from major clients like AMD, particularly in the AI sector [1]