TFC(300394) 海通证券·2024-09-02 09:09Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company's revenue for the first half of 2024 reached 1.556 billion yuan, representing a year-on-year increase of 134.27%, with a net profit attributable to shareholders of 654 million yuan, up 177.20% year-on-year [3]. - The growth in revenue and profit is primarily driven by the increasing demand for AI technology and the expansion of global data centers, which boosts the demand for high-speed optical devices [3][4]. - The company is actively advancing its global industrial layout, with operational headquarters in Suzhou and Singapore, and production bases in Jiangxi and Thailand [4]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 57.77%, an increase of 6.81 percentage points year-on-year, and a net profit margin of 42.04%, up 6.51 percentage points year-on-year [3]. - The company's R&D expenses for the first half of 2024 were 112 million yuan, a year-on-year increase of 76.64%, with a research expense ratio of 7.20% [3]. - The company expects to maintain stable revenue growth, with projected net profits of 1.448 billion yuan, 2.196 billion yuan, and 2.997 billion yuan for 2024, 2025, and 2026, respectively [4][5]. Revenue Breakdown - The revenue from active optical devices in the first half of 2024 was 820 million yuan, a year-on-year increase of 267.35%, while passive optical devices generated 697 million yuan, up 63.39% year-on-year [3][6]. - The report anticipates continued growth in the optical communication industry, driven by increasing AI computing demands [4]. Valuation and Forecast - The report assigns a price-to-earnings (P/E) ratio range of 40-45X for 2024, suggesting a reasonable value range of 104.40 to 117.45 yuan per share [4]. - The company is expected to maintain a strong competitive position in the industry, with a projected revenue growth rate of 99.9% for 2024 [5][8].