TES(SZ:003019) Huaxin Securities·2024-09-09 03:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.309 billion yuan in the first half of 2024, representing a year-on-year growth of 58.08%, and a net profit of 130 million yuan, up 73.15% year-on-year [1] - The company is focused on becoming a global leader in commercial human-machine interaction smart terminal solutions, with products including smart interactive displays and automotive displays [1] - The three main business segments of ODM, OBM MicroTouch™, and smart cockpit are developing synergistically, enhancing market competitiveness [1][2] - The company is actively pursuing investments and acquisitions to diversify its business layout, particularly in the automotive smart cockpit sector [2] Summary by Sections Revenue and Profit Growth - The company reported a revenue of 1.309 billion yuan for the first half of 2024, a 58.08% increase year-on-year, and a net profit of 130 million yuan, reflecting a 73.15% increase [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 123 million yuan, up 69.29% year-on-year [1] Business Development - The company has established three main business segments: ODM, OBM MicroTouch™, and smart cockpit, which are mutually reinforcing and contributing to sustainable growth [1][2] - The ODM business has been the company's primary model, providing customized products and services globally [1] - The OBM MicroTouch™ business has seen rapid growth due to increased marketing efforts and brand building since its acquisition in 2020 [1] Market Outlook and Forecast - Revenue forecasts for 2024, 2025, and 2026 are projected at 2.785 billion yuan, 3.642 billion yuan, and 4.629 billion yuan, respectively, with corresponding EPS of 1.83 yuan, 2.03 yuan, and 2.60 yuan [3] - The company is expected to maintain a PE ratio of 13, 12, and 9 times for the years 2024, 2025, and 2026, respectively [3]