TIANMA(000050) 光大证券·2024-09-09 05:38Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company reported a slight decline in revenue for H1 2024 but showed significant improvement in net profit loss compared to the previous year [2][3] - The mobile display business has seen a notable improvement in profitability due to strong demand and product upgrades, with flexible AMOLED product shipments increasing by over 80% year-on-year [3] - The company is successfully ramping up new production capacity, with the TM18 production line reaching full capacity and the TM20 line beginning trial production [3] - The company is diversifying its LTPS business into automotive and IT sectors, with significant growth in automotive display revenue, which increased by over 40% year-on-year [3] Financial Forecast and Valuation Summary - Revenue is projected to grow from 32,271 million in 2023 to 41,240 million in 2026, with a CAGR of approximately 12.90% [6] - The net profit is expected to turn positive by 2025, reaching 1,042 million in 2026, with a corresponding P/E ratio of 16 [4][6] - The report adjusts the net profit forecast for 2024 and 2025 downwards due to underwhelming mobile panel price recovery, with 2024 net profit projected at -427 million [4]