TIANMA(000050) 光大证券·2024-09-09 06:03Investment 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, indicating a reduction in losses [2][3] - The mobile display business has seen a notable improvement in profitability, driven by 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 products, with significant growth in the automotive display sector, achieving over 40% revenue growth year-on-year [3] Financial Forecast and Valuation Summary - Revenue is projected to grow from 31,447 million in 2022 to 41,240 million by 2026, with a compound annual growth rate (CAGR) of approximately 12.90% [6] - The net profit is expected to recover from a loss of 2,098 million in 2023 to a profit of 1,042 million by 2026, indicating a turnaround in profitability [6] - The report adjusts the net profit forecast for 2024 and 2025 downwards due to underwhelming mobile panel price recovery, with new estimates of -427 million and 619 million respectively [4] - The price-to-earnings (P/E) ratio is projected to be 26x for 2025 and 16x for 2026, while the price-to-book (P/B) ratio remains stable at 0.6x across the forecast period [4][6]