Token Sciences(SZ:300088) Orient Securities·2024-09-10 00:08Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.44 [4][6]. Core Views - The company's revenue and net profit attributable to shareholders for the first half of 2024 are projected to be RMB 56.2 million and RMB 1.8 million, reflecting a year-on-year growth of 67% and a decline of 16% respectively [1]. - The automotive electronics business shows significant advantages with a complete industrial chain, including various display module solutions and advanced glass processing technologies [1]. - The company is a leading supplier in the thinning business and has developed new forms of ultra-thin glass products, enhancing its competitiveness in the foldable display market [1]. Financial Summary - The company's revenue is expected to grow from RMB 8,889 million in 2023 to RMB 10,302 million in 2024, representing a 16% year-on-year increase [3]. - The net profit attributable to shareholders is forecasted to increase from RMB 242 million in 2023 to RMB 577 million in 2024, indicating a 139% growth [3]. - The earnings per share are projected to rise from RMB 0.10 in 2023 to RMB 0.23 in 2024 [3]. Business Segments - The automotive electronics segment is expanding with a focus on integrated display solutions for vehicles, including large-size screens and HUD technology [1]. - The consumer electronics segment is also growing, with the company supplying ultra-thin glass products to major domestic and international clients, including leading smartphone manufacturers [1].