TFE(SH:600237) EBSCN·2024-09-18 04:03Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company, Tongfeng Electronics, is a well-established manufacturer of film capacitors, with a steady growth in performance. In 2023, it achieved a revenue of 1.083 billion yuan (up 4.11% year-on-year) and a net profit attributable to shareholders of 87 million yuan (up 17.30% year-on-year) [1] - The company has a unique integrated industrial chain advantage, being one of the few that produces both film and capacitor products, which ensures product quality and scale efficiency [1] - The company has implemented its first stock incentive plan, granting 8.953 million restricted shares to 192 incentive targets, reflecting management's confidence in performance and cost control [1] - The market for ultra-thin film materials for new energy applications is promising, and the company has raised 400 million yuan for expansion projects in this area [1][2] Financial Summary - In 2024, the company is expected to achieve a revenue of 1.266 billion yuan, with a growth rate of 16.88%, and a net profit of 102 million yuan, reflecting a growth rate of 17.87% [3] - The company's earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 0.29 yuan in 2026 [3] - The company's return on equity (ROE) is expected to rise from 5.65% in 2024 to 8.36% in 2026 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 31x in 2024 to 18x in 2026 [2][3] Market Data - The total market capitalization of the company is 3.159 billion yuan, with a total share capital of 631 million shares [4] - The current stock price is 5.01 yuan, with a 52-week range of 3.98 to 8.85 yuan [4]