TES(003019) 海通证券·2024-09-23 23:36Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's H1 2024 revenue reached 1.309 billion yuan, a year-on-year increase of 58.08%, with net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 73.15%, and non-GAAP net profit of 123 million yuan, a year-on-year increase of 69.29%, all in line with expectations [6] - The automotive display business saw significant growth, with revenue reaching 433 million yuan, a year-on-year increase of 187.88%, and a gross margin of 7.03%, up 2.94 percentage points year-on-year [6] - The company's contract liabilities increased to 40.58 million yuan at the end of H1 2024, up from 26.24 million yuan at the end of 2023, mainly due to increased prepayments from customers [6] - The company's sales, management, and R&D expense ratios were 3.00%, 5.03%, and 3.33% respectively, down 1.92, 1.61, and 1.16 percentage points year-on-year [6] Financial Performance and Forecast - The company's revenue for 2024E is forecasted to be 2.765 billion yuan, a year-on-year increase of 106.8%, with net profit attributable to the parent company of 296 million yuan, a year-on-year increase of 66.1% [7] - The EPS for 2024E, 2025E, and 2026E is forecasted to be 1.70 yuan, 1.91 yuan, and 2.28 yuan respectively [7] - The gross margin for 2024E is expected to be 20.4%, down from 31.8% in 2023, due to changes in product mix and cost structure [7] - The company's ROE is expected to increase from 11.1% in 2023 to 17.6% in 2024E, 17.8% in 2025E, and 19.0% in 2026E [7] Business Segment Analysis - The smart interactive display business generated revenue of 338 million yuan in H1 2024, a year-on-year increase of 16.51%, with a gross margin of 35.31%, up 5.50 percentage points year-on-year [6] - The smart interactive all-in-one machine business generated revenue of 365 million yuan in H1 2024, a year-on-year increase of 60.73%, with a gross margin of 25.34%, down 1.08 percentage points year-on-year [6] - The touch display module and other businesses generated revenue of 173 million yuan in H1 2024, a year-on-year increase of 7.78%, with a gross margin of 40.16%, down 1.07 percentage points year-on-year [6] Valuation and Peer Comparison - The company's 2024E dynamic PE is estimated to be in the range of 18-20X, with a reasonable value range of 30.60-34.00 yuan [6] - The average PE ratio for comparable companies in 2024E is 22X, with an average EPS of 1.45 yuan [9]