TFC(300394)2024-10-23 01:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical devices continues to grow, driven by advancements in AI technology and increasing computing power needs, leading to a stable growth in revenue for the company [2][4] - The company reported a revenue of 2.395 billion yuan for the first three quarters of 2024, a year-on-year increase of 98.55%, and a net profit of 976 million yuan, up 122.39% year-on-year [2] - The company maintains its profit forecast, expecting net profits of 1.494 billion, 2.178 billion, and 2.724 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 45.7, 31.4, and 25.1 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 58.21%, an increase of 5.28 percentage points year-on-year, and a net profit margin of 40.83%, up 4.37 percentage points year-on-year [2] - The company’s R&D expenses for the first three quarters of 2024 were 173 million yuan, a year-on-year increase of 65.07%, with an R&D expense ratio of 7.22% [3] - The company has established a global network with dual headquarters in Suzhou and Singapore, and multiple R&D centers in Japan, Shenzhen, and Suzhou, along with sales branches in the US, Hong Kong, Shenzhen, and Wuhan [4] Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are 4.017 billion, 5.962 billion, and 7.407 billion yuan respectively, with year-on-year growth rates of 107.2%, 48.4%, and 24.2% [5] - The projected net profits for the same years are 1.494 billion, 2.178 billion, and 2.724 billion yuan, with year-on-year growth rates of 104.7%, 45.8%, and 25.0% [5] - The company’s gross margin is expected to remain stable around 54.6% to 54.4% from 2024 to 2026 [5]