TFC(300394) 国联证券·2024-10-24 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.395 billion yuan, a year-on-year growth of 98.55%, and net profit attributable to shareholders of 976 million yuan, up 122.39% [2][6] - The company's intangible assets amounted to 816.553 billion yuan, reflecting a year-on-year increase of 66.15%, primarily due to land purchases by its Thai subsidiary [2][6] - The acquisition of Tianfu Star is expected to enhance the company's profitability and shareholder returns, with the subsidiary's overseas operations showing positive order trends [6][2] Financial Performance Summary - For Q3 2024, the company achieved revenue of 839 million yuan, a year-on-year increase of 54.77% and a quarter-on-quarter increase of 1.76% [6] - The net profit for Q3 2024 was 322 million yuan, representing a year-on-year growth of 58.69% but a quarter-on-quarter decrease of 14.14% [6] - The company forecasts revenues of 3.767 billion yuan, 6.020 billion yuan, and 7.823 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 94.34%, 59.78%, and 29.95% [6][7] Valuation Metrics - The current price of the stock is 118.18 yuan, with a market capitalization of approximately 65.32 billion yuan [4] - The earnings per share (EPS) are projected to be 2.65 yuan, 4.18 yuan, and 5.42 yuan for 2024, 2025, and 2026, respectively [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 44.6 in 2024 to 21.8 by 2026 [7]