TFC(300394)2024-10-25 07:09Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.39 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 99%, with a net profit attributable to shareholders of 980 million yuan, up 122% year-on-year [1] - In Q3 2024, the company's revenue reached 840 million yuan, a year-on-year increase of 55%, and the net profit attributable to shareholders was 320 million yuan, up 59% year-on-year [1] - The company benefits from strong downstream demand for high-speed optical modules, with gross margins increasing by 5.3 percentage points year-on-year to 58.2% for the first three quarters of 2024 [2] - Despite short-term impacts from currency fluctuations and dynamic customer demand, the company is expected to benefit from the expansion of downstream computing power demand and the ramp-up of its 1.6T products [2][3] Financial Summary - The company's total revenue is projected to reach 3.675 billion yuan in 2024, with a year-on-year growth rate of 89.57% [1] - The net profit attributable to shareholders is forecasted to be 1.426 billion yuan in 2024, reflecting a year-on-year increase of 95.32% [1] - The latest diluted EPS is expected to be 2.57 yuan per share in 2024, with a P/E ratio of 50.32 based on the closing price on October 24, 2024 [1][3] - The company is projected to maintain a dual-line growth in both passive and active products, benefiting from strong demand from mainstream customers in the computing power sector [3]