MTC(002429)2024-10-26 22:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in TV ODM shipments, with Q3 2024 revenue reaching 6.64 billion yuan, a year-on-year increase of 34.1%, and a net profit attributable to shareholders of 460 million yuan, a year-on-year decrease of 14.1% [1] - The revenue for the first three quarters of 2024 was 16.16 billion yuan, up 27.4% year-on-year, with a net profit attributable to shareholders of 1.37 billion yuan, an increase of 7.9% year-on-year [1] - The report indicates that the fluctuation in quarterly profits was primarily due to internal business adjustments [1] Revenue Analysis - The multimedia audio-visual segment is expected to see Q3 revenue increase by over 35% year-on-year, driven by a peak season for a major North American client [1] - The LED industry chain is projected to have Q3 revenue growth of approximately 30% year-on-year, benefiting from improved internal supply ratios and increased demand for MiniLED backlighting [1] Profit Analysis - The gross margin for Q3 decreased by 4.3 percentage points year-on-year and 3.2 percentage points quarter-on-quarter, while the net profit margin decreased by 3.9 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] - The report highlights that the cost of TV panels remains high but has shown improvement quarter-on-quarter, and the chip segment contributed approximately 150 million yuan to profits, a slight year-on-year increase [1] Investment Recommendations - The report maintains a "Buy" recommendation, emphasizing the stability of the TV ODM business linked to major North American clients and the integrated layout of the LED industry chain, which is expected to continue contributing to performance [1] - The earnings forecast has been adjusted, with projected revenues for 2024-2026 at 21.7 billion, 25.1 billion, and 28.5 billion yuan, respectively, reflecting year-on-year growth of 26%, 16%, and 13% [2][3]