MTC(002429)2024-10-27 10:23Investment Rating - The investment rating for the company is upgraded to "Accumulate" [5] Core Views - The company reported a revenue of 16.162 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.39%. The net profit attributable to shareholders was 1.373 billion yuan, up 7.93% year-on-year, while the net profit excluding non-recurring items was 1.311 billion yuan, an increase of 17.28% year-on-year [3] - The smart terminal segment continues to grow steadily, driven by the ODM business in the television sector, particularly benefiting from the North American market's seasonal demand [3][4] - The LED chip business maintains its industry-leading position, with a monthly output of 1.1 million chips, while the packaging segment is actively seeking new growth paths amid weak industry demand [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 6.642 billion yuan, a year-on-year increase of 34.15%, primarily due to the growth in television ODM shipments, which reached 4.4 million units, a 42% increase year-on-year [3] - The gross margin decreased by 3.3 percentage points to 14.38% in Q3, with asset impairment losses rising to 75.8 million yuan compared to 47.05 million yuan in Q3 2023 [8] Business Segments - The smart terminal segment is the most solid growth foundation, with the company expanding its product offerings to include displays and other terminal businesses [3] - The LED chip segment remains a significant cash flow contributor, with a strong market position and cost advantages, while the packaging segment is exploring high-tech, high-margin products [4][5] Market Outlook - Revenue forecasts for 2024-2026 are projected at 21.8 billion, 26.2 billion, and 31.2 billion yuan, respectively, with net profits of 1.825 billion, 2.301 billion, and 2.848 billion yuan, indicating a positive growth trajectory [8]