TFC(300394)2024-10-28 07:11Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has experienced steady revenue growth, driven by the increasing demand for high-speed optical devices, particularly due to advancements in AI technology and the growing need for computing power in global data centers [2][3]. - For the first three quarters of 2024, the company reported a revenue of 2.395 billion yuan, representing a year-on-year growth of 98.55%, and a net profit attributable to shareholders of 976 million yuan, up 122.39% year-on-year [2][3]. - The company is focusing on enhancing its core business capabilities through increased R&D investment, which reached 173 million yuan in the first three quarters of 2024, a 65.07% increase year-on-year [3]. Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,196 - 2023A: 1,939 - 2024E: 3,802 - 2025E: 6,059 - 2026E: 7,809 - Year-on-year growth rates: - 2023A: 62.0% - 2024E: 96.1% - 2025E: 59.4% - 2026E: 28.9% [1][9] - Net Profit (in million yuan): - 2022A: 403 - 2023A: 730 - 2024E: 1,453 - 2025E: 2,277 - 2026E: 2,955 - Year-on-year growth rates: - 2023A: 81.1% - 2024E: 99.0% - 2025E: 56.8% - 2026E: 29.8% [1][9] - R&D Expense (in million yuan): - 2024 Q3: 173 - R&D Expense Ratio: 7.22% [3] Market Position and Strategy - The company is actively expanding its global presence, with a strategic layout that includes a headquarters in Suzhou, an overseas headquarters in Singapore, and production bases in Jiangxi and Thailand [3]. - The focus on high-speed optical devices and the development of specialized products for various applications positions the company well for future growth, particularly as AI and computing demands continue to rise [3].