T&S(300570) Minsheng Securities·2024-10-30 15:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company reported a significant increase in performance driven by AI demand, with a revenue of 916 million yuan for the first three quarters of 2024, representing a year-on-year growth of 47% [2]. - The net profit attributable to shareholders reached 146 million yuan, up 39.09% year-on-year, while the net profit excluding non-recurring items was 136 million yuan, reflecting a 47.09% increase [2]. - In Q3 2024 alone, the company achieved a revenue of 406 million yuan, marking a 74.52% year-on-year increase and a 41.69% quarter-on-quarter increase [2]. - The gross margin for Q3 2024 was 36.23%, a substantial increase of 8.72 percentage points year-on-year and 3.68 percentage points quarter-on-quarter [2]. - The company is focusing on core products and leveraging opportunities from AI development, particularly in the dense connection product sector, which is expected to see significant growth [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 916 million yuan, with a year-on-year growth of 47% [2]. - The net profit attributable to shareholders for the same period was 146 million yuan, reflecting a year-on-year increase of 39.09% [2]. - The company’s revenue and net profit for Q3 2024 were 406 million yuan and 66 million yuan, respectively, with year-on-year growth rates of 74.52% and 99.90% [2]. - The projected net profits for 2024, 2025, and 2026 are 300 million yuan, 448 million yuan, and 543 million yuan, respectively, with corresponding PE multiples of 56, 38, and 31 [2][5].