Tstc(600552) 民生证券·2024-10-31 15:38Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a significant increase in Q3 performance, with a revenue of 1.357 billion yuan, up 2.26% year-on-year, and a net profit of 70 million yuan, up 322.66% year-on-year [1][2] - The company is focusing on the progress of the UTG Phase II project, which has completed various infrastructure works and has installed four production lines, with more lines under construction [2] - R&D expenses for Q3 increased by 118% year-on-year, indicating a strong commitment to innovation and development [3] - The company is positioned as a leader in the UTG market, benefiting from the rapid growth of the foldable screen smartphone segment, with expectations for increased production capacity [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.574 billion yuan, down 5.46% year-on-year, and a net profit of 112 million yuan, up 16.41% year-on-year [1] - The Q3 gross margin was reported at 23.43%, an increase of 11.77 percentage points year-on-year and 5.74 percentage points quarter-on-quarter [2] - The company’s financial forecasts for 2024-2026 project net profits of 175 million, 234 million, and 279 million yuan respectively, with corresponding dynamic PE ratios of 72x, 54x, and 45x [4][5]