TFME(002156) 国信证券·2024-11-01 12:00Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company achieved a revenue of 17.08 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 7.38%. The net profit attributable to shareholders was 553 million yuan, with a net profit margin increase of 4.1 percentage points to 3.66% [1]. - The Memory Phase II project expansion is progressing smoothly, with the capacity to provide 150,000 wafers per month after expansion, enhancing the company's position in the semiconductor packaging and testing sector [1]. - The company has indirectly acquired equity in AAMI, a lead frame supplier, which is expected to improve supply chain stability and security [1]. - Due to the weak recovery in downstream demand, the net profit forecasts for 2024-2026 have been adjusted downwards to 890 million, 1.21 billion, and 1.55 billion yuan respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 17.08 billion yuan, with a net profit of 553 million yuan, marking a significant turnaround from losses in the previous year [1]. - The gross margin for the first three quarters was 14.33%, an increase of 3.05 percentage points year-on-year, while the third quarter gross margin was 14.64% [1]. - Research and development expenses increased by 10.95% to 957 million yuan, with a research expense ratio of 5.60% [1]. - The company’s earnings per share for 2024E is projected at 0.59 yuan, with a price-to-earnings ratio of 41.9 [2][10]. Future Outlook - The company is expected to benefit from the domestic semiconductor supply chain localization, maintaining an "Outperform the Market" rating [1][3]. - The revenue forecast for 2024 is set at 23.83 billion yuan, with a growth rate of 7% [2]. - The net profit is projected to grow significantly in the coming years, with a forecasted increase of 425.1% in 2024 [2].