TFME(002156) 国联证券·2024-11-01 13:31Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index performance [10]. Core Insights - The company reported a revenue of 17.081 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 7.38%. The net profit attributable to shareholders reached 553 million yuan, with a remarkable year-on-year increase of 967.83% [2][6]. - In Q3 2024 alone, the company achieved a revenue of 6.001 billion yuan, with a quarter-on-quarter growth of 3.50% and a year-on-year growth of 0.04%. The net profit for the same quarter was 230 million yuan, showing a quarter-on-quarter increase of 2.53% and a year-on-year increase of 85.32% [2][6]. - The company is positioned as a leading player in advanced packaging, driven by the growing demand for AI chips, which is expected to see a 33% increase in the global market size in 2024 [6]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 23.951 billion yuan, with a growth rate of 7.55%. The net profit is expected to be 790 million yuan, reflecting a staggering growth rate of 366.42% [7]. - The earnings per share (EPS) for 2024 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 52 for 2024, 36 for 2025, and 27 for 2026 [6][7]. - The company maintains a stable gross margin of 14.64% and a net margin of 4.33% for Q3 2024, with improvements in both margins compared to previous periods [6]. Market Position and Future Outlook - The company has established strong partnerships with industry leaders like AMD, which is expected to boost its high-performance packaging business due to the increasing demand for AI chips [6]. - The report anticipates a compound annual growth rate (CAGR) of 107.95% for net profit from 2024 to 2026, indicating robust growth potential in the coming years [6].