TFME(002156) KAIYUAN SECURITIES·2024-11-03 09:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company reported significant year-on-year growth in Q3 2024, with revenue reaching 60.01 billion yuan, a YoY increase of 0.04% and a QoQ increase of 3.5%. The net profit attributable to shareholders was 2.3 billion yuan, showing a YoY increase of 85.32% and a QoQ increase of 2.53% [4][5] - The semiconductor industry is experiencing a weak recovery phase, prompting a slight downward adjustment in the company's profit forecasts for 2024-2026. The expected net profits for 2024, 2025, and 2026 are 7.46 billion yuan, 12.01 billion yuan, and 15.72 billion yuan, respectively [4][5] - The company is positioned as a leading player in advanced packaging, benefiting from the industry's recovery and the growth potential of advanced packaging technologies [4][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 170.81 billion yuan, a YoY increase of 7.83%. The net profit attributable to shareholders was 5.53 billion yuan, reflecting a YoY increase of 6.16 billion yuan [4][5] - The company's operating expenses ratio was 10.24%, a decrease of 2.4 percentage points YoY, indicating improved cost management [5] - The company’s revenue and profit forecasts indicate a gradual increase in revenue from 23.69 billion yuan in 2024E to 32.87 billion yuan in 2026E, with net profit expected to rise from 746 million yuan in 2024E to 1.57 billion yuan in 2026E [7][9] Industry Outlook - The semiconductor industry is showing signs of recovery, with increased capacity utilization and effective cost control contributing to improved performance [5][6] - The company is expanding its capacity through multiple advanced packaging projects, which are expected to support long-term growth and meet the demand for high-end products in various sectors [6][9]