TFME(002156) 中邮证券·2024-11-07 04:10Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company reported a significant improvement in profitability for Q3 2024, with a revenue of 60.01 billion yuan, a year-on-year increase of 0.04%, and a net profit of 2.30 billion yuan, up 85.32% year-on-year [4][6]. - The semiconductor industry is experiencing an overall recovery, with increased capacity utilization and revenue growth, particularly in mid-to-high-end products [4][5]. - The company is investing 200 million yuan to acquire a 31.90% stake in AAMI, a leading supplier of lead frames, to enhance its advanced packaging capabilities and strengthen supply chain stability [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 170.81 billion yuan, a year-on-year increase of 7.38%, and a net profit of 5.53 billion yuan, up 967.83% year-on-year [4][6]. - The projected revenues for 2024, 2025, and 2026 are 238 billion yuan, 283 billion yuan, and 328 billion yuan, respectively, with corresponding net profits of 7.7 billion yuan, 12.2 billion yuan, and 16.0 billion yuan [6][8]. - The current stock price corresponds to a P/E ratio of 68 for 2024, 43 for 2025, and 33 for 2026 [6][8].