MTC(002429) 国信证券·2024-11-08 17:49Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company reported a revenue growth of 34% year-on-year in Q3 2024, with a total revenue of 66.42 billion yuan for the quarter. However, the net profit attributable to shareholders decreased by 14% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 161.62 billion yuan, representing a year-on-year increase of 27.4%, while the net profit attributable to shareholders was 13.73 billion yuan, up 7.9% year-on-year [1]. - The company is positioned second in the TV OEM market, with a shipment volume of 9.5 million units in the first three quarters of 2024, reflecting a growth of over 10% year-on-year [1]. - The report highlights the increasing penetration of COB technology in LED displays, which is expected to drive revenue growth in the LED segment [1]. Financial Performance Summary - Q3 2024 revenue was 66.42 billion yuan, with a year-on-year growth of 34.1% and a quarter-on-quarter growth of 22.7% [1]. - The gross profit margin for Q3 2024 was 14.38%, down 4.32 percentage points year-on-year and 3.22 percentage points quarter-on-quarter [1]. - The company’s financial expenses in Q3 2024 amounted to 0.31 billion yuan, with asset impairment losses of 0.76 billion yuan [1]. - The company’s net profit forecast for 2024-2026 is adjusted to 1.89 billion yuan, 2.33 billion yuan, and 2.70 billion yuan, respectively, with corresponding PE ratios of 12.6, 10.3, and 8.8 times [1][2].