TJSMW(600577) 国盛证券·2024-12-23 00:29Investment Rating - The report maintains a "Buy" rating for the company [25][26]. Core Views - The company is positioned to benefit from the growing demand for AI copper connection materials, with expected revenue growth from 21.003 billion yuan in 2024 to 25.842 billion yuan in 2026 [25][26]. - The subsidiary Hengfeng Special Wire is a leading player in the silver-plated copper market, which is expected to see increased demand due to the rise of ASIC technology and partnerships with major clients [19][25]. - The report highlights the advantages of AEC technology over traditional DAC solutions, emphasizing its ability to provide longer transmission distances and lower power consumption, which enhances the company's market position [24][25]. Financial Summary - Revenue for 2022 was 17.542 billion yuan, with a projected increase to 21.003 billion yuan in 2024 and 25.842 billion yuan in 2026, reflecting a year-on-year growth rate of 17.3% in 2024 [20][25]. - The net profit attributable to the parent company is expected to rise from 426 million yuan in 2023 to 965 million yuan in 2026, with a significant growth rate of 43.9% in 2025 [20][25]. - The report provides a detailed financial outlook, including EPS projections of 0.26 yuan in 2024 and 0.46 yuan in 2026, alongside a decreasing P/E ratio from 30.2 in 2024 to 17.3 in 2026, indicating improving valuation [20][25].