MTC(002429) 天风证券·2024-12-24 00:37Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [22]. Core Insights - The optical communication industry chain is anticipated to become a new growth point following the LED industry chain. The company has achieved vertical integration in optical communication devices and modules through the acquisition of Zhaochi Ruigu and the optical module team, enhancing its strategic layout in this field [1]. - The company is transitioning from a terminal manufacturing enterprise to a technology-driven group, with projected net profits for 2024, 2025, and 2026 expected to be 1.85 billion, 2.33 billion, and 2.69 billion yuan respectively, maintaining previous estimates [8]. Financial Data and Valuation - Revenue (in million yuan) is projected to grow from 15,028.37 in 2022 to 28,118.64 in 2026, with a growth rate of 14.23% in 2023 and 25.34% in 2024 [5]. - The company's net profit attributable to the parent company is expected to increase from 1,145.95 million yuan in 2022 to 2,689.89 million yuan in 2026, reflecting a growth rate of 244.13% in 2022 and 38.61% in 2023 [5]. - The projected EPS (Earnings Per Share) is expected to rise from 0.25 yuan in 2022 to 0.59 yuan in 2026, with a P/E ratio decreasing from 22.87 in 2022 to 9.74 in 2026 [5]. Project Developments - The company plans to invest in the "Optical Communication High-Speed Module and Device Project (Phase I)" with an investment of no more than 500 million yuan, aiming to produce 50 million high-speed optical modules annually after completion [30]. - Additionally, the company intends to invest in a project to produce 100 million optical communication semiconductor laser chips, with a similar investment and timeline as the optical module project [30].