THEC(833509) 中国银河·2025-03-07 11:46Investment Rating - The report maintains a "Recommended" investment rating for Tonghui Electronics (833509.BI) [1] Core Views - The company has shown significant growth in demand recovery and continuous optimization of its product structure, benefiting from the resurgence in the electronic measurement instrument market driven by the consumer electronics sector [4][5] - The strategic partnership with JD Industrial Products aims to enhance the digital supply chain for testing instruments, improving market reach and supply chain management [4] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 194.08 million yuan, a year-on-year increase of 14.62%, and a net profit attributable to shareholders of 50.58 million yuan, up 30.84% year-on-year [4][8] - The company’s non-net profit for Q4 increased by 127.71% year-on-year, indicating strong operational performance [4] - Forecasted net profits for 2024, 2025, and 2026 are 51 million yuan, 61 million yuan, and 74 million yuan respectively, with growth rates of 30.84%, 21.45%, and 20.42% [5][8] Market and Product Development - The company is expanding its product applications into semiconductor device testing and renewable energy sectors, with new products achieving import substitution [4] - The customer base includes major players in the electronics industry, such as Huawei and Apple, indicating strong market positioning [4] Strategic Initiatives - The collaboration with JD Industrial Products focuses on creating a smarter, more digital procurement ecosystem, which is expected to enhance market share in the testing instrument sector [4] - The company has established a comprehensive dealer service system with over 40 signed first-level dealers, covering nearly 30 provincial-level administrative regions in China and several overseas markets [4]