TES(003019) 华鑫证券·2025-03-12 23:22Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The company has shown impressive growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 1.866 billion yuan, a year-on-year increase of 50.29%, and a net profit of 163 million yuan, up 44.11% [4][5]. - The company is focusing on the smart cockpit market through its subsidiary, Hongtong Technology, which has established partnerships with various domestic and international automotive manufacturers [5]. - The smart interactive all-in-one machine is a key product for the company, with revenue of 365 million yuan in the first half of 2024, reflecting a 60.73% increase year-on-year [6][7]. Summary by Sections Financial Performance - For 2024, the company forecasts revenues of 2.66 billion yuan, with a growth rate of 99.0%, and a net profit of 292 million yuan, representing a growth rate of 63.7% [10][11]. - The earnings per share (EPS) are projected to be 1.66 yuan for 2024, with a corresponding price-to-earnings (P/E) ratio of 21.8 [8][10]. Business Development - Hongtong Technology has been a key player in the smart cockpit sector, achieving significant revenue growth of 162.45% year-on-year, reaching 622 million yuan by the end of Q3 2024 [5]. - The company has developed strong capabilities in integrated and research and development, which have been recognized in the market, enhancing its pricing power and supply chain management [8]. Market Position - The company is positioned in the midstream of the human-computer interaction industry, providing customized solutions across various sectors, including retail, industrial control, finance, and healthcare [6][7]. - The smart interactive all-in-one machine has become a primary growth product, integrating years of industry experience and advanced touch technology [6].