TES(003019) 华鑫证券·2025-03-12 14:52Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company has shown significant 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] - 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, generating 365 million yuan in revenue 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] - The projected earnings per share (EPS) for 2024 is 1.66 yuan, with a price-to-earnings (P/E) ratio of 21.8 [8] Business Development - Hongtong Technology has been a key player in the smart cockpit sector, achieving a revenue of 622 million yuan in the third quarter of 2024, a remarkable growth of 162.45% year-on-year [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 has established itself as a leading supplier for high-end touch display solutions in the automotive sector, particularly for new energy vehicles in Europe and the United States [5] - The smart interactive all-in-one machine product line is positioned to provide high-value system solutions across various industries, including retail, finance, and healthcare [6]