MTC(002429)2025-04-17 10:56Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company is undergoing a transformation towards hard technology, with expectations for future performance improvements [2] - The company reported a revenue of 20.33 billion yuan in 2024, representing a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.60 billion yuan, up 0.9% year-on-year [12][13] - The company is expanding its production capacity in packaging, aiming to become the largest Mini COB backlight module manufacturer globally [9] - The company is investing in optical communication modules and devices to strengthen its vertical industry chain advantage [9] - The company plans to distribute a cash dividend of 1.07 yuan per 10 shares, maintaining a dividend payout ratio of 30% [12] Revenue Analysis - The company is actively expanding its production capacity, with 50 COB production lines [9] - The television ODM business remains stable, with production in Vietnam starting in the first half of 2024 [12] - The LED industry chain integration is entering a harvest period, expected to contribute to performance elasticity [12] Profit Analysis - The company adjusted its profit forecast, expecting revenues of 23.8 billion, 27.3 billion, and 31.0 billion yuan for 2025-2027, with year-on-year growth rates of 17%, 15%, and 13% respectively [12] - The gross profit margin for 2024 is expected to be 17.2%, with a slight decrease of 1.3 percentage points year-on-year [13] - The net profit margin for 2024 is projected to be 7.9%, down 1.4 percentage points year-on-year [13] Financial Forecast - The company expects to achieve a net profit of 2.13 billion yuan in 2025, 2.28 billion yuan in 2026, and 2.59 billion yuan in 2027 [16] - The company’s earnings per share (EPS) are projected to be 0.44 yuan in 2025, 0.50 yuan in 2026, and 0.57 yuan in 2027 [16] - The price-to-earnings (P/E) ratio is expected to be 10.27 in 2025, 8.87 in 2026, and 7.81 in 2027 [16]