MTC(002429)2025-04-18 04:13Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7][19]. Core Views - The company achieved a revenue of 20.33 billion RMB in 2024, representing an 18.40% year-on-year growth, with a net profit of 1.60 billion RMB, up 0.89% year-on-year [1]. - The company is focusing on developing a third growth curve in the optical communication sector through strategic investments in semiconductor laser chips and high-speed optical devices and modules [4]. - The dual-driven development of the TV ODM and LED industry chains is highlighted, with significant growth in multimedia audiovisual products and operational services [2]. Financial Performance - The company reported a gross margin of 17.2% in 2024, a decrease of 1.7 percentage points year-on-year, while the LED industry chain's gross margin increased to 28.6%, up 2.8 percentage points [3]. - The company plans to distribute a cash dividend of 1.07 RMB per share, totaling 484 million RMB, which accounts for 30.23% of the net profit attributable to shareholders for 2024 [1]. Business Segments - The multimedia audiovisual products and operational services segment generated revenue of 15.0 billion RMB, with a year-on-year increase of 18.4%, while the LED industry chain achieved revenue of 5.33 billion RMB, also up 18.3% [2]. - The company’s semiconductor division, Zhaochi Semiconductor, reported revenue of 2.63 billion RMB, a 27.0% increase year-on-year, with a net profit margin of 22% [2]. Future Outlook - The company is expected to see net profits of 2.01 billion RMB, 2.35 billion RMB, and 2.67 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.9x, 8.5x, and 7.4x [4][6].