MTC(002429) 国投证券·2025-04-18 11:58Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 5.5 yuan for the next six months [4][7]. Core Views - The company achieved a revenue of 20.326 billion yuan in 2024, representing an 18.4% year-on-year growth, and a net profit of 1.602 billion yuan, which is a 0.89% increase compared to the previous year [1][4]. - The global LED chip market is expected to grow by 9% in 2024, reaching approximately 2.96 billion USD, with improvements in the competitive landscape of the industry [2][3]. - The company has established a comprehensive LED industry chain, enhancing its resilience during industry downturns and providing greater growth potential during recoveries [3]. Financial Performance - The projected revenues for 2025, 2026, and 2027 are 24.188 billion yuan, 27.333 billion yuan, and 30.613 billion yuan, respectively, with corresponding net profits of 2.076 billion yuan, 2.455 billion yuan, and 2.837 billion yuan [4][13]. - The company’s net profit margin is expected to improve from 7.9% in 2024 to 9.3% by 2027 [14]. Market Dynamics - The report highlights that the TV market is expected to see a 2% increase in global shipments in 2024, driven by sports events and government incentives in China [2]. - The ODM market for TVs is projected to grow by 5.7% year-on-year, indicating a positive trend for the company's operations in this segment [2]. Business Strategy - The company is effectively integrating resources across multiple business lines, including LED chips, packaging, and lighting products, which enhances operational synergy and market competitiveness [3]. - The vertical integration of the LED supply chain allows the company to leverage its capabilities across different segments, providing a robust framework for growth [3].