TFME(002156) 国信证券·2025-04-22 09:05Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company achieved a record high revenue of 238.82 billion yuan in 2024, with a year-on-year growth of 7.24%. The net profit attributable to shareholders reached 6.78 billion yuan, marking a significant increase of 300% year-on-year [1]. - The company targets a revenue of 265 billion yuan for 2025, representing a year-on-year growth of 10.96% [1]. - The company has seen substantial growth in its automotive products, with a year-on-year increase exceeding 200%, and a 46% growth in mid-to-high-end mobile SoCs [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 68 billion yuan, a year-on-year increase of 6.9% and a quarter-on-quarter increase of 13.3%. The gross profit margin improved to 16.14% [1]. - The company’s gross profit margin for 2024 was 14.84%, an increase of 3.2 percentage points [1]. - The projected revenues and profits for the upcoming years are as follows: - 2023: Revenue of 22.27 billion yuan, net profit of 169 million yuan - 2024: Revenue of 23.88 billion yuan, net profit of 678 million yuan - 2025E: Revenue of 26.55 billion yuan, net profit of 1.02 billion yuan [4]. Market Opportunities - The company is capitalizing on the recovery in the industry, with a 70% growth in the RF sector and a 30% growth in various consumer electronics segments [2]. - The company has strengthened its partnerships with major clients, leading to a record revenue of 25.8 billion USD from AMD in 2024 [3]. Strategic Initiatives - The company is expanding its advanced packaging capabilities in its Penang facility, which is expected to enhance its market share in advanced packaging [3]. - The company is actively pursuing opportunities in the Chiplet market and has adjusted its product layout to align with market trends [2].