MTC(SZ:002429) SINOLINK SECURITIES·2025-04-27 02:05Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - In 2024, the company achieved a revenue of 20.33 billion RMB, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.60 billion RMB, growing by 0.89% [2]. - The company's Q1 2025 revenue was 3.72 billion RMB, a decrease of 9.33% year-on-year, with a net profit of 335 million RMB, down 19.30% [2]. - The company ranks second globally in TV ODM shipments, with a total shipment of 12.5 million units in 2024, reflecting a 14% year-on-year growth [3]. - The LED chip business has a monthly production capacity of 1.1 million pieces, with GaN chips leading the market at 1.05 million pieces per month [4]. - The company is expected to achieve net profits of 1.997 billion RMB, 2.461 billion RMB, and 2.895 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 24.64%, 23.21%, and 17.62% [5]. Summary by Sections Performance Review - The company reported a revenue of 20.33 billion RMB in 2024, with a net profit of 1.60 billion RMB, and a non-deductible net profit of 1.59 billion RMB, showing growth rates of 0.89% and 3.71% respectively [2]. Operational Analysis - The TV ODM business focuses on overseas markets and new emerging brands, with production capacity scaling up in 2024 [3]. - The LED chip segment has a dominant position in the market, particularly with Mini RGB chips, which have a market share exceeding 50% [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.997 billion RMB, 2.461 billion RMB, and 2.895 billion RMB, with corresponding PE ratios of 12, 10, and 8 [5].