TFME(002156) 国投证券·2025-04-29 14:04Investment Rating - The investment rating for the company is "Buy-A" with a target price of 30.65 CNY per share [5]. Core Views - The company reported a revenue of 23.882 billion CNY in 2024, representing a year-on-year increase of 7.24%, and a net profit of 678 million CNY, up 299.9% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 6.092 billion CNY, a year-on-year increase of 15.34%, and a net profit of 101 million CNY, up 2.94% year-on-year [1]. - The overall gross margin for 2024 was 14.84%, an increase of 3.18 percentage points year-on-year, with a net profit margin of 3.31%, up 2.34 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 238.82 billion CNY and 6.78 billion CNY, respectively, with significant growth in net profit due to improved operational efficiency and cost control [1][2]. - For Q1 2025, the company reported a revenue of 60.92 billion CNY and a net profit of 1.01 billion CNY, indicating a positive trend in financial performance [1]. Market and Industry Trends - The industry is experiencing a recovery driven by demand in data centers, automotive electronics, and consumer electronics, contributing to the company's improved market conditions [2]. - The company has seen a notable increase in revenue from mid-to-high-end products, with a significant rise in capacity utilization and effective cost management [2]. Product and Business Development - The company has diversified its product offerings, achieving a 46% increase in revenue from high-end mobile SOCs and a 70% increase in revenue from RF products [3]. - The automotive sector has shown exceptional growth, with revenue from power devices, MCUs, and smart cockpit products surging over 200% [3]. - The company’s Memory business grew by 40% due to enhanced collaboration with original manufacturers, and the display driver business successfully introduced advanced cutting processes [3]. Capacity Expansion and Acquisitions - The company is accelerating its global capacity expansion, with ongoing projects in various locations aimed at enhancing high-end packaging capacity [8]. - The acquisition of a 26% stake in Jinglong Technology is expected to strengthen the company's position in the high-end IC testing sector, providing stable financial returns [8].