Tstc(SH:600552) Shenwan Hongyuan Securities·2025-05-08 10:13Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company achieved a turnaround in Q1 2025, reporting a revenue of 1.265 billion yuan, a year-on-year increase of 0.1%, and a net profit of 24 million yuan, reflecting a year-on-year growth of 73% [7] - The company's gross margin improved to approximately 17.74% in Q1 2025, up 3.41 percentage points year-on-year, indicating enhanced profitability [7] - The construction of production lines is progressing steadily, with the second phase of the UTG project expected to reach an annual capacity of 15 million pieces by the end of October 2025 [7] - The company is expanding its market presence, becoming a core supplier for leading domestic customers in the flexible display sector [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 4.894 billion yuan in 2024 to 6.421 billion yuan in 2025, representing a year-on-year growth rate of 31.2% [6] - The net profit attributable to the parent company is expected to increase from 140 million yuan in 2024 to 207 million yuan in 2025, with a year-on-year growth rate of 47.4% [6] - The company's earnings per share are forecasted to rise from 0.15 yuan in 2024 to 0.22 yuan in 2025 [6] - The report anticipates a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2027, indicating strong future performance [7]