MTC(002429)2025-05-14 11:44Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's revenue and net profit growth in 2024 are primarily driven by the synergistic development in the television, LED full industry chain, and optical communication sectors [2][9] - The company has successfully expanded its television business by deepening its overseas market presence and diversifying its product offerings, resulting in a revenue increase of 18.43% year-on-year [3] - The optical communication and video network sectors are emerging as new growth points, with strategic investments in semiconductor laser chips and high-speed optical communication devices [8][9] Financial Summary - For 2024, the company achieved a revenue of 203.26 billion yuan, a year-on-year increase of 18.40%, and a net profit of 16.02 billion yuan, a year-on-year increase of 0.89% [1][2] - The company's gross margin for 2024 was 17.17%, a decrease of 1.66 percentage points year-on-year, while the net margin was 8.52%, down 1.09 percentage points year-on-year [2] - The projected net profits for 2025, 2026, and 2027 are 17.32 billion yuan, 20.29 billion yuan, and 24.93 billion yuan, respectively, with corresponding EPS of 0.38 yuan, 0.45 yuan, and 0.55 yuan [9]