MTC(002429)2025-05-14 13:25Investment 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 and LED industries, alongside advancements in optical communication and video network sectors [2][9] - The company has successfully expanded its television business, achieving a revenue of 14.996 billion yuan in 2024, a year-on-year increase of 18.43%, with a shipment volume of 12.5 million units, up 14% year-on-year [3] - The report highlights the company's focus on cost control and enhancing product value, contributing to its profitability despite a slight decline in gross and net profit margins [2][9] Financial Summary - For 2024, the company achieved a revenue of 20.326 billion yuan, a year-on-year growth of 18.4%, and a net profit of 1.602 billion yuan, a year-on-year increase of 0.89% [1] - The projected revenues for 2025 to 2027 are 21.465 billion yuan, 24.083 billion yuan, and 27.527 billion yuan, respectively, with corresponding net profits of 1.732 billion yuan, 2.029 billion yuan, and 2.493 billion yuan [1][9] - 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]