TMT(SH:600458) Huachuang Securities·2025-05-23 00:25Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 13.8 CNY per share [1][7]. Core Views - The company's revenue for 2024 reached 20.055 billion CNY, a year-on-year increase of 14%, while the net profit attributable to shareholders was 440 million CNY, up 15.2% year-on-year [1][3]. - In Q1 2025, the company reported a revenue of 4.16 billion CNY, a slight decrease of 1.1% year-on-year, but the net profit attributable to shareholders increased by 26.3% year-on-year to 150 million CNY [1][3]. - The wind power blade segment showed significant growth, with revenue of 8.2 billion CNY in 2024, a year-on-year increase of 22.37%, and sales volume reaching 21.22 GW, up 33.54% [7]. Financial Summary - For 2024, the total revenue is projected to be 20.055 billion CNY, with a growth rate of 14.4% [3][8]. - The net profit attributable to shareholders is expected to grow to 760 million CNY in 2025, reflecting a growth rate of 70.9% [3][8]. - The earnings per share (EPS) is forecasted to be 0.92 CNY in 2025, with a price-to-earnings (P/E) ratio of 13 [3][8]. Business Performance - The automotive parts business in Germany achieved profitability, with revenue reaching 7.101 billion CNY, marking a historical high [7]. - The company is expanding its production capacity in Vietnam and has successfully ramped up production in several new facilities [7]. - The rail transit segment achieved a record revenue of 2.355 billion CNY in 2024, a year-on-year increase of 25.60% [7].