TFME(SZ:002156) Hua Yuan Zheng Quan·2025-09-01 07:03Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady growth in H1 2025, with revenue reaching 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit attributable to shareholders of 412 million yuan, up 27.72% year-on-year [7] - The growth is supported by strong demand in AI chips and storage chips, as well as the acceleration of domestic mobile and automotive chip localization [7] - The company has a strong partnership with AMD, which has contributed significantly to revenue growth [7] - Continuous innovation in research and development is emphasized, with advancements in packaging technology and product reliability [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: 22.269 billion yuan (2023), 23.882 billion yuan (2024), 26.925 billion yuan (2025E), 30.969 billion yuan (2026E), and 35.501 billion yuan (2027E) [6] - The expected growth rates for net profit are 299.90% (2024), 71.54% (2025E), 37.24% (2026E), and 26.93% (2027E) [6] - The projected earnings per share (EPS) are 0.45 yuan (2024), 0.77 yuan (2025E), 1.05 yuan (2026E), and 1.33 yuan (2027E) [6] Market Position and Strategy - The company is expanding its customer base, focusing on high-performance AI and automotive chips, and has successfully onboarded several new clients [7] - Cost control measures have been effective, leading to improved profitability in Q2 2025 [7] - The company is committed to enhancing its research and development capabilities, with significant progress in large-size FCBGA and CPO technology [7]