TFME(SZ:002156) Dongguan Securities·2025-09-01 12:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company achieved record-high revenue and net profit in Q2, with revenue reaching 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, up 27.72% year-on-year [1][5]. - The company is expanding its production capacity through new factories and acquisitions, ensuring long-term growth potential [2][6]. - Strong partnerships with major clients like AMD have contributed to revenue growth, with AMD's data center and gaming businesses performing particularly well [5][6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 13.038 billion yuan, a 17.67% increase year-on-year, and a net profit of 412 million yuan, reflecting a 27.72% year-on-year growth [1][5]. - Q2 2025 saw revenue of 6.946 billion yuan, a 19.80% increase year-on-year and a 14.01% increase quarter-on-quarter, with net profit reaching 311 million yuan, up 38.60% year-on-year and 206.45% quarter-on-quarter [5]. Production Capacity and Expansion - The company is actively building new production facilities in various locations, including Jiangsu, Anhui, and Fujian, and has acquired stakes in AMD's production bases in Suzhou and Penang [2][6]. - The advanced packaging capacity has significantly increased, providing a competitive edge and enabling better service to clients [6]. Client Relationships and Market Position - The company has established deep ties with AMD, which has shown strong performance across its data center, client, and gaming segments, driving revenue and profit growth for the company [5][6]. - The client base includes major international semiconductor companies and leading domestic integrated circuit design firms, enhancing the company's market presence [5]. Earnings Forecast - The company is projected to achieve earnings per share of 0.78 yuan and 0.91 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 43 times and 36 times [6][8].