TODAYTEC(SZ:300743) Guoyuan Securities·2025-09-02 06:12Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock price appreciation exceeding 15% relative to the benchmark index [4][6]. Core Insights - The company has achieved rapid profit growth, with a net profit of 0.63 billion yuan in the first half of 2025, representing a year-on-year increase of 32.37%. Revenue reached 4.31 billion yuan, up 19.58% year-on-year [1]. - The company is actively promoting mid-to-high-end products and focusing on cost reduction and efficiency improvement, leading to stable performance growth [1]. - The completion of acquisitions of CALOR in Germany and RTT in France has strengthened the company's global localization strategy and enhanced its product offerings in the color thermal transfer ribbon market [2]. - Increased R&D investment has allowed the company to expand its product applications, particularly in emerging industries such as IoT and Industry 4.0, developing high-performance thermal transfer ribbons tailored to specific industry needs [3]. Financial Performance Summary - For the first half of 2025, the company reported operating revenue of 4.31 billion yuan, a 19.58% increase year-on-year, and a net profit of 0.63 billion yuan, a 32.37% increase year-on-year [1]. - The company forecasts revenues of 9.13 billion yuan, 10.71 billion yuan, and 12.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.22 billion yuan, 1.58 billion yuan, and 1.98 billion yuan for the same years [4][7]. - The company's earnings per share (EPS) are expected to grow from 0.81 yuan in 2025 to 1.31 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 24.26 to 15.00 over the same period [4][7].