TIANMA(SZ:000050) EBSCN·2025-09-09 08:22Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company's revenue in Q2 2025 reached 9.163 billion yuan, showing a year-on-year increase of 12.47% and a quarter-on-quarter increase of 10.25%. The net profit attributable to the parent company after deducting non-recurring items was a loss of 114 million yuan, indicating a reduction in losses compared to previous periods. The gross margin improved by 3.8 percentage points year-on-year to 16.18% [1] - The company is actively advancing the construction of new production lines, which is expected to lay a foundation for sustained growth in the future. The TM20 production line is ramping up capacity and customer project introductions, with significant increases in the number of car and IT module products [2] - The company's non-consumer display business, including automotive and professional displays, continues to strengthen its competitiveness, with revenue from this segment accounting for over 50% and growing by over 26%. The company maintains a leading position in automotive display shipments globally [3] Summary by Sections Revenue and Profitability - In H1 2025, the company's revenue from automotive displays grew by approximately 27% year-on-year, with LTPS automotive display shipments increasing by over 76% year-on-year, ranking second globally and first domestically [3] - The report projects the company's net profit attributable to the parent company for 2025 to be 408 million yuan, with a significant reduction in previous estimates [3] Valuation and Forecast - The report provides a forecast for the company's revenue and net profit from 2023 to 2027, with expected revenues of 32.271 billion yuan in 2023, growing to 42.712 billion yuan by 2027. The net profit is projected to turn positive in 2025, reaching 408 million yuan [5][10] - The price-to-earnings (P/E) ratio is expected to decrease from 59x in 2025 to 24x in 2027, indicating a potential improvement in valuation as the company returns to profitability [3][12]