Tstc(SH:600552) Shenwan Hongyuan Securities·2025-11-02 08:42Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1]. Core Insights - The company has shown revenue and profit growth, with total revenue for the first three quarters reaching 4.31 billion yuan, a year-on-year increase of 20.6%, and a net profit attributable to shareholders of 129 million yuan, up 15.1% year-on-year [6]. - The company is focusing on two main segments: display materials and application materials, with significant progress in both areas, including entering the supply chain of major clients like Samsung [6]. - The second phase of the UTG project has been optimized, with the full production date postponed to April 2026 to meet the increasing demands of the display industry [6]. Financial Data and Profit Forecast - Total revenue is projected to reach 6.42 billion yuan in 2025, with a year-on-year growth rate of 31.2% [5]. - The net profit attributable to shareholders is expected to be 207 million yuan in 2025, reflecting a significant increase of 47.4% year-on-year [5]. - The company's gross margin is forecasted to improve gradually, reaching 19.2% by 2027 [5].