TFME(SZ:002156) Huaan Securities·2025-11-04 06:07Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported strong growth in Q3 2025, with a year-on-year revenue increase of 17.94% and a net profit increase of 95.08% [4][5] - The revenue for the first three quarters of 2025 reached 20.116 billion yuan, a 17.77% increase year-on-year, while the net profit attributable to the parent company was 860 million yuan, up 55.74% [4] - The company is benefiting from increased revenue from high-end products and improved management and cost control [5] - A significant partnership with AMD to support AI data center construction is expected to bolster revenue growth [5] Financial Summary - For Q3 2025, the company achieved a single-quarter revenue of 7.078 billion yuan, marking a 17.94% year-on-year increase and a 1.90% quarter-on-quarter increase [4] - The net profit for Q3 2025 was 448 million yuan, reflecting a 95.08% year-on-year increase and a 44.32% quarter-on-quarter increase [4] - The projected net profits for 2025-2027 are 1.271 billion, 1.439 billion, and 1.850 billion yuan respectively, with corresponding EPS of 0.84, 0.95, and 1.22 yuan [6] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 49.9, 44.0, and 34.2 respectively [6] Market Position and Growth Potential - The company is positioned to benefit from the growth of its major client, AMD, particularly in the AI sector, which is expected to drive significant revenue growth [5] - The company’s overall efficiency has improved due to better management and cost control measures [5] - The historical highs in revenue and net profit for Q3 2025 indicate a strong market position and growth potential [5]