MTC(SZ:002429) Guotou Securities·2024-04-13 16:00Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 5.57 CNY, indicating a potential upside from the current price of 4.86 CNY [5][6]. Core Insights - The company reported a revenue of 17.167 billion CNY for 2023, representing a year-on-year growth of 14.23%, and a net profit of 1.588 billion CNY, which is a 38.61% increase compared to the previous year. The forecast for Q1 2024 indicates a net profit of 400-430 million CNY, reflecting a growth of 4.44%-12.27% year-on-year [2][3]. Summary by Sections TV Business Performance - The company's TV OEM business showed robust performance with a significant year-on-year shipment increase of 24.7%, totaling approximately 10.5 million units in 2023. The growth was primarily driven by increased orders from overseas markets, particularly in North America, with expansions into Europe, Southeast Asia, and South America [3]. LED Business Development - The company is actively expanding its LED business across the entire industry chain, covering lighting, backlighting, and direct display applications. In 2023, the LED market demand stabilized, and the company successfully entered the Samsung supply chain. The company also increased the prices of its LED chip products in the general lighting market and enhanced the proportion of high-margin products [4]. Financial Projections - Revenue projections for 2024 to 2026 are estimated at 21.562 billion CNY, 25.076 billion CNY, and 28.838 billion CNY, respectively. Corresponding net profits are expected to be 2.101 billion CNY, 2.640 billion CNY, and 3.048 billion CNY. The report anticipates a price-to-earnings ratio of 12 for 2024 [5][10].