TFME(002156) KAIYUAN SECURITIES·2024-04-14 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company achieved a revenue of 22.269 billion yuan in 2023, a year-on-year increase of 3.92%, while the net profit attributable to shareholders was 169 million yuan, a decrease of 66.25% [3] - The fourth quarter of 2023 showed significant growth, with revenue reaching 6.363 billion yuan, a year-on-year increase of 4.14% and a quarter-on-quarter increase of 6.06% [3] - The semiconductor packaging industry is expected to recover in 2024, prompting an upward revision of the company's profit forecasts for 2024-2026 [3] - The company has set a revenue target of 25.28 billion yuan for 2024, representing a year-on-year increase of 13.52% [4] Financial Performance Summary - In 2023, the company's revenue was 22.269 billion yuan, with a year-on-year growth of 3.9% [5] - The net profit attributable to shareholders for 2023 was 169 million yuan, down 66.2% from the previous year [5] - The company forecasts net profits of 977 million yuan, 1.259 billion yuan, and 1.639 billion yuan for 2024, 2025, and 2026 respectively [3][5] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.64 yuan, 0.83 yuan, and 1.08 yuan respectively [3][5] Operational Strategy - The company plans to invest a total of 4.89 billion yuan in facilities, production equipment, and technology research and development in 2024 [4] - The focus will be on developing advanced packaging technologies such as fan-out, wafer-level, and flip-chip packaging [4] - The company aims to benefit from the upcoming industry cycle growth by actively expanding its advanced packaging capacity [4]