TFC(SZ:300394) Great Wall Securities·2024-04-24 00:31Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [2][13]. Core Insights - In 2023, the company achieved a revenue of 1.939 billion yuan, representing a year-on-year growth of 62.04%, and a net profit of 730 million yuan, with an 81.14% increase year-on-year [2][3]. - The growth in performance is attributed to the increasing demand for AI computing power and the expansion of global data centers, which has driven stable growth in the demand for high-speed optical devices [3]. - The company has made significant advancements in its optical communication segment, particularly in high-speed optical devices, and has established multiple leading technologies in manufacturing processes [3]. - The company continues to invest heavily in R&D, with an expenditure of 143 million yuan in 2023, a 16.74% increase from the previous year, and is expanding its international presence with a global operational layout [3]. Financial Summary - The company reported a revenue of 1,939 million yuan in 2023, with a projected revenue of 3,405 million yuan for 2024, indicating a growth rate of 75.7% [2][9]. - The net profit for 2023 was 730 million yuan, with forecasts of 1,213 million yuan for 2024, reflecting a growth rate of 66.2% [2][9]. - The company's return on equity (ROE) improved from 15.4% in 2022 to 21.7% in 2023, with expectations to reach 29.2% in 2024 [2][9]. - The earnings per share (EPS) increased from 1.02 yuan in 2022 to 1.85 yuan in 2023, with projections of 3.07 yuan for 2024 [2][9].