MTC(002429) 华金证券·2024-04-29 12:30Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company is transitioning its entire LED supply chain towards high value-added products, with a focus on digital entertainment and lighting applications [2][3] - The company has successfully integrated its optical communication device and module sectors through the acquisition of Guangdong Ruigu, enhancing its market position and operational efficiency [5] - The company is expected to see significant revenue growth, with projected revenues of 20.67 billion, 23.63 billion, and 25.34 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.4%, 14.3%, and 7.2% [6] Summary by Sections Trading Data - Total market capitalization is 24,852.90 million yuan, with a circulating market capitalization of 24,838.59 million yuan [1] - The stock price as of April 29, 2024, is 5.49 yuan, with a 12-month price range of 5.82 to 4.47 yuan [1] LED Chip Production - The company has expanded its GaN chip production, achieving a capacity of 1 million pieces by June 2023, and aims for 1.05 million pieces by December 2023 [2] - The company is the industry leader in GaN chip sales, with a production of 5,000 pieces of arsenide chips during the reporting period [2] Financial Performance - In 2023, the company reported revenues of 6.75 billion yuan and a net profit of 940 million yuan from its digital entertainment platform, Windy Online [3] - The company’s COB display applications generated revenues of 541 million yuan in 2023, with a significant increase in production capacity [2][3] Future Projections - The company anticipates a revenue increase to 20.67 billion yuan in 2024, with a net profit of 2.07 billion yuan, reflecting a growth rate of 30.2% [6] - The projected gross margin is expected to improve from 18.8% in 2023 to 19.2% in 2024 [6]