MTC(SZ:002429) Southwest Securities·2024-04-30 08:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 revenue of 4.11 billion yuan, a year-on-year increase of 11.1%, and a net profit attributable to shareholders of 410 million yuan, up 8.3% year-on-year [2] - ODM shipments for televisions decreased by 15.5% year-on-year to 2.12 million units due to high base effects from the previous year, but the company's leading position in the ODM market remains intact [2] - The LED industry chain has shown significant performance improvements, contributing over 50% to the net profit in a single quarter for the first time [2] - The company is expected to return to a normal shipment rhythm in 2024, with Q1 being a traditional off-season [2] Summary by Sections Financial Performance - The company achieved a revenue of 41.1 billion yuan in Q1 2024, with a net profit of 4.1 billion yuan [2] - For the years 2024 to 2026, the expected EPS is projected to be 0.49 yuan, 0.58 yuan, and 0.69 yuan respectively [2][3] Market Position - The company ranks third among professional ODM manufacturers, with major clients like ONN showing strong growth in the North American market [2] - The Mini LED chip market share exceeds 50%, with monthly shipments reaching 10 million units [2] Future Outlook - The company is expected to maintain its leading position in the ODM sector and continue to enhance its LED industry chain layout, focusing on higher value-added products [2] - Revenue growth rates are projected at 22.18% for 2024, followed by 14.57% and 12.03% for 2025 and 2026 respectively [3]