TFC(300394) 华鑫证券·2024-05-14 09:00Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company, a leader in domestic optical engines, is experiencing rapid growth in performance and accelerating its global layout [2][4] - In 2023, the company achieved a revenue of 1.939 billion yuan, a year-on-year increase of 62.04%, and a net profit of 730 million yuan, up 81.14% [3][10] - The first quarter of 2024 saw a revenue of 732 million yuan, representing a year-on-year growth of 154.95%, with a net profit of 279 million yuan, up 202.68% [3][10] Summary by Sections Market Performance - The company's stock price is currently at 135.01 yuan, with a total market capitalization of 53.3 billion yuan and a total share capital of 395 million shares [1][2] Investment Highlights - AI is driving high growth in active business, with the optical engine expected to seize opportunities in the evolution of CPO technology [4] - The demand for optical devices is rapidly increasing due to AI applications, leading to a significant revenue increase in the active business segment, which reached 746 million yuan in 2023, a year-on-year increase of 242.52% [4][6] - The company has a robust inventory growth of 37.6% year-on-year, amounting to 256 million yuan, ensuring stable supply of raw materials [6][7] - The company is accelerating the construction of overseas bases, including a headquarters in Singapore and a production base in Thailand, to enhance its global industrial layout [7] Profit Forecast - The company is projected to achieve revenues of 3.489 billion yuan, 5.269 billion yuan, and 7.377 billion yuan for the years 2024, 2025, and 2026, respectively [8][10] - The earnings per share (EPS) are expected to be 3.21 yuan, 4.85 yuan, and 6.81 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 42, 27.9, and 19.8 [8][10]