Tstc(600552) 新浪财经·2025-04-01 08:28Core Insights - The company reported a revenue of 4.89 billion and a net profit attributable to shareholders of 140 million for the year 2024, with a year-on-year change of -2.3% and +30.8% respectively, indicating a narrowing of losses in non-recurring net profit [1] - In Q4 alone, the company achieved a revenue of 1.32 billion and a net profit of 30 million, reflecting a year-on-year increase of +7.35% and +154.6% respectively [1] - The operating cash flow for 2024 was 140 million, up by 8.2% year-on-year, and the company proposed a dividend of 0.05 yuan per share, resulting in a dividend yield of 0.4% [1] Financial Performance - The gross margin improved to 17.0% in 2023, an increase of 3.7 percentage points year-on-year, primarily due to the higher gross margin from the display materials business [1] - The final net profit margin was 4.0%, up by 1.0 percentage points year-on-year [1] - The company’s R&D expense ratio increased to 6.0%, reflecting higher investment in new product development [1] Business Segments - Display materials revenue reached 3.52 billion, up by 7.7% year-on-year, while application materials revenue fell to 1.16 billion, down by 26.6% [2] - The sales volume of new display material products was 25.47 million pieces, a year-on-year increase of 22.5%, with the company becoming a core supplier for flexible cover glass for foldable phones [2] - The gross margins for display materials and application materials were 17.4% and 15.9% respectively, with display materials showing a significant improvement due to product structure enhancement [2] Subsidiary Performance - Shenzhen Guoxian, holding 75.6% by the company, reported revenue and net profit of 3.08 billion and 140 million respectively, with a net profit margin of 4.4%, up by 2.6 percentage points year-on-year [2] - The subsidiary Bengbu Zhongheng reported a revenue of 900 million, down by 7.6% year-on-year, and a net profit of 80 million, down by 11.7% [3] - Kaisheng Yingcai, holding 62.6% by the company, saw a revenue of 580 million, down by 10.6%, and a net profit of 60 million, down by 51.7% [3] Future Outlook - The company has slightly raised its net profit forecast for 2025-2026 to 262 million and 319 million respectively, reflecting an increase of 13% and 11% compared to previous estimates [3] - The company introduced a net profit forecast for 2027 at 362 million, maintaining a "buy" rating [3]