TFME(002156) 开源证券·2024-08-31 03:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported significant year-on-year and quarter-on-quarter growth in Q2 2024, benefiting from the recovery in demand for advanced packaging [5][6] - The company is positioned as a leader in the domestic packaging and testing industry, with strong growth potential in advanced packaging and automotive electronics [5][6] Financial Performance Summary - For H1 2024, the company achieved revenue of 11.08 billion yuan, a year-on-year increase of 11.83%, and a net profit attributable to shareholders of 323 million yuan, up by 5.10 million yuan [5] - In Q2 2024, revenue reached 5.798 billion yuan, representing a year-on-year increase of 10.10% and a quarter-on-quarter increase of 9.77% [5] - The gross profit margin improved to 16.00% in Q2 2024, up by 4.73 percentage points year-on-year [5] Business Segment Performance - The company's subsidiaries showed varied performance, with Suzhou Chaowei achieving revenue of 3.584 billion yuan (up 21.00% YoY) and a net profit of 401 million yuan (up 285.58% YoY) [6] - The company is focusing on upgrading its Chiplet packaging technology and has initiated new processes to enhance chip protection [6] Future Outlook - The company maintains its profit forecasts for 2024-2026, expecting net profits of 977 million yuan, 1.259 billion yuan, and 1.639 billion yuan for the respective years [5][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.64 yuan, 0.83 yuan, and 1.08 yuan, respectively [5][7]