TFME(002156) 平安证券·2024-09-01 12:45Company Overview - The company operates in the electronics industry and is primarily engaged in semiconductor packaging [1] - The company's total market capitalization is 30.2 billion yuan, with a total of 1.518 billion shares outstanding [1] - The company's net asset value per share is 9.42 yuan, and its asset-liability ratio is 58.2% [1] Financial Performance - In H1 2024, the company achieved revenue of 11.08 billion yuan, a YoY increase of 11.83% [4] - Net profit attributable to the parent company reached 323 million yuan, a YoY surge of 271.91% [4] - Gross margin improved to 14.16%, up 3.74 percentage points YoY, while operating expenses decreased to 10.45%, down 3.98 percentage points YoY [8] Business Highlights - The company benefited from the recovery in computing and consumer electronics markets, with traditional frame products maintaining stable revenue [5] - Emerging product lines such as RF modules, communication SOC chips, memory, display drivers, and FC products showed strong growth momentum, exceeding 50% growth rates [5] - The company's advanced packaging business grew steadily, leveraging its long-term cooperation with industry leaders like AMD [6] Future Outlook - The company is expected to achieve revenue of 25.666 billion yuan in 2024, with a YoY growth of 15.3% [5] - Net profit is projected to reach 903 million yuan in 2024, representing a YoY increase of 432.9% [5] - The company's EPS is forecasted to be 0.59 yuan in 2024, with a P/E ratio of 33.4x [5] Investment Rating - The report maintains a "Recommend" rating for the company, citing its leading position in domestic semiconductor packaging and improving profitability [8] - The company's traditional packaging business is recovering, while its advanced packaging capabilities are enhancing, supported by strong customer relationships [8]