TFME(002156) 华鑫证券·2024-09-16 01:00Investment Rating - The investment rating for the company is upgraded to "Buy" [8] Core Views - The semiconductor industry is experiencing a significant recovery, leading to growth in packaging and testing services, with the company achieving a substantial increase in net profit quarter-on-quarter [4][5] - In the first half of 2024, the company reported 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, marking a return to profitability [3][4] - The company is actively expanding production capacity to meet the rising demand for AI chips, with a focus on advanced packaging technologies [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 110.80 billion yuan, up 11.83% year-on-year, and a net profit of 3.23 billion yuan, reversing previous losses [3][4] - Q2 2024 alone saw revenue of 57.98 billion yuan, a quarter-on-quarter increase of 9.77%, and a net profit of 2.24 billion yuan, reflecting a quarter-on-quarter growth of 127.60% [4] Market Trends - The global semiconductor industry is witnessing a recovery driven by the resurgence of consumer electronics, particularly in mobile and computing devices [5] - The demand for AI chips is projected to surge, with Gartner forecasting a 33% increase in the global AI chip market size to reach 71.3 billion USD in 2024 [5] Production and R&D - The company is enhancing its R&D capabilities, achieving breakthroughs in multi-chip packaging technologies and initiating small-scale production of new modules [6] - The company has successfully launched a 16-layer chip stacking packaging product with a leading industry qualification rate [6] Earnings Forecast - Revenue projections for 2024-2026 are 25.85 billion, 30.05 billion, and 34.04 billion yuan respectively, with EPS estimates of 0.62, 0.83, and 1.05 yuan [8]