MTC(002429) 国盛证券·2024-10-29 00:10Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 16.162 billion yuan in Q1-Q3 2024, a year-on-year increase of 27.39% [1] - Net profit attributable to the parent company was 1.373 billion yuan, up 7.93% year-on-year [1] - In Q3 2024, the company's revenue was 6.642 billion yuan, a year-on-year increase of 34.15%, but net profit attributable to the parent company decreased by 14.08% to 462 million yuan [1] - The company's TV ODM shipments increased by 40% year-on-year to 4.4 million units in July-September 2024, ranking second in the industry [1] - The LED sector continues to grow steadily, with Mini/Micro COB shipments increasing [1] - The company has expanded into the optical communication device sector, forming a vertical industry chain [1] Financial Performance - Gross profit margin for Q1-Q3 2024 was 16.32%, down 1.89 percentage points year-on-year [2] - In Q3 2024, the gross profit margin was 14.38%, down 4.32 percentage points year-on-year [2] - Net profit margin for Q1-Q3 2024 was 9.01%, down 1.41 percentage points year-on-year [2] - In Q3 2024, the net profit margin was 7.04%, down 4.12 percentage points year-on-year [2] - The company's sales/management/R&D/financial expense ratios in Q3 2024 were 0.94%/0.84%/3.45%/0.47%, respectively, remaining relatively stable [2] Forecast and Valuation - The company is expected to achieve net profit attributable to the parent company of 1.83/2.23/2.70 billion yuan in 2024-2026, with year-on-year growth of 15.3%/22.0%/20.8% [2] - The company's EPS is expected to be 0.40/0.49/0.60 yuan per share in 2024-2026 [3] - The company's P/E ratio is expected to be 13.1/10.7/8.9 times in 2024-2026 [3] - The company's P/B ratio is expected to be 1.5/1.4/1.2 times in 2024-2026 [3] Industry and Business Development - The company's TV ODM business is driven by increased demand from North American customers and market expansion [1] - The LED sector is growing steadily, with Mini/Micro COB shipments increasing [1] - The company has expanded into the optical communication device sector, forming a vertical industry chain [1]