Tstc(600552) 申万宏源·2025-01-02 07:42Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [7]. Core Insights - The company announced a stock option incentive plan on December 31, 2024, aiming to grant 18.11 million stock options at a price of 12.13 yuan per share, representing 1.92% of the total share capital. The plan sets ambitious net profit targets for 2025-2027, reflecting the company's confidence in future growth [17]. - The company is positioned as a key R&D and manufacturing platform for its controlling shareholder, Kaisheng Technology Group, focusing on "display materials and application materials" [17]. - The company has been accelerating its investment in new material businesses, with increasing capital expenditures and ongoing projects expected to contribute to future performance [17]. - The company is making significant progress in various business developments, particularly in the new display sector, with production lines for touch display modules nearing completion [17]. - The company is also advancing its UTG (Ultra Thin Glass) technology and has successfully installed production lines for its key projects [17]. - The report projects an increase in net profit for 2024-2026, estimating 154 million, 274 million, and 318 million yuan respectively, with corresponding P/E ratios of 70, 39, and 34 [17]. Financial Summary - The company's total revenue for 2023 is reported at 5,010 million yuan, with a projected decrease to 4,820 million yuan in 2024, followed by a significant increase to 6,230 million yuan in 2025 and 7,487 million yuan in 2026 [4]. - The net profit for 2023 is 107 million yuan, with expectations of 154 million yuan in 2024, 274 million yuan in 2025, and 318 million yuan in 2026, indicating a strong growth trajectory [4][18]. - The company's gross margin is projected to be 15.2% in 2024, improving to 18.6% in 2025 and 18.9% in 2026 [4].