Tstc(600552) 天风证券·2025-03-30 09:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is entering a performance realization phase as new production capacity gradually comes online, with a projected revenue of 4.9 billion yuan in 2024, a year-on-year decrease of 2.3%, and a net profit of 140 million yuan, reflecting a year-on-year increase of 30.8% [1]. - The display business segment achieved a revenue of 3.66 billion yuan in FY24, an increase of 11.9% year-on-year, with a gross margin of 17.3%, up 6.1 percentage points year-on-year, driven by national policies promoting digitalization and demand growth in the new energy vehicle and commercial display sectors [2]. - The company has made significant advancements in the UTG (Ultra-Thin Glass) field, including the successful trial run of a new production line and the development of innovative products, which are expected to enhance its competitive edge and domestic substitution capabilities [4]. Financial Data and Valuation - The company’s projected financials show a net profit of 260 million yuan in 2025, 340 million yuan in 2026, and 420 million yuan in 2027, with corresponding P/E ratios of 44, 34, and 27 times [4]. - The total revenue is expected to grow from 4.89 billion yuan in 2024 to 7.07 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.74% [4]. - The company’s EBITDA is projected to increase from 872.71 million yuan in 2024 to 1.29 billion yuan in 2027, indicating improving operational efficiency [4].