TFME(002156) 平安证券·2025-04-15 13:13Investment Rating - The report maintains a "Recommended" rating for the company [1][4][12] Core Views - The company achieved a revenue of 23.882 billion yuan in 2024, representing a year-on-year growth of 7.24%, and a net profit attributable to shareholders of 678 million yuan, a significant increase of 299.90% [4][7] - The company is positioned among the top ten global outsourced packaging and testing companies, maintaining its industry ranking [7][8] - The semiconductor industry is entering an upward cycle, and the company is capitalizing on the recovery in communication terminals, achieving substantial growth in key areas such as SOC, WIFI, PMIC, and display drivers [7][8] Financial Summary - Revenue and Profit Forecasts: - 2024 Revenue: 23.882 billion yuan, 2025E: 26.728 billion yuan, 2026E: 29.658 billion yuan, 2027E: 32.682 billion yuan [6][9] - 2024 Net Profit: 678 million yuan, 2025E: 1.189 billion yuan, 2026E: 1.516 billion yuan, 2027E: 1.841 billion yuan [6][9] - Profitability Ratios: - Gross Margin: 14.8% in 2024, expected to increase to 15.7% by 2027 [10] - Net Margin: 2.8% in 2024, projected to reach 5.6% by 2027 [10] - Return on Equity (ROE): 4.6% in 2024, expected to grow to 9.9% by 2027 [10] - Valuation Ratios: - Price-to-Earnings (P/E) ratio: 57.8 in 2024, decreasing to 21.3 by 2027 [10] - Price-to-Book (P/B) ratio: 2.7 in 2024, expected to decline to 2.1 by 2027 [10] Market Position and Growth Drivers - The company has established significant partnerships with major clients in the mobile phone sector, achieving a 46% growth in mid-to-high-end mobile SOCs [7][8] - In the RF sector, collaboration with leading clients resulted in a 70% growth [7][8] - The company is expanding its presence in automotive applications, with a year-on-year increase of over 200% in automotive product performance [7][8]