TFME(002156) 天风证券·2025-04-16 08:15Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [7][19]. Core Views - The company has reported a significant increase in net profit by 299.9% year-on-year for 2024, driven by the semiconductor industry's upward cycle and strong demand from major clients like AMD [1][2]. - The company's revenue for 2024 reached 23.882 billion yuan, a year-on-year growth of 7.24%, with a notable increase in net profit attributed to effective management and cost control [1][3]. - The partnership with AMD has deepened, with the company capturing over 80% of AMD's orders, contributing approximately 50.35% to its 2024 revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.882 billion yuan, a 7.24% increase from the previous year, and a net profit of 677.59 million yuan, marking a 299.9% increase [1][6]. - The company’s EBITDA for 2024 is projected at 6.100 billion yuan, with a net profit margin of 2.84% [6][13]. Market Position and Growth - The company has seen substantial growth across various sectors, including a 46% increase in high-end mobile SOCs and over 200% growth in automotive products [3][4]. - The company has established multiple production bases, enhancing its capacity and market reach, particularly in advanced packaging technologies [2][3]. Research and Development - The company invested 1.533 billion yuan in R&D in 2024, a 31.96% increase, and has filed 1,656 patents, with nearly 70% being invention patents [4][5]. - Significant advancements in advanced packaging technologies have been made, including the mass production of the smallest SIP devices [4][5]. Future Projections - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 1.051 billion yuan and 1.362 billion yuan, respectively, while introducing a new forecast for 2027 at 1.66 billion yuan [5][6].