TFME(002156) 天风证券·2025-04-16 10:23Investment 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 Insights - The company achieved a significant increase in net profit by 299.9% year-on-year, driven by the semiconductor industry's upward cycle and strong demand from its major client, AMD, whose annual revenue reached a record $25.8 billion, contributing 50.35% to the company's revenue [1][2]. - The company has successfully expanded its market presence and optimized its product structure, leading to a 7.24% increase in revenue to 23.88 billion yuan in 2024 [1][3]. - The company is actively pursuing opportunities in the advanced packaging sector, particularly in FC-BGA products, and has seen a 52% increase in sales since the second quarter [2][3]. Financial Performance - In 2024, the company reported total revenue of 238.82 billion yuan, with a net profit of 6.78 billion yuan and a non-GAAP net profit of 6.21 billion yuan, reflecting a year-on-year growth of 944.13% [1][5]. - The company’s R&D investment increased by 31.96% to 1.533 billion yuan in 2024, indicating a strong commitment to innovation [4]. - The projected net profit for 2025 and 2026 has been adjusted downwards to 10.5 billion yuan and 13.62 billion yuan, respectively, with a new forecast for 2027 set at 16.6 billion yuan [5]. Market Position and Strategy - The company has established a robust partnership with AMD, holding over 80% of its orders, which enhances order stability compared to peers [2][3]. - The company has diversified its production capacity across multiple locations, including Nantong, Suzhou, Penang, Hefei, and Xiamen, to support its growth strategy [2][3]. - 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].