MTC(002429) 天风证券·2025-04-18 05:23Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [7][19]. Core Views - The company achieved a revenue of 20.33 billion RMB in 2024, representing an 18.4% year-on-year growth, while the net profit attributable to shareholders was 1.60 billion RMB, a slight increase of 0.89% [1]. - The company is focusing on developing a third growth curve in the optical communication sector through strategic investments in semiconductor laser chips and high-speed optical devices and modules [4]. - The dual-driven development of the TV ODM and LED industry chains is highlighted, with significant growth in multimedia audiovisual products and operational services [2]. Financial Performance Summary - The company reported a gross margin of 17.2% in 2024, a decrease of 1.7 percentage points year-on-year, with the multimedia audiovisual products and services segment showing a gross margin of 13.1% [3]. - The LED industry chain achieved a gross margin of 28.6%, an increase of 2.8 percentage points, driven by product structure upgrades and cost reductions in Mini LED technology [3]. - The company plans to distribute a cash dividend of 1.07 RMB per 10 shares, totaling 484 million RMB, which accounts for 30.23% of the net profit attributable to shareholders for 2024 [1]. Growth Projections - The company is projected to achieve net profits of 2.01 billion RMB, 2.35 billion RMB, and 2.67 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.9x, 8.5x, and 7.4x [4][6].