TFC(300394) 开源证券·2025-04-21 05:55Investment Rating - The investment rating for Tianfu Communication is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.252 billion yuan for 2024, an increase of 67.74% year-on-year, and a net profit attributable to shareholders of 1.344 billion yuan, up 84.07% year-on-year. The revenue for Q4 2024 was 857 million yuan, showing a year-on-year growth of 17.00% and a quarter-on-quarter growth of 2.18% [4][5] - The company benefits from the accelerating development of the artificial intelligence industry and the ongoing demand for high-speed optical devices driven by global data center construction. This has led to revenue growth across both active and passive product lines [4][5] - The company has increased its profit forecasts for 2025 and 2026 to 2.465 billion yuan and 3.355 billion yuan, respectively, and has introduced a new profit forecast for 2027 at 4.312 billion yuan. The current stock price corresponds to a PE ratio of 14.9/11.0/8.5 for 2025/2026/2027 [4][5] Financial Performance - In 2024, the company's gross profit margin reached 57.22%, an increase of 2.91 percentage points year-on-year, while the net profit margin was 41.30%, up 3.65 percentage points year-on-year. The sales expense ratio decreased to 0.71%, and the management expense ratio fell to 4.06% [4][5] - The company invested 232 million yuan in R&D in 2024, a year-on-year increase of 62.11%, with an R&D expense ratio of 7.14% [5] - Domestic revenue reached 778 million yuan, a year-on-year increase of 124.79%, while overseas revenue was 2.473 billion yuan, up 55.33% year-on-year [6] Valuation Metrics - The company's projected revenues for 2025, 2026, and 2027 are 6.186 billion yuan, 8.472 billion yuan, and 10.762 billion yuan, respectively, with year-on-year growth rates of 90.2%, 36.9%, and 27.0% [7][10] - The projected net profit for 2025, 2026, and 2027 is 2.465 billion yuan, 3.355 billion yuan, and 4.312 billion yuan, respectively, with year-on-year growth rates of 83.5%, 36.1%, and 28.5% [7][10] - The company's return on equity (ROE) is projected to be 38.2% in 2025, 34.2% in 2026, and 30.5% in 2027 [7][10]