TFME(002156) 平安证券·2024-04-28 01:30Investment Rating - The report maintains a "Recommended" investment rating for Tongfu Microelectronics [2][6] Core Views - In Q1 2024, Tongfu Microelectronics achieved a revenue of 5.282 billion yuan, a year-on-year increase of 13.79%, and a net profit attributable to shareholders of 98 million yuan, a staggering year-on-year growth of 2064.01% [2][7] - The company plans to acquire 26% of Jinglong Technology for 1.378 billion yuan to enhance its testing business layout, addressing geopolitical impacts and strengthening its strategic positioning [8][9] - The semiconductor packaging and testing industry is expected to benefit from the recovery of downstream markets, with projected net profits for 2024-2026 being 1.135 billion, 2.256 billion, and 2.947 billion yuan respectively [9][10] Financial Summary - Revenue and Profit Forecasts: - 2024E Revenue: 27.177 billion yuan, 2025E Revenue: 33.157 billion yuan, 2026E Revenue: 40.605 billion yuan [7][10] - 2024E Net Profit: 1.135 billion yuan, 2025E Net Profit: 2.256 billion yuan, 2026E Net Profit: 2.947 billion yuan [9][10] - Key Financial Ratios: - Gross Margin: Expected to improve from 11.7% in 2023 to 15.5% in 2026 [7][11] - Net Margin: Expected to rise from 0.8% in 2023 to 7.3% in 2026 [7][11] - Return on Equity (ROE): Projected to increase from 1.2% in 2023 to 15.0% in 2026 [7][11] Market Position - Tongfu Microelectronics is recognized as a leading player in the semiconductor packaging and testing sector, consistently ranking among the top ten global semiconductor packaging and testing companies [6][9] - The company provides comprehensive services including integrated circuit design, packaging, and testing, with applications in 5G communications, smart mobile terminals, and automotive electronics [6][9]