TFME(002156) 开源证券·2024-04-29 10:38Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a significant year-on-year increase in Q1 2024 performance, with revenue reaching 5.282 billion yuan, up 13.79% year-on-year, and a net profit of 98 million yuan, up 2064.01% year-on-year [3] - The company plans to acquire a 26% stake in Jinglong Technology for 1.378 billion yuan, which is expected to provide stable financial returns and enhance growth momentum [4] - The company has successfully validated advanced packaging technologies, including 2D+ and 3D stacking, and plans to invest 4.89 billion yuan in 2024 to expand its advanced packaging capabilities [5] Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 12.14%, an increase of 2.69 percentage points year-on-year [3] - The projected net profits for 2024, 2025, and 2026 are 977 million yuan, 1.259 billion yuan, and 1.639 billion yuan, respectively, with corresponding EPS of 0.64 yuan, 0.83 yuan, and 1.08 yuan [3] - The company's revenue is expected to grow from 25.994 billion yuan in 2024 to 36.252 billion yuan in 2026, reflecting a compound annual growth rate of 17.3% [6]