TFME(002156) 东方证券·2024-05-23 00:31Investment Rating - The report assigns a "Buy" rating for the company with a target price of 29.76 CNY based on a projected average PE of 48 times for 2024 [2][4]. Core Insights - The company is a leading player in the semiconductor packaging and testing industry, with a global presence and a diversified product portfolio. It has established seven packaging and testing bases worldwide and has acquired 85% stakes in AMD's Suzhou and Penang facilities to enhance its global footprint [1][10]. - The company achieved a revenue of approximately 22.3 billion CNY in 2023, reflecting a year-on-year growth of 4%, despite facing challenges in the semiconductor market [1][19]. - The company has a stable customer base, benefiting from the recovery of the PC market and the increasing demand for AI applications, particularly from AMD [1][23]. - The advanced packaging technology, particularly CoWoS and Chiplet, is expected to drive additional growth, with the company already capable of mass-producing 7nm products and generating revenue from 5nm products [1][17]. Summary by Sections Company Overview - The company is a prominent integrated circuit packaging and testing service provider, covering various sectors including AI, high-performance computing, and 5G [10][11]. - It has developed multiple advanced packaging technologies and is actively expanding its production capacity [10][16]. Financial Performance - The company reported a revenue of 22.3 billion CNY in 2023, with a year-on-year growth of 4% [1][19]. - The net profit attributable to the parent company for 2023 is approximately 169 million CNY, with a significant recovery in Q3 and Q4 [1][19]. Customer Base and Market Position - The company has a strong international customer base, with foreign sales accounting for a significant portion of its revenue [23][24]. - It has established a deep partnership with AMD, becoming its largest packaging and testing supplier, contributing to a substantial portion of the company's revenue [26][27]. Technology and Innovation - The company is focusing on advanced packaging technologies such as Chiplet and CoWoS, which are expected to meet the rising demand for AI computing power [1][17]. - It has a robust R&D framework, with significant investments in developing new technologies and expanding its product offerings [14][19].