公司3Q24 单季度营业收入60.0 亿元，同比基本持平，环比增长3.5%，收入实现连续多个季度的同比增长，3Q24 综合毛利率14.6%，同比增长1.9pct，环比下降1.4pct，同比处于修复态势。期间费用来看，3Q24合计费用5.9 亿元，同环比变化幅度不大，保持相对稳定。净利润同样处于修复趋势，3Q24 单季度归母净利润2.3 亿元，同比增长85.3%，环比增长2.5%，单季度扣非归母净利润2.2 亿元，同比增长121.2%，环比增长1.4%。occurrences
On October 30, 2024, Tongfu Microelectronics announced its report for the third quarter of 2024. The company achieved operating income of 17.08 billion yuan in the first three quarters, an increase of 7.4% over the previous year, net profit attributable to mother of 0.55 billion yuan, an increase of 967.8% over the previous three quarters, and 0.54 billion yuan of net profit after deducting non-return to mother in the first three quarters, an increase of 439.0% over the previous year. Corresponding to 3Q24's revenue of 6 billion yuan in a single quarter, which was basically the same, with a year-on-year increase of 3.5%, net profit for the single quarter was 0.23 billion yuan, up 85.3% year-on-year and 2.5% month-on-month. Net profit after deducting non-return to mother was 0.22 billion yuan in a single quarter, up 121.2% year-on-year and 1.4% month-on-month.
Performance continues to recover, and actively seize advanced packaging opportunities
The company's 3Q24 revenue in a single quarter was 6 billion yuan, which was basically the same year on year, up 3.5% month on month. Revenue achieved multiple consecutive quarters of year-on-year growth. The 3Q24 comprehensive gross profit margin was 14.6%, up 1.9 pct year on year, down 1.4 pct from month to month, and is recovering year on year. Looking at the cost for the period, the total cost for 3Q24 was 0.59 billion yuan. There was little change from month to month, and it remained relatively stable. Net profit is also on a recovery trend. Net profit for the 3Q24 single quarter was 0.23 billion yuan, up 85.3% year on year, up 2.5% month on month, and net profit after deducting non-return to mother for the single quarter was 0.22 billion yuan, up 121.2% year on year and 1.4% month on month.
According to the consulting agency Gartner, the global AI chip market will increase 33% to 71.3 billion US dollars in 2024, and is expected to grow further 29% to reach 92 billion US dollars in 2025; the server AI chip market will reach 21 billion US dollars in 2024, and is expected to reach 33 billion US dollars by 2028, and the CAGR is 12%. The data center business of the company's customer AMD continues to grow. The company's customer AMD's data center business continues to grow. In addition, AMD has maintained a positive attitude towards the data center business outlook for 2025. Furthermore, with regard to the PC market, AMD has maintained a relatively optimistic attitude. It is expected that the PC market will grow at a medium single-digit rate in 2025. In the advanced packaging market, Tongfu continues to develop large-scale, high-computing power products in the server and client markets. Relying on years of cooperation and first-mover advantage with leading companies in the industry such as AMD, the demand for high-end processors and AI chip packaging and testing continues to grow. At the same time, as opportunities for innovation in the AI+ industry increase, the industrialization of artificial intelligence has entered a new stage. The company is actively expanding production at the Penang factory in line with the AI development opportunity requirements of leading customers such as AMD to meet customer needs in all aspects, and is expected to share growth opportunities with customers.
Investment advice
We maintain our previous profit forecast. We expect the company's net profit to be 0.819, 1.216, and 1.545 billion yuan respectively in 2024-2026, and the corresponding EPS will be 0.54, 0.80, and 1.02 yuan, respectively. The PE corresponding to the closing price on November 5, 2024 will be 58.5, 39.4, and 31.0x, respectively. Maintain the company's “gain” rating.
Risk warning
The market recovery fell short of expectations; market competition intensified; and the progress of major customers fell short of expectations.
