2024 年上半年，公司积极把握AI 算力驱动下高速光通信元器件需求增长的市场机遇，进一步扩大光通信业务规模；生物医疗、半导体设备等新兴应用领域业务持续开拓，光学模组产品收入增速明显。2024H1 实现营收2.12 亿元，同比增长 26.77%，归母净利润0.33 亿元，同比增长 60.98%。其中Q2 单季度实现营收1.18 亿元，同比增长32.12%；归母净利润0.22 亿元，同比增长 55.74%，环比增长91.65；扣非净利润0.21 亿元，同比增长76.91%，环比增长121.84%。Tengjing Technology released its 2024 semi-annual report: in the first half of 2024, the company achieved operating income of 0.212 billion yuan, a year-on-year increase of 26.77%; achieved net profit attributable to shareholders of listed companies of 0.033 billion yuan, an increase of 60.98% year on year; realized net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss of 0.031 billion yuan, an increase of 88.85% year on year.
Key points of investment
Steady increase in operating income and rapid growth in profitability
In the first half of 2024, the company actively grasped the market opportunities for growing demand for high-speed optical communication components driven by AI computing power and further expanded the scale of the optical communication business; business continued to develop in emerging application fields such as biomedicine and semiconductor equipment, and the revenue growth rate of optical module products was remarkable. 2024H1 achieved revenue of 0.212 billion yuan, a year-on-year increase of 26.77%, and net profit to mother of 0.033 billion yuan, an increase of 60.98% year-on-year. Among them, Q2 achieved revenue of 0.118 billion yuan in a single quarter, up 32.12% year on year; net profit to mother was 0.022 billion yuan, up 55.74% year on year, up 91.65 month on month; after deducting non-net profit of 0.021 billion yuan, up 76.91% year on year, up 121.84% month on month.
Localization of high-end components is accelerating, and vigorously developing and building a moat under the new situation of a new round of scientific and technological revolution and industrial transformation, the company actively carries out technical research and forward-looking layout in the optical optoelectronics industry, continues to develop and apply new technologies and products, and deepens and broadens the technological moat. In the first half of 2024, the company invested 22.2683 million yuan in R&D, accounting for 10.53% of revenue, an increase of 45.29% over the previous year. Mainly, the company actively carried out research and forward-looking layout in the field of AR near-eye display technology and optical testing, continued to develop and apply new technologies and products, increased investment in R&D, and built core barriers, further driving the steady growth of the company's performance.
Domestic and overseas business continued to develop, and diversified layouts drove growth in the first half of 2024. In terms of business layout, some products of the functional crystal materials and device construction projects of the Hefei Holdings subsidiary were promoted; the Nanjing branch carried out gradual product sample verification of nanoimprinted diffraction waveguide products in the AR field, and AR near-eye display optical module initially completed product development and further iteration; completed the acquisition and capital increase of the US company GouMax, which was included in the scope of the consolidated statement and promoted Gaomai Optical Communication Technology (Fujian), a joint venture in China The establishment and production line construction of the limited company will carry out trial production and verification of optical test equipment/module products according to the plan; in terms of overseas production resource arrangement, the company purchased land in Thailand and plans to build its own factory to improve overseas order delivery capabilities in the fields of optical communication and biomedicine. Through a series of initiatives, the company's development space has been further broadened, providing new impetus for the company's sustainable development.
Profit forecasting
The company's revenue for 2024-2026 is 0.51, 0.684, and 0.872 billion yuan, respectively, and EPS is 0.58, 0.80, and 1.00 yuan, respectively. The PE corresponding to the current stock price is 37, 27, and 22 times, respectively. With the accelerated localization of high-end components and the continuous development of the company's domestic and foreign business, the company will benefit from a continuous increase in revenue and profit and maintain a “buy” investment rating.
Risk warning
Macroeconomic risks, risk of product development falling short of expectations, risk of increased industry competition, risk of downstream demand falling short of expectations.
