Guohai Securities: TIANMA's performance has continuously improved on a quarter-on-quarter basis, initiating a "Buy" rating

Guohai Securities research report points out that TIANMA is expected to achieve a net profit attributable to shareholders of 190 to 220 million yuan in the first half of the year, turning a profit from a loss of 489 million yuan in the same period last year; among them, the net profit attributable to shareholders in Q2 is expected to be 94 to 124 million yuan, with a median of 109 million yuan, turning a profit year-on-year and increasing by 13.54% quarter-on-quarter. In Q2 2025, the company's net profit attributable to shareholders and net profit attributable to shareholders after deducting non-recurring gains and losses are expected to continue to improve steadily quarter-on-quarter. The performance has improved continuously quarter-on-quarter, and operational quality and efficiency have further enhanced. Moving forward, the company will continue to focus on improving the operational quality and efficiency of its main business, and through the deep integration of digitalization and advanced intelligent manufacturing capabilities, continuously upgrade the company's intelligent operational capabilities, pushing the quality of operations to a new level. Considering the company's production line ramp-up to increase revenue, revenue structure improvement to enhance profit margins, stable LCD industry landscape, and the expected improvement in the supply-demand structure of the OLED industry in the future, it is covered for the first time with a "Buy" rating