成都华微、源杰科技、东芯股份涨超10%，杰华特、天岳先进、敏芯股份、华峰测控等涨超5%。 (本文来自第一财经) ...

证券研究报告 | 公司动态点评 2025 年 08 月 28 日 天德钰（688252.SH） 25H1 业绩高增长，显示驱动及电子价签共同成长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,209 | 2,102 | 2,901 | 3,608 | 4,475 | | 增长率 yoy（%） | 0.9 | 73.9 | 38.0 | 24.4 | 24.0 | | 归母净利润（百万元） | 113 | 275 | 360 | 515 | 685 | | 增长率 yoy（%） | -13.1 | 143.6 | 30.9 | 43.1 | 33.0 | | ROE（%） | 5.8 | 12.6 | 14.3 | 17.1 | 18.7 | | EPS 最新摊薄（元） | 0.28 | 0.67 | 0.88 | 1.26 | 1.67 | | P/E（倍） | 104.0 | 42.7 | 32.6 | 22.8 | 17.1 | | P/B（倍） ...

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35%, and a net profit attributable to the parent company of 152 million yuan, up 50.89% year-on-year [1] - The company is actively expanding into the industrial control and retail markets, leveraging its strong customer base and product lines, which include display driver chips and electronic shelf labels [2][3] - Due to the successful launch of new products, the forecast for net profit attributable to the parent company for 2025-2027 has been raised to 357 million, 424 million, and 496 million yuan respectively, with corresponding PE ratios of 33, 27, and 24 times [3] Financial Performance - In Q2 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 17.97% [1] - The gross profit margin improved by 3.7 percentage points to 24.41% in the first half of 2025, with R&D expenses increasing by 25.8% to 99 million yuan [1] - The company has a diversified product line that benefits from the trend of screen integration in consumer electronics, contributing to revenue growth [2] Customer Base and Market Expansion - The company has established a strong customer base, including major brands like Samsung, VIVO, and OPPO, and is expanding its presence in industrial control and retail sectors [3] - The electronic shelf label (ESL) chips have been adopted by several global retail giants, enhancing the company's market position [3]

证券之星消息，天德钰2025年中报显示，公司主营收入12.08亿元，同比上升43.35%；归母净利润1.52 亿元，同比上升50.89%；扣非净利润1.46亿元，同比上升73.56%；其中2025年第二季度，公司单季度主 营收入6.54亿元，同比上升31.43%；单季度归母净利润8180.61万元，同比上升19.5%；单季度扣非净利 润7946.93万元，同比上升32.03%；负债率16.44%，财务费用-2601.44万元，毛利率24.41%。 财报数据概要请见下图: 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(亿) 1.52 同比 +50.88% 单季度归母净利润-第二季度(万) 8180.61 同比 +19.49% 1.52 1 0.81 0.68 0.46 0.36 2023 2024 2025 ■ 归母净利润-中报(亿) ■ 单季度归母净利润-第二季度(亿) 一 扣非净利润 一 扣非净利润-中报(亿) 1.46 同比 +73.55% 单季度扣非净利润-第二季度(万) 7946.93 同比 +32.02% 1.4 ...

Core Viewpoint - The company Tian De Yu has shown significant revenue and profit growth in the first half of 2025, driven by the demand for its display driver chips and innovative products like electronic price tag driver chips [1]. Financial Performance - In the first half of 2025, Tian De Yu achieved operating revenue of 1.208 billion yuan, representing a year-on-year increase of 43.35% [1]. - The net profit attributable to shareholders was 152 million yuan, up 50.89% year-on-year [1]. - The non-recurring net profit reached 146 million yuan, reflecting a substantial growth of 73.56% compared to the previous year [1]. Market Activity - As of August 26, 2025, Tian De Yu's stock price was 28.45 yuan, down 0.87% from the previous trading day [1]. - The stock opened at 28.32 yuan, peaked at 28.78 yuan, and fell to a low of 28.00 yuan, with a trading volume of 103,470 hands and a total transaction value of 293 million yuan [1]. - On August 26, the net outflow of main funds was 254,000 yuan, while the net inflow over the past five days was 69.46 million yuan [2].

Core Insights - Shenzhen Tiande Yu Technology Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 1.208 billion yuan, a year-on-year growth of 43.35%, and a net profit attributable to shareholders of 152 million yuan, up 50.89% [1] - The company's growth is primarily driven by its deep engagement and innovation in the display driver chip sector, particularly in wearable devices, tablets, high-refresh-rate mobile phone display driver chips, and electronic price tag driver chips [1] Financial Performance - Operating income for the first half of 2025 was 1.208 billion yuan, reflecting a 43.35% increase compared to the previous year [1] - Net profit attributable to shareholders reached 152 million yuan, marking a 50.89% year-on-year growth [1] - The net profit after deducting non-recurring items was 146 million yuan, with a year-on-year increase of 73.56% [1] Product and Market Development - The electronic price tag product line achieved rapid revenue growth due to its global first-mover advantage and breakthroughs in narrow-border GIP architecture technology [1] - The company has successfully expanded its electronic price tag applications to innovative scenarios such as mobile phone back covers [1] - Audio coil motor driver chips are widely used in major mobile phone brands like Samsung, OPPO, and vivo, with long-term partnerships established with several module manufacturers [1] Research and Development - Research and development investment reached 99.0514 million yuan, a year-on-year increase of 25.77%, accounting for 8.2% of operating income [1] - The company is intensifying R&D efforts in smart mobile terminal display driver chips, camera audio coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [1] - Tiande Yu has pioneered the mass production of re-writable four-color electronic paper driver ICs, positioning itself for future growth in the smart retail and IoT markets [1]

深圳天德钰科技股份有限公司2025 年半年度报告摘要 公司代码：688252 公司简称：天德钰 深圳天德钰科技股份有限公司 深圳天德钰科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到上海证券交易所网站（www.sse.com.cn）网站仔细阅读半年度报告全文。 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"三、风险因 素"部分，请投资者注意投资风险。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 | 股票种类 | | 股票上市交易所 股票简称 | 股票代码 | 变更前股票简称 | | --- | --- | --- | --- | --- | | A股 | 上海证券交易所科创板 | 天德钰 | 688252 | / | | 公司存托凭证简况 | | | | | | □适用 √不适用 | | | | | | 联系人和联系方式 | | | | | | 联系人和联系方式 | | 董事会秘书（信息披露境内代 | | 证券事务代表 | | | | 表） | | | | 姓名 | | 邓玲 ...

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate the risks associated with currency fluctuations, primarily due to its overseas procurement and sales operations, which predominantly use USD as the settlement currency [1][2]. Summary by Sections 1. Overview of Foreign Exchange Hedging Activities - The purpose of the foreign exchange hedging activities is to effectively avoid and prevent the impact of exchange rate fluctuations on the company's operating performance, thereby improving the efficiency of foreign exchange fund utilization and reasonably reducing financial costs [1]. - The total amount for the proposed foreign exchange hedging activities will not exceed 50 million USD or its equivalent in other currencies, with the ability to roll over this amount within the authorized period [1]. 2. Funding Sources and Transaction Methods - The funding for the foreign exchange hedging activities will come from the company's own funds [2]. - The company plans to engage with large commercial banks or financial institutions with legal qualifications and high credit ratings for the hedging activities, including forward foreign exchange sales and foreign exchange swap transactions [2]. 3. Authorization and Duration - The board of directors has authorized the management to conduct foreign exchange hedging activities for a period of 12 months from the date of approval, with the total foreign currency amount not exceeding 50 million USD [2][4]. 4. Risk Analysis and Control Measures - The foreign exchange hedging activities are designed to lock in exchange rate risks and avoid speculative trading. However, there are inherent risks, including market judgment risks and operational risks due to potential misjudgment of exchange rate trends [3]. - The company has established a risk control framework, including training for personnel, timely reporting of unusual situations, and strict adherence to internal procedures to mitigate operational risks [3][4]. 5. Impact and Accounting Treatment - The foreign exchange hedging activities are expected to enhance the company's operational stability by preventing adverse effects from significant exchange rate fluctuations on its performance and shareholder equity [4]. - The company will follow relevant accounting standards for the financial reporting of the hedging activities [4]. 6. Review Procedures - The board of directors has reviewed and approved the proposal for foreign exchange hedging activities, ensuring compliance with legal regulations and protecting the interests of the company and its shareholders [5]. 7. Sponsor's Verification Opinion - The sponsor believes that the foreign exchange hedging activities are necessary for risk mitigation and that the company has developed a management system and risk response measures that are effective [5][6].

证券代码：688252 证券简称：天德钰 公告编号：2025-036 深圳天德钰科技股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东会召开日期：2025年9月17日 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 17 日 14 点 00 分 召开地点：广东省深圳市南山区高新区社区高新南一道 002 号飞亚达科技 大厦 901 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 17 日 至2025 年 9 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 ...