证券代码：688252 证券简称：天德钰 公告编号：2025-015 深圳天德钰科技股份有限公司 关于持股 5%以上股东权益变动触及 1%暨 减持股份结果公告 本公司董事会、全体董事及相关股东保证本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： 大股东持有的基本情况 本次减持计划实施前，深圳天德钰科技股份有限公司（以下简称"公司"） 股东 Corich LP 持有公司股份 28,397,035 股，占公司总股本 6.94%；Richred LP 持有公司股份 6,482,259 股，占公司总股本 1.58%。Corich LP 与 Richred LP 的同为 Richred Limited 控制的公司，构成一致行动人关系，二者合计持有公司 股份 34,879,294 股，占公司总股本的 8.53%。上述股份为公司首次公开发行前 取得股份和资本公积转增股本取得的股份，并已上市流通。 减持计划的实施结果情况 2025 年 1 月 18 日，公司于上海证券交易所网站（www.sse.com.cn）披露了 《深圳天德钰科技股份有限公司关于 ...

| 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 41.00 | 947.10 | 23.10 | -12.03 | 中信证券股份有限公司南京 | 中国中金财富证券有限公司 深圳市深圳湾一号证券营业 | | | | | | 双龙大道证券营业部 | 部 | | 26.00 | 600.60 | 23.10 | -12.03 | 广发证券股份有限公司佛山 | 中国中金财富证券有限公司 深圳市深圳湾一号证券营业 | | | | | | 灯湖东路证券营业部 | 部 | | | | | | | 中国中金财富证券有限公司 | | 21.00 | 485.10 | 23.10 | -12.03 | 华泰证券股份有限公司南京 大光路证券营业部 | 深圳市深圳湾一号证券营业 | | | | | | | 部 | | 20.00 | 462.00 | 23.10 | -12.03 | 中国银河证券股份有限 ...

Investment Rating - The report maintains an "Overweight" rating for the company [3][5] Core Views - The company has shown significant growth in revenue and gross margin for 2024, with a revenue increase of approximately 74% year-on-year, reaching around RMB 2.102 billion [8] - The company's display driver segment is expanding its market share, while its electronic price tags are solidifying its leading position in the market [3][8] - The report anticipates continued growth in earnings per share (EPS), with projections of RMB 0.86 for 2025, RMB 1.10 for 2026, and RMB 1.28 for 2027 [5][8] Financial Summary - The company's main revenue for 2023 is projected at RMB 1,209 million, with a growth rate of 0.9% [7] - For 2024, the expected revenue is RMB 2,102 million, reflecting a growth rate of 73.9% [7] - The projected EBITDA for 2024 is RMB 248 million, with a significant increase in net profit to RMB 275 million, marking a 143.6% growth [7][8] - The gross margin for 2024 is estimated at 21.4%, an increase of 1.4 percentage points year-on-year [8] - The company’s total market capitalization is approximately RMB 10.565 billion, with corresponding price-to-earnings (PE) ratios of 30.1, 23.5, and 20.1 for 2025, 2026, and 2027 respectively [5][7]

Core Viewpoint - The company is expected to achieve a significant increase in revenue and net profit in 2024, with a projected revenue growth of 74% and a net profit growth of 144% [2]. Financial Performance - In 2024, the company reported a revenue of 2.102 billion yuan (YoY +73.88%) and a net profit attributable to shareholders of 275 million yuan (YoY +143.61%), with a non-recurring net profit of 247 million yuan (YoY +145.30%) [2]. - The gross margin improved by 1.4 percentage points to 21.41%, while R&D expenses increased by 22.20% to 176 million yuan, resulting in a decrease in R&D expense ratio by 3.5 percentage points to 8.36% [2]. - In Q4 2024, revenue reached 618 million yuan (YoY +61.6%, QoQ -3.6%), with a net profit of 82.89 million yuan (YoY +118%, QoQ -8.9%) [2]. Product Line Growth - All product lines experienced significant revenue growth, with the mobile intelligent terminal display driver chips generating 1.614 billion yuan (YoY +62.73%), accounting for 77% of total revenue, and an improved gross margin of 18.47% [3]. - Revenue from electronic price tags, camera voice coils, and fast charging protocol chips reached 484 million yuan (YoY +138%), representing 23% of total revenue, with a gross margin increase of 7.70 percentage points to 31.10% [3]. New Product Development - The company launched multiple new display driver chip products in 2024, enhancing product competitiveness through new technologies [4]. - The new technologies include dynamic adjustment of driving voltage and brightness parameters for AMOLED screens, addressing brightness flickering issues during frame rate switching [4]. Market Position - The four-color electronic price tag has become mainstream, accounting for 80% of the market, with the company achieving the global leading market share in electronic price tag display driver chips [5]. - The company successfully developed narrow border GIP architecture electronic paper driver ICs, applicable not only to electronic price tags but also to innovative applications such as mobile phone back covers [5].

点击 关注我们 核心观点 报告发布日期：2025年3月27日 报告名称:《 天德钰（688252.SH）-2024年归母净利润同比增长144%，毛利率提高 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 四色电子价签成为主流，公司电子价签显示驱动芯片全球份额第一 电子价签的技术发展从黑白到三色电子价签，再到四色以及六色电子价签的迭代，目前四色电子价签是市场主 流，占比80%。2024年公司率先量产全系列内建可多次读写内存的四色电子纸驱动IC新产品，全面布局智能零 售与物联网应用市场，市场份额全球第一。同时，公司成功开发出窄边框GIP架构电子纸驱动IC，不仅适用于 电子价签，更可拓展至手机背盖等创新应用场景。 风险提示 2024年收入同比增长74%，归母净利润同比增长144% 公司2024年实现收入21.02亿元(YoY +73.88%)，归母净利润2.75亿元(YoY + ...

Core Viewpoint - The recent financial reports from ten display companies indicate varied performance, with some companies showing significant growth while others face declines in revenue and profit margins [1]. Group 1: Company Performance - BOE Technology Group reported revenue of 125.61 billion RMB, a 25% increase year-on-year, but a net profit decline of 18% to 3.65 billion RMB [3][5]. - Xinli International achieved revenue of 166.63 billion RMB, up 14.4%, with net profit increasing by 14.9% to 2.82 billion RMB, driven by smartphone business growth [6][8]. - Deep Textile reported revenue of 33.35 billion RMB, an 8.3% increase, and net profit of 89.37 million RMB, up 12.75% [10]. - Lens Technology saw revenue rise to 698.97 billion RMB, a 28.27% increase, with net profit of 36.24 billion RMB, up 19.94% [12]. - Puyang Huicheng's revenue was 14.11 billion RMB, a modest 2.31% increase, but net profit fell by 18.53% to 1.92 billion RMB [14]. - Landai Technology reported revenue of 35.35 billion RMB, a 25.93% increase, and a significant net profit increase of 134.04% to 1.24 billion RMB [16][18]. - Kaisheng Technology's revenue decreased by 2.32% to 48.94 billion RMB, while net profit rose by 30.76% to 1.4 billion RMB [19][20]. - Nanjing Panda reported a revenue decline of 9.15% to 26.46 billion RMB, with a net loss of 14.14 million RMB [21][24]. - Tiande Yu achieved a revenue of 21.02 billion RMB, a 73.88% increase, with net profit rising by 143.61% to 2.75 billion RMB [25][26]. - GoerTek reported revenue of 1009.5 billion RMB, a 2.41% increase, with net profit soaring by 144.93% to 2.67 billion RMB [27][29]. Group 2: Industry Trends - The display materials industry is undergoing a restructuring, with OLED materials demand increasing due to the growth of OLED panel production [14]. - The touch display panel industry is recovering, with traditional consumer products showing signs of rebound, particularly in automotive and large-size displays [18]. - The demand for smart devices, including VR/MR and wearables, is driving growth in the precision components and smart hardware sectors [29].

2024年年度报告 瑞财经 李誉 近日，天德钰发布2024年年度报告，营收净利均大幅增长。 | 主要会计数据 | 2024年 | 2023年 | 本期比 上年同 | 2022年 | | --- | --- | --- | --- | --- | | | | | 期增减 | | | | | | (%) | | | 营业收入 | 2, 101, 972, 722. 42 | 1, 208, 884, 833, 44 | 73.88 | 1, 198, 312, 355. 25 | | 归属于上市公司股东的 | 274, 880, 771. 00 | 112, 835, 159, 59 | 143.61 | 129, 784, 761. 01 | | 净利润 | | | | | | 归属于上市公司股东的 | | | | | | 扣除非经常性损益的净 | 247, 386, 143, 78 | 100,849, 244, 29 | 145. 30 | 126, 141, 176. 31 | | 利润 | | | | | | 经营活动产生的现金流 | 136, 926, 588. 08 | 385, 364, 698, ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve a revenue of 2.102 billion yuan in 2024, representing a year-on-year growth of 73.88%, and a net profit attributable to the parent company of 275 million yuan, reflecting a year-on-year increase of 143.61% [1][4] - The gross margin is projected to improve by 1.4 percentage points to 21.41% in 2024, with R&D expenses increasing by 22.20% to 176 million yuan [1] - The company has successfully launched multiple new display driver chip products, enhancing product competitiveness through new technologies [2][3] Financial Performance - In Q4 2024, the company achieved a revenue of 618 million yuan, a year-on-year increase of 61.6%, and a net profit of 82.89 million yuan, up 118% year-on-year [1] - The revenue from mobile intelligent terminal display driver chips is expected to reach 1.614 billion yuan in 2024, accounting for 77% of total revenue, with a gross margin of 18.47% [2] - The electronic price tag and camera voice coil chip revenue is projected to be 484 million yuan, representing a year-on-year growth of 138% [2] Product Development - The company has become the global leader in electronic price tag display driver chips, with four-color electronic price tags currently dominating the market [3] - New products include a series of four-color electronic paper driver ICs, which are expected to expand into smart retail and IoT applications [3] - The company has developed narrow-border GIP architecture electronic paper driver ICs, suitable for innovative applications beyond electronic price tags [3] Earnings Forecast - The forecast for net profit attributable to the parent company is adjusted to 332 million yuan for 2025 and 410 million yuan for 2026, with an expected net profit of 487 million yuan in 2027 [3][4] - The projected P/E ratios for 2025, 2026, and 2027 are 31x, 25x, and 21x respectively, based on the stock price as of March 26, 2025 [3]

深圳天德钰科技股份有限公司 会计估计变更事项专项说明的 审核报告 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 | 一、审核报告 | | | 1-2 | | --- | --- | --- | --- | | 二、会计估计变更事项专项说明 | 目 | 录 | 1-2 | 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China ...

中信证券股份有限公司 关于深圳天德钰科技股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司(以下简称"中信证券"或"保荐人")作为深圳天德钰 科技股份有限公司(以下简称"天德钰"或"公司")首次公开发行股票并在科创板 上市的持续督导机构,根据《证券发行上市保荐业务管理办法》《上海证券交易 所科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求（2022年修订）》《上海证券交易所科创板上市公司自律监 管指引第 1 号 -- 规范运作》等法律法规,对天德钰募集资金存放与实际使用情 况的事项进行了核查,核查情况如下: 一、募集资金基本情况 (一) 募集资金金额和资金到账时间 经中国证券监督管理委员会出具的《关于同意深圳天德钰科技股份有限公司 首次公开发行股票注册的批复》（证监许可（2022）1500 号），同意公司首次 向社会公众公开发行人民币普通股(A 股)4,055.56 万股,发行价格为 21.68 元 /股,募集资金总额为人民币 87,924.54 万元,扣除发行费用后,实际募集资金 净额为人民币 78.400.53 万元。其中超募资 ...