证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -28% -16% -4% 8% 20% 32% 44% 56% 68% 80% 92% 天德钰 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 26.32 | | --- | --- | | 总股本/流通股本（亿股）4.09 | / 1.82 | | 总市值/流通市值（亿元）108 | / 48 | | 52 周内最高/最低价 | 29.57 / 11.02 | | 资产负债率(%) | 13.0% | | 市盈率 | 94.00 | | 第一大股东 | 恒丰有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 天德钰(688252) 电子价签驱动份额持续提升 l 投资要点 加快产品迭代速度，扩充显示驱动产品品类。目前市 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is accelerating product iteration and expanding its display driver product categories, with a focus on LCD DDIC, TDDI, and OLED DDIC technologies. The market share for mobile TDDI high refresh and qHD is continuously increasing, and new industrial control chips are expected to be launched in the first half of the year. The company anticipates that the gross margin will gradually improve as the shipment volume of high-margin new products increases [4][5] - The electronic price tag market is experiencing rapid growth, driven by the digital transformation of the global retail industry. The company holds a significant technological advantage in this field, with its four-color electronic price tag technology achieving an 80% market share for new products in 2024. The company is also developing new products to transition from four-color to six-color technology, positioning itself to capitalize on market opportunities [5] Financial Projections - The company is projected to achieve revenues of 2.1 billion, 3.0 billion, and 4.0 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 270 million, 390 million, and 530 million yuan for the same years [6][8] - The revenue growth rates are forecasted at 73.88%, 42.82%, and 33.62% for 2024, 2025, and 2026, respectively. The gross margin is expected to improve from 20.0% in 2023 to 22.4% in 2026 [8][10]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -28% -16% -4% 8% 20% 32% 44% 56% 68% 80% 92% 天德钰 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 26.32 | | --- | --- | | 总股本/流通股本（亿股）4.09 | / 1.82 | | 总市值/流通市值（亿元）108 | / 48 | | 52 周内最高/最低价 | 29.57 / 11.02 | | 资产负债率(%) | 13.0% | | 市盈率 | 94.00 | | 第一大股东 | 恒丰有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 天德钰(688252) 电子价签驱动份额持续提升 l 投资要点 我们预计公司 2024/2025/2026 年 ...

证券代码：688252 证券简称：天德钰 公告编号：2025-005 深圳天德钰科技股份有限公司 关于股东权益变动触及 1%的提示性公告 本公司董事会及全体董事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： 本次权益变动系深圳天德钰科技股份有限公司（以下简称"公司"） 5%以上非第一大股东 Corich LP 及其一致行动人 Richred LP（以下或合称"信 息披露义务人"） 按照之前已披露的股份减持计划进行减持，不触及要约收购。 本次权益变动前，Corich LP 与 Richred LP 合计持有上市公司股票 34,879,294 股，占公司总股本 8.53%。本次权益变动后，信息披露义务人合计 持有上市公司股份 30,580,884 股，占上市公司总股本的 7.48%。 本次权益变动为公司持股 5%以上非第一大股东正常减持行为，不会 对公司治理结构及持续经营产生重大影响，不会导致公司控股股东、实际控制人 发生变化。 公司于近日收到股东 Corich LP 及其一致行动人 Richred LP 发来的《权益 变动告知函》 ...

公司发布的2024年业绩快报数据显示，2024年公司共实现营业收入21.02亿元，同比增长73.88%，实现 净利润2.75亿元，同比增长143.61%，基本每股收益为0.6800元，加权平均净资产收益率13.43%。（数 据宝） 天德钰股价创出历史新高，截至9:42，该股上涨13.21%，股价报29.48元，成交量812.83万股，成交金额 2.27亿元，换手率4.46%，该股最新A股总市值达120.58亿元，该股A股流通市值53.75亿元。 证券时报•数据宝统计显示，天德钰所属的电子行业，目前整体涨幅为0.25%，行业内，目前股价上涨的 有206只，涨幅居前的有天德钰、茂硕电源、伟测科技等，涨幅分别为13.21%、10.02%、6.60%。股价 下跌的有249只，跌幅居前的有致尚科技、宏昌电子、泓禧科技等，跌幅分别为5.80%、4.64%、 3.87%。 两融数据显示，该股最新（2月26日）两融余额为1.60亿元，其中，融资余额为1.60亿元，近10日减少 1145.72万元，环比下降6.69%。 ...

Financial Performance - Total revenue for 2024 reached RMB 210,197.27 million, a year-on-year increase of 73.88%[3] - Operating profit was RMB 29,090.03 million, reflecting a growth of 150.77% compared to the previous year[3] - Net profit attributable to shareholders of the parent company was RMB 27,488.08 million, up 143.61% year-on-year[3] - Basic earnings per share increased to RMB 0.68, representing a growth of 142.86%[3] - The gross profit margin improved to 21.41%, up from 20.01% in the previous year[3] - The weighted average return on equity rose to 13.43%, an increase of 7.44 percentage points year-on-year[3] Assets and Investments - Total assets at the end of the reporting period were RMB 257,473.63 million, a 14.87% increase from the beginning of the period[3] - Non-current assets increased by 55.21% due to the purchase of other non-current financial assets and intangible assets[6] Strategic Focus - The company emphasized product innovation and market share expansion as key drivers of revenue growth[5] Cautionary Note - The company warned that the financial data presented is preliminary and subject to audit, urging investors to be cautious[8]

Financial Performance - The company expects to achieve operating revenue of 2,101.97 million yuan, an increase of 893.09 million yuan, representing a year-on-year growth of approximately 73.88%[2] - The projected net profit attributable to the parent company is 275.06 million yuan, an increase of 162.22 million yuan, reflecting a year-on-year growth of approximately 143.77%[2] - The estimated net profit attributable to the parent company after deducting non-recurring gains and losses is 247.56 million yuan, an increase of about 146.72 million yuan, indicating a year-on-year growth of approximately 145.48%[2] - The previous year's net profit attributable to the parent company was 112.84 million yuan, with a net profit after deducting non-recurring gains and losses of 100.85 million yuan[3] Performance Drivers - The growth in performance is primarily driven by the strong performance of display driver chips and electronic price tag driver chips, supported by new product launches[4] - The company emphasizes refined management, improving product development efficiency and inventory turnover, which contributed to overall performance enhancement[5] Forecast and Uncertainties - There are no significant uncertainties affecting the accuracy of this performance forecast[6] - The forecast data is preliminary and subject to change pending the audited annual report for 2024[7]

证券代码：688252 证券简称：天德钰 公告编号：2025-001 深圳天德钰科技股份有限公司 关于持股 5%以上股东减持股份计划公告 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： 大股东持股的基本情况 | | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | | | --- | --- | --- | --- | --- | --- | --- | | 第一组 | Corich LP | 28,397,035 | 6.94% | Corich LP 与 | Richred | LP | | | | | | 同为 Richred | Limited | | | | Richred LP | 6,482,259 | 1.58% | 控制的公司 | | | | | 合计 | 34,879,294 | 8.53% | — | | | 二、减持计划的主要内容 | 股东 | 计划减持 | 计划减 | 减持方式 | 减持期间 | 减持合理 | 拟减持 | 拟减 | | --- ...

证券代码：688252 证券简称：天德钰 公告编号：2024-066 深圳天德钰科技股份有限公司关于变更审计项目质 量控制复核人的公告 项目质量控制复核人：王曙晖先生 1994 年开始从事上市公司审计，1996 年成为注册会计师，2024 年开始在 中兴华执业，近三年复核多家上市公司和挂牌公司审计报告，具备相应的专业胜 任能力。 2、诚信情况 项目质量控制复核人王曙晖先生近三年不存在因执业行为受到刑事处罚，受 到证监会及其派出机构、行业主管部门的行政处罚、监督管理措施，受到证券交 易场所、行业协会等自律组织的自律监管措施、纪律处分的情况。 本公司董事会及全体董事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。 深圳天德钰科技股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召 开的第二届董事会第九次会议和第二届监事会第七次会议于 2024 年 11 月 11 日 召开了 2024 年第一次临时股东大会，审议通过了《关于变更 2024 年度会计师事 务所的议案》，同意聘任中兴华会计师事务所（特殊普通合伙）（以下简称"中兴 华"）作 ...