国投证券股份有限公司 关于泰凌微电子（上海）股份有限公司 2024 年度持续督导现场检查报告 （一）公司治理和内部控制情况、三会运作情况 现场检查人员查阅了泰凌微的公司章程、股东会、董事会和监事会的议事规 则以及其他的内部控制制度；查看了股东会、董事会和监事会的会议文件、决议， 核对了公司相关公告；与公司高级管理人员进行了访谈。 经核查，保荐机构认为：本持续督导期内，公司章程和公司治理制度完备、 合规，相关制度得到有效执行；公司章程以及董事会、监事会和股东会的议事规 1 则能够有效执行，公司治理机制能够有效发挥作用；公司已经建立了内部审计制 度和内部控制制度，内部控制制度得到有效执行；公司"三会"的通知、召开及 表决程序合法合规，会议记录完整，会议资料保存完好；公司董事、监事和高级 管理人员能够按照相关法律、法规和上海证券交易所相关业务规则要求履行职责。 （二）信息披露情况 现场检查人员查阅了泰凌微的信息披露制度以及已披露的公告和相关资料， 对其是否符合信息披露制度、披露内容是否真实、准确和完整进行了核查。 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为泰凌 微电子（上海）股份有限公司（以下简 ...

Group 1: Company Overview - The company focuses on the Internet of Things (IoT) wireless connection chip sector, with a comprehensive product line covering mainstream wireless technologies globally [7] - The company ranks first in domestic low-power Bluetooth chip shipments and is among the top three globally [7] - The company has a strong presence in the Zigbee chip market, being the largest supplier in China [7] Group 2: Financial Performance - Revenue has steadily increased over the past two years, with Q1-Q3 2023 revenue reaching 587 million RMB and net profit exceeding 64 million RMB, representing over 70% year-on-year growth [7] - Gross margin has improved from 41.27% in 2022 to 43.5% in 2023, and further to 47.9% in Q1-Q3 2023 [7] - R&D investment has consistently exceeded 25% in both 2023 and 2024 [7] Group 3: Market Opportunities - The IoT market is still in its early stages, with significant growth potential ahead [7] - The company is expanding its overseas market presence, with competitors generating annual sales of 1.5 to 2 billion USD, while the company’s overseas performance is rapidly growing [7] - The launch of edge AI development platforms and new AI chip products opens new market opportunities [10] Group 4: Product Development - The company has introduced new chips supporting edge AI capabilities, targeting applications requiring both wireless connectivity and local AI processing [14] - The new chips can handle AI functions such as voice recognition and image analysis, supporting models with parameter counts in the hundreds of thousands to millions [8] - Upcoming products in the audio sector will include innovations in smart headphones and multi-party intercom systems, enhancing user experience with low latency and high sound quality [15] Group 5: Strategic Partnerships - The company collaborates with major global firms like Google, Amazon, and Nvidia, providing chips and software for various applications [9] - Ongoing projects with domestic and international large model companies are expected to yield significant results by 2025 [11] Group 6: Future Outlook - The company anticipates continued growth in sales and profits, driven by existing IoT business and new opportunities in edge AI and audio markets [16] - The company is well-positioned to leverage its leading status in the Matter protocol for smart home applications, expecting strong growth in the coming years [16]

证券简称：泰凌微 证券代码：688591 编号：2024-016 | --- | --- | |-----------------------------|-----------------------------------------------------------------------------| | | 副总经理、董事会秘书：李鹏 \n证券事务代表：马军 | | | 一、公司董事、总经理盛文军介绍公司最新 AI 发展平台和新 一代芯片的情况： | | 投资者关系活动主要 内容介绍 | 公司今年推出的针对端侧 AI 的发展平台和新一代芯片， | | | 能够支持边缘 AI 运算，目标市场为同时需要无线连接和本地 | | | 端侧 AI 运算的各种应用，该芯片在集成多种无线连接能力的 | | | 同时，具有端侧 AI 处理能力，且功耗做到业界领先。 | | | 二、交流环节： | | | Q1 ：公司最新 AI 发展平台的技术优势主要体现在哪些方 | | | 面？ | | | A1 ：针对端侧 AI 应用，公司新产品的技术优势主要体现在 | | | 以下几个方面：一是产品具备足够的 AI 运算能力 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Views - The recent launch of the TLEdgeAI-DK platform marks a significant advancement in the integration of machine learning and artificial intelligence, particularly in edge AI applications, which are expected to experience rapid growth [5]. - The TL721x and TL751x series chips enhance edge AI computing capabilities, allowing for self-learning and integration with major AI models, positioning the company favorably in the market [5]. - Revenue projections for the company are estimated at 810 million, 1.05 billion, and 1.37 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to reach 100 million, 170 million, and 290 million yuan in the same years [5][16]. Financial Summary - The latest closing price of the stock is 29.68 yuan, with a total market capitalization of 71 billion yuan [4]. - The company is projected to achieve a revenue growth rate of 27.4% in 2024, 29.6% in 2025, and 30.5% in 2026 [16]. - The earnings per share (EPS) is expected to increase from 0.21 yuan in 2023 to 1.21 yuan by 2026, reflecting a strong growth trajectory [16].

Investment Rating - The report maintains a "Recommend" rating for Telink Micro (688591 SH) [5] Core Views - Telink Micro has entered a new development phase with the launch of its edge AI chip and development platform, TLEdgeAI-DK, which enhances its competitiveness in the edge AI field [3] - The new products, TL721x and TL751x, feature edge AI computing capabilities and are the world's lowest-power intelligent IoT connectivity protocol platforms, suitable for battery-powered devices [3] - The TLEdgeAI-DK platform supports mainstream local AI models, enabling users to quickly integrate AI functionalities into their products [3] - The company is expected to enter new markets such as edge AI devices and AIoT, leveraging its advantages in computing power and power efficiency [3] - The report revises upward the company's profit forecasts for 2024-2026, with expected net profits of 98 million, 172 million, and 262 million yuan, respectively [3] Financial Forecasts - Revenue is projected to grow from 636 million yuan in 2023 to 1,376 million yuan in 2026, with a CAGR of 28 6% [4] - Net profit attributable to the parent company is expected to increase from 50 million yuan in 2023 to 262 million yuan in 2026, with a CAGR of 52 2% [4] - The PE ratio is forecasted to decrease from 141 in 2023 to 27 in 2026, indicating improving valuation metrics [4] - Gross margin is expected to improve from 43 5% in 2023 to 47 76% in 2026, reflecting better cost management and product mix [8] Product and Market Expansion - The new edge AI products and platform are expected to open up growth opportunities in AIoT and smart audio markets [3] - The company has already integrated edge AI models into smart home and audio products, demonstrating practical applications [3] - The TLEdgeAI-DK platform is expected to enhance the company's competitiveness in markets requiring both wireless connectivity and edge AI computing [3] Financial Metrics - The company's ROE is projected to increase from 2 13% in 2023 to 10 17% in 2026, indicating improved profitability [8] - The asset turnover ratio is expected to rise from 0 37 in 2023 to 0 53 in 2026, reflecting better asset utilization [8] - The company's liquidity ratios remain strong, with a current ratio of 28 44 in 2023, expected to stabilize around 21 43 by 2026 [10]

证券代码：688591 证券简称：泰凌微 公告编号：2024-072 泰凌微电子（上海）股份有限公司 特此公告。 关于自愿披露公司发布新产品的公告 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。 近日，泰凌微电子（上海）股份有限公司（以下简称"公司"）发布了基 于TL721x及TL751x两款芯片的机器学习与人工智能发展平台TLEdgeAI-DK。现将 相关事项公告如下： 公司目前已成功利用TLEdgeAI-DK平台，将边缘AI的机器学习模型整合到智 能家居和智能音频产品中，实现了与实际应用的紧密结合，同时还在与更多的 用户和策略伙伴，合作开发各种适合不同应用领域、具有边缘AI功能的创新产 品。TLEdgeAI-DK平台的发布将提升公司产品在相关领域的竞争力，进一步打开 同时需要无线连接与边缘AI运算能力的高速增长的巨大市场，预计将对公司未 来的市场拓展和业绩成长产生积极的影响。 一、新产品基本情况 三、相关风险提示 公司最新一代高度集成的芯片TL721x及TL751x系列，增加了边缘AI运算能 力，基于这两款芯片的TLE ...

证券代码：688591 证券简称：泰凌微 公告编号：2024-067 泰凌微电子（上海）股份有限公司（以下简称"公司"）于 2024 年 12 月 12 日 召开了第二届董事会第九次会议、第二届监事会第八次会议，审议通过了《关于 调整 2023 年限制性股票激励计划授予价格的议案》。根据公司《2023 年限制性 股票激励计划（草案）》（以下简称"《激励计划（草案）》"）及公司 2023 年第一 次临时股东大会的授权，公司董事会对 2023 年限制性股票激励计划（以下简称 "本次激励计划"）授予价格进行调整，现将相关事项说明如下： 泰凌微电子（上海）股份有限公司 关于调整 2023 年限制性股票激励计划 授予价格的公告 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。 一、本次激励计划已履行的决策程序和信息披露情况 1、2023 年 12 月 13 日，公司召开第一届董事会第十六次会议，会议审议通 过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2023 年限制性股票激励计划实施考核管理办法 ...

证券代码：688591 证券简称：泰凌微 公告编号：2024- 068 泰凌微电子（上海）股份有限公司 重要内容提示： 泰凌微电子（上海）股份有限公司（以下简称"公司"）《2023 年限制性 股票激励计划（草案）》（以下简称"本激励计划"或"《激励计划》"）规 定的限制性股票预留授予条件已经成就。根据 2023 年第一次临时股东大会的授 权，公司于 2024 年 12 月 12 日召开第二届董事会第九次会议、第二届监事会第 八次会议，审议通过了《关于向 2023 年限制性股票激励计划激励对象授予预留 限制性股票的议案》，确定以 2024 年 12 月 12 日为预留授予日，以 16.10 元/股 的授予价格向符合条件的 33 名激励对象授予 30.00 万股限制性股票。现将有关 事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票预留授予已履行的决策程序和信息披露情况 1、2023 年 12 月 13 日，公司召开第一届董事会第十六次会议，会议审议通 过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请 ...

证券代码：688591 证券简称：泰凌微 上海荣正企业咨询服务（集团）股份有限公司 关于 泰凌微电子（上海）股份有限公司 2024 年限制性股票与股票增值权激励计划 首次授予相关事项 之 独立财务顾问报告 2024 年 12 月 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、独立财务顾问意见 7 | | 五、备查文件及咨询方式 13 | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 泰凌微、本公司、公司、上市公司 | 指 | 泰凌微电子（上海）股份有限公司（含分公司、控股子 | | --- | --- | --- | | | | 公司） | | 2024 年激励计划、本激励计划 | 指 | 泰凌微电子（上海）股份有限公司 年限制性股票与 2024 | | | | 股票增值权激励计划 | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告 | 指 | 《上海荣正企业咨询服务（集团）股份有限公司关于泰 | | | | 凌微电子（上海）股份有限公司 2024 年限制性股票与股 | | | | 票增值权激励计划 ...