英唐智控(300131)：双引擎驱动业绩增长，2024研发投入近1亿加速IDM转型

Core Insights - Shenzhen Yingtang Intelligent Control Co., Ltd. (stock code: 300131) reported a stable growth in its main business for the year 2024, showcasing strong competitiveness and development potential in the electronic components distribution industry [1] Financial Performance - In 2024, the company achieved an operating revenue of 5.346 billion yuan, a year-on-year increase of 7.83% - The net profit attributable to shareholders reached 60.275 million yuan, up 9.84% year-on-year - The net profit after deducting non-recurring gains and losses was 42.544 million yuan, reflecting a significant growth of 67.60% [1] - For Q1 2025, the company maintained its positive growth trend with an operating revenue of 1.264 billion yuan, remaining stable compared to the same period last year [1] R&D Investment - The company significantly increased its R&D investment in 2024, totaling 99.448 million yuan, a remarkable growth of 155.99% - In Q1 2025, R&D expenses surged to 16.1635 million yuan, marking a year-on-year increase of 213.64% - This focus on R&D is aimed at transitioning from a distributor to a semiconductor IDM enterprise, integrating R&D, manufacturing, testing, and sales [2] MEMS Micro-Mirror Market - The MEMS micro-mirror market is projected to reach 15.6 billion USD in 2024, with a compound annual growth rate of 7.88% over five years - Key application areas include consumer electronics and automotive sectors, with emerging demands in urban NOA and robotics [2] - MEMS technology enhances the safety and reliability of autonomous vehicles and improves the intelligent perception capabilities of robots [2] Competitive Advantages in MEMS - The company's subsidiary, Japan Yingtang Microtechnology, possesses strong R&D capabilities and multiple patented technologies in the MEMS micro-mirror field - The developed MEMS micro-mirrors feature low drive voltage, wide field of view, and high efficiency with low power consumption [3] - The company is expanding its product range to include various specifications of MEMS mirrors suitable for automotive LiDAR and consumer electronics [3] Breakthroughs in Automotive Display Chips - The company made significant advancements in its display driver chips (DDIC) and touch display integrated chips (TDDI), with the first products delivered in August and December 2024 respectively - The DDIC and TDDI products cater to the growing demand for large-screen, high-definition automotive displays [4] Market Positioning and Future Outlook - The company aims to break the long-standing dominance of foreign suppliers in the domestic market by leveraging its superior product performance and strong channel service capabilities - It is also expanding its display driver technology applications into non-automotive sectors such as mobile phones and laptops [5] - Looking ahead, the company will focus on MEMS micro-mirrors and automotive display chips, increasing R&D investments to drive market expansion and solidify its industry-leading position [6]