天德钰：单季度营收新高，电子价签业务快速成长

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company demonstrated strong operational resilience with a record high quarterly revenue, achieving 842 million yuan in revenue for H1 2024, a year-on-year increase of 67.74%. The net profit attributable to shareholders reached 101 million yuan, up 116.57% year-on-year [3][4] - The electronic price tag business is rapidly growing, with revenue from electronic price tag driver chips increasing by 243.01% year-on-year, driven by the digital transformation needs of traditional retail chains [3][4] - The global display driver chip market is expected to grow steadily, with the market size projected to reach 12.69 billion USD in 2024, supported by the company's advancements in TDDI technology [3][4] Financial Summary - For 2023, the company reported a revenue of 1.209 billion yuan, with a projected growth rate of 55.24% to 1.877 billion yuan in 2024. The net profit attributable to shareholders is expected to increase from 112.84 million yuan in 2023 to 200.90 million yuan in 2024, reflecting a growth rate of 78.04% [4][6] - The company's earnings per share (EPS) is projected to rise from 0.28 yuan in 2023 to 0.49 yuan in 2024, with a price-to-earnings (P/E) ratio decreasing from 60.72 to 34.10 over the same period [4][6] - The company’s total assets are expected to grow from 2.241 billion yuan in 2023 to 3.988 billion yuan in 2026, indicating a strong financial position [5][6]