泰凌微：海外市场持续开拓

Investment Rating - The investment rating for TaiLing Microelectronics (688591) is "Buy" and is maintained [2] Core Views - The company achieved a revenue of approximately 222 million yuan in Q3 2024, representing a year-on-year growth of 40.91%. The net profit attributable to shareholders was 37.29 million yuan, up 315.63%, while the net profit after deducting non-recurring gains and losses reached 35.23 million yuan, marking a 403.02% increase. Basic earnings per share were 0.16 yuan, reflecting a 300% year-on-year growth [4] - The growth in Q3 performance is attributed to the company's active expansion into domestic and overseas markets, increased customer investment, and technical support. Revenue from IOT products and audio production lines has continued to grow both domestically and internationally. Additionally, improved supply chain management and cost optimization have led to an increase in gross profit margin, significantly boosting net profit [4] - The automotive and smart remote control markets are expected to continue growing. The company anticipates that the increasing share of overseas sales in smart remote controls will enhance product gross margins and average selling prices (ASP). The automotive market is projected to become a significant application area for wireless connection technologies [4] Financial Projections - Revenue projections for the company are 810 million yuan in 2024, 1.05 billion yuan in 2025, and 1.37 billion yuan in 2026, with corresponding net profits of 100.38 million yuan, 170.20 million yuan, and 290.39 million yuan respectively. The current stock price corresponds to price-to-earnings (PE) ratios of 69, 41, and 24 times for 2024, 2025, and 2026 [4][5] - The company is expected to maintain a gross profit margin of 50% in 2024, increasing to 52% by 2026. The net profit margin is projected to rise from 12.4% in 2024 to 21.2% in 2026 [7] - The company's total assets are forecasted to grow from 243 billion yuan in 2023 to 302.6 billion yuan in 2026, with total liabilities increasing from 89 billion yuan to 149 billion yuan over the same period [7]