泰凌微：事件点评：推出边缘AI芯片及开发平台，迈入全新发展阶段

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]