泰凌微：24年业绩超预期，产品升级遇见端侧AI大时代

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is expected to achieve a revenue of approximately 844 million yuan in 2024, representing a year-on-year increase of about 33% [1] - The net profit attributable to the parent company is projected to be around 97 million yuan, reflecting a significant year-on-year increase of approximately 95% [1] - The company has launched new products, TL721X and TL751X, which are expected to enhance growth in the edge AI era [3] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been adjusted to 844 million yuan, 1.115 billion yuan, and 1.466 billion yuan respectively, up from previous estimates [4] - The net profit forecasts for the same period have been revised to 97 million yuan, 171 million yuan, and 309 million yuan respectively [4] Financial Performance - The company has shown a consistent increase in quarterly revenue, with Q4 2024 expected to reach approximately 257 million yuan, a 16% increase from Q3 2024 [2] - The gross profit margin has been improving, with reported margins of 44.14%, 46.18%, and 47.90% for the first three quarters of 2024 [2] Product Development - The TL721X chip is noted for its ultra-low power consumption, achieving a working current as low as 1mA, and is positioned to meet the demands of high-performance IoT devices [3] - The TL751X chip features high performance and multi-protocol capabilities, targeting applications in smart audio, smart home, and wearable devices [3]