泰凌微：业绩超预期

Investment Rating - The report maintains a "Buy" rating for TaiLing Microelectronics (688591) [4] 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%, and a net profit attributable to shareholders of around 97.43 million yuan, reflecting a year-on-year growth of approximately 95% [2][4] - There is a recovery in downstream demand, with overseas major clients starting to ramp up shipments, leading to rapid growth in overseas business. The company has seen stable growth in traditional markets such as smart home and smart retail, while also expanding into new sectors like healthcare and energy-saving [3] - The company places significant emphasis on R&D, with R&D expenses increasing by about 27%, accounting for approximately 26% of total revenue. New products like the TL721x and TL751x series enhance edge AI computing capabilities and are expected to enter mass production by mid-2025 [3] Financial Forecasts - The company is projected to achieve revenues of 844 million yuan, 1.1 billion yuan, and 1.5 billion yuan for the years 2024, 2025, and 2026, respectively. The net profits attributable to shareholders are expected to be 97.43 million yuan, 182.49 million yuan, and 299.60 million yuan for the same years [4][6] - The EBITDA is forecasted to be 64.80 million yuan in 2024, increasing to 147.67 million yuan in 2025 and 264.01 million yuan in 2026 [6] - The earnings per share (EPS) is expected to rise from 0.41 yuan in 2024 to 1.25 yuan in 2026 [6]