第一创业晨会纪要-2025-03-27

Group 1: Company Performance - Tian De Yu reported a revenue of 2.102 billion yuan for 2024, a year-on-year increase of 73.88%, with a net profit of 275 million yuan, up 143.61% [2] - GoerTek achieved a revenue of 100.954 billion yuan in 2024, a growth of 2.41%, and a net profit of 2.665 billion yuan, soaring 144.93% [2] - Miniso's total revenue reached 17 billion yuan in 2024, reflecting a year-on-year growth of 22.8%, with overseas revenue growing by 41.9% [6][7] Group 2: Market Trends - The display driver chip market is experiencing growth, with Tian De Yu's revenue from display driver chips reaching 1.614 billion yuan, a 62.73% increase [2] - The storage chip market is seeing price increases of 10%-15% from major manufacturers, indicating a rise in demand and market prices [3] - Miniso's overseas expansion strategy is proving effective, with the number of overseas direct stores doubling to 503, contributing to a significant increase in revenue [6][7] Group 3: Profitability and Margins - Tian De Yu's gross margin improved by 1.4 percentage points to 21.41% in 2024 [2] - GoerTek's gross margin increased to 11.09%, up 2.14 percentage points, driven by strong demand from major clients like Apple [2] - Miniso achieved a gross margin of 44.9% in 2024, a record high, attributed to the increase in direct sales and higher-margin products [8]