天德钰（688252）：024年归母净利润同比增长144%，毛利率提高

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve a revenue of 2.102 billion yuan in 2024, representing a year-on-year growth of 73.88%, and a net profit attributable to the parent company of 275 million yuan, reflecting a year-on-year increase of 143.61% [1][4] - The gross margin is projected to improve by 1.4 percentage points to 21.41% in 2024, with R&D expenses increasing by 22.20% to 176 million yuan [1] - The company has successfully launched multiple new display driver chip products, enhancing product competitiveness through new technologies [2][3] Financial Performance - In Q4 2024, the company achieved a revenue of 618 million yuan, a year-on-year increase of 61.6%, and a net profit of 82.89 million yuan, up 118% year-on-year [1] - The revenue from mobile intelligent terminal display driver chips is expected to reach 1.614 billion yuan in 2024, accounting for 77% of total revenue, with a gross margin of 18.47% [2] - The electronic price tag and camera voice coil chip revenue is projected to be 484 million yuan, representing a year-on-year growth of 138% [2] Product Development - The company has become the global leader in electronic price tag display driver chips, with four-color electronic price tags currently dominating the market [3] - New products include a series of four-color electronic paper driver ICs, which are expected to expand into smart retail and IoT applications [3] - The company has developed narrow-border GIP architecture electronic paper driver ICs, suitable for innovative applications beyond electronic price tags [3] Earnings Forecast - The forecast for net profit attributable to the parent company is adjusted to 332 million yuan for 2025 and 410 million yuan for 2026, with an expected net profit of 487 million yuan in 2027 [3][4] - The projected P/E ratios for 2025, 2026, and 2027 are 31x, 25x, and 21x respectively, based on the stock price as of March 26, 2025 [3]