泰凌微（688591）：从超低功耗到EdgeAl，构建Matter全场景解决方案

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Viewpoints - The company is deeply involved in the evolution of the Matter protocol technology, achieving "one device, multiple platform access" through its solutions like Matter over Thread and Matter over Wi-Fi, which are compatible with major smart platforms such as Apple Home, Google Home, and Amazon Alexa [7] - The introduction of the TL-EdgeAI development platform allows for local AI model deployment on devices, enabling smart control even in offline scenarios, thus reducing user costs and burdens [8] - Revenue projections for the company are estimated at 1.1 billion, 1.45 billion, and 1.9 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 193.74 million, 301.69 million, and 424.53 million yuan for the same years, maintaining a "Buy" rating [9] Company Overview - The latest closing price of the company's stock is 35.65 yuan, with a total market capitalization of 8.6 billion yuan and a circulating market value of 5.9 billion yuan [4] - The company has a low debt-to-asset ratio of 5.9% and a high price-to-earnings ratio of 86.95 [4] - The largest shareholder is the National Integrated Circuit Industry Investment Fund [4] Financial Forecasts and Key Indicators - The company is projected to achieve a revenue growth rate of approximately 30% annually from 2025 to 2027, with net profit growth rates of 98.9% in 2025 and 55.7% in 2026 [11][12] - The earnings per share (EPS) is expected to increase from 0.80 yuan in 2025 to 1.76 yuan in 2027, indicating strong profitability growth [11][12] - The company's return on equity (ROE) is projected to rise from 7.7% in 2025 to 13.4% in 2027, reflecting improved financial performance [12]