Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook on its performance relative to the market [6]. Core Insights - The company has accelerated its strategic transformation, with significant breakthroughs in its automotive business, contributing to revenue growth [1]. - In 2024, the company achieved total revenue of 2.419 billion yuan, a year-on-year increase of 9.3%, while the net profit attributable to shareholders was 28 million yuan, a decline of 72.9% [2][6]. - The automotive optical business showed strong growth, with revenue reaching 638 million yuan in 2024, and a 64% increase in the first half of 2025 [6]. - The company has implemented four share repurchase programs in 2024, totaling 139 million yuan, reflecting confidence in its operational performance and future prospects [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2.748 billion yuan in 2025, 3.114 billion yuan in 2026, and 3.439 billion yuan in 2027, with respective growth rates of 13.6%, 13.3%, and 10.4% [2][8]. - The net profit attributable to shareholders is expected to rise significantly, with forecasts of 199 million yuan in 2025, 259 million yuan in 2026, and 284 million yuan in 2027, reflecting year-on-year growth rates of 613.2%, 29.7%, and 9.6% respectively [2][8]. - The company's gross margin is projected to improve slightly, reaching 30.2% by 2027 [2]. Market Data - As of May 8, 2025, the company's closing price was 14.89 yuan, with a market capitalization of 6.839 billion yuan [3]. - The price-to-earnings ratio is projected to be 34 for 2025, 26 for 2026, and 24 for 2027, indicating a favorable valuation relative to expected earnings growth [2][3].

Core Viewpoint - Tianshan Electronics demonstrates strong performance in the professional display sector, with significant revenue and profit growth in 2024, largely unaffected by external factors such as the U.S. market [1][2]. Financial Performance - The total operating revenue for Tianshan Electronics reached 1.477 billion yuan, representing a year-on-year increase of 16.54% [1]. - The net profit attributable to shareholders was 150 million yuan, showing a year-on-year growth of 39.97% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 130 million yuan, reflecting a year-on-year increase of 44.13% [1]. Strategic Development - The company has successfully implemented a multi-dimensional strategic layout, particularly in the electric vehicle sector, leading to rapid growth in orders for automotive electronic products [2]. - Tianshan Electronics provides one-stop professional display product solutions across various applications, including industrial control, automation, communication equipment, and smart home sectors [2]. - The company has enhanced customer loyalty and driven significant sales growth by extending its industrial chain and deeply exploring customer needs [2]. Innovation and R&D - Continuous investment in new product development, process upgrades, and innovation has effectively reduced costs and significantly improved operational efficiency [2]. - Tianshan Electronics is recognized as a national high-tech enterprise with comprehensive supply capabilities in the professional display field [2]. Customer Base and Market Reach - The company has a wide customer base across multiple industries, including smart home, smart finance data terminals, communication equipment, industrial control, energy, healthcare, automotive electronics, and consumer electronics [2]. - Tianshan Electronics has established long-term stable partnerships with numerous well-known enterprises, with products exported to Europe, America, Japan, South Korea, India, and other regions, enhancing its brand influence [2].