Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [22]. Core Views - The company is expected to achieve a revenue of 25.73 billion yuan in 2024, representing a year-on-year growth of 22.4%. The net profit attributable to shareholders is projected to be 3.32 billion yuan, reflecting a significant increase of 498.1% year-on-year [2][11]. - The company is a leading player in the image sensor market, with strong performance in high-end mobile phones and automotive sectors, particularly in the CIS (Camera Image Sensor) segment [4][5]. Financial Summary - **Revenue and Profitability**: - 2024 revenue is forecasted at 25.73 billion yuan, with a year-on-year growth rate of 22.4%. The net profit attributable to shareholders is expected to be 3.32 billion yuan, with a remarkable year-on-year growth of 498.1% [2][11]. - The company's gross margin for 2024 is projected to be 29.44%, an increase of 7.68 percentage points year-on-year, while the net profit margin is expected to reach 12.76%, up by 10.18 percentage points [11]. - **Segment Performance**: - The semiconductor design segment is anticipated to generate revenue of 21.64 billion yuan in 2024, growing by 20.6% year-on-year, accounting for 84.3% of total revenue. The automotive CIS revenue is expected to grow by 29.9% to 5.91 billion yuan [3][4]. - The semiconductor distribution segment is projected to achieve revenue of 3.94 billion yuan, reflecting a year-on-year growth of 32.6% [3]. - **Future Projections**: - The company forecasts net profits of 4.44 billion yuan, 5.64 billion yuan, and 6.80 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 27, and 22 [5][15]. - **Cash Flow and Inventory**: - As of the end of 2024, the company's inventory is reported at 6.96 billion yuan, a 10% increase year-on-year. The inventory turnover days decreased by 1 day compared to the previous quarter [5][9]. - **Market Position**: - The company is positioned as a top player in the image sensor market, actively expanding into automotive, medical, and AR/VR applications, indicating significant growth potential [5][4].

2024 年度向特定对象发行 A 股股票 天风证券股份有限公司 关于 太龙电子股份有限公司 之 上市保荐书 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二五年二月 保荐机构及保荐代表人声明 天风证券股份有限公司（以下简称"保荐机构"、"本保荐机构"或"天风 证券"）接受太龙电子股份有限公司（以下简称"太龙股份"、"公司"或"发行 人"）的委托，担任太龙股份向特定对象发行股票并在创业板上市（以下简称 "本次发行"或"本次向特定对象发行股票"）的保荐机构及主承销商。天风证 券作为本次发行的保荐机构，章琦、张兴旺作为具体负责推荐的保荐代表人， 为本次发行出具上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《证券发行上市保 荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中国证监会"） 及深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则和行业自 ...