Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][5]. Core Insights - The company has shown robust growth in the first half of 2025, with revenue reaching 11.546 billion yuan, a year-on-year increase of 39.98%. The net profit attributable to shareholders was 471 million yuan, up 125.03% year-on-year [2][3]. - The company is diversifying its module product lines and enhancing operational efficiency, which has contributed to improved profitability [2][3]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 882 million yuan in the first half of 2025, representing 7.64% of revenue [3]. Financial Summary - Revenue projections for 2025-2027 are 23.755 billion yuan, 29.644 billion yuan, and 36.415 billion yuan, respectively, with growth rates of 27.8%, 24.8%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 902 million yuan in 2025, 1.131 billion yuan in 2026, and 1.413 billion yuan in 2027, with growth rates of 53.4%, 25.3%, and 24.9% respectively [4]. - The company's P/E ratio is projected to decrease from 27.4 in 2025 to 17.5 in 2027, indicating a potentially attractive valuation as earnings grow [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The demand in the IoT market is gradually recovering, and the company is accelerating the promotion of derivative products and solutions based on its module business. It is believed that the downstream prosperity of the IoT industry is continuously recovering in the short term, and as the company transitions from product-oriented to solution-oriented, the added value of its products is expected to continue to increase, benefiting in the long term [2][10] Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.546 billion yuan, a year-on-year increase of 39.98%, and a net profit attributable to the parent company of 471 million yuan, a year-on-year increase of 125.03%. In the second quarter of 2025, the company achieved operating revenue of 6.325 billion yuan, a year-on-year increase of 47.28%, and a net profit attributable to the parent company of 259 million yuan, a year-on-year increase of 67.68% [4][10] Business Strategy - The company, as a global leader in IoT solutions, continues to focus on customer needs, expanding market coverage and actively exploring new growth points. It has established a "1+N" business matrix, with modules as the foundation, and diversified businesses such as antennas, ODM, intelligent solutions, and software service platforms working in synergy [10] - The company is deepening its layout in the automotive module and solution sectors, responding to the increasing demand for integrated cockpit SoC and connectivity in the automotive industry. It has introduced new products and solutions to support the intelligent upgrade of the automotive industry [10] Product Development - The company is focusing on the diversification of its module product line, leveraging technological innovation and global compliance to maintain a leading position in the integration of 5G and AI. Its intelligent module products are fully integrated with advanced AI models, enhancing user experience [10] - The antenna business is addressing customer pain points with customized solutions, achieving significant breakthroughs in various fields, including smart metering and public utilities [10] Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 848 million yuan, 1.063 billion yuan, and 1.595 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 44%, 25%, and 50%, respectively. The corresponding price-to-earnings ratios are projected to be 27x, 21x, and 14x [10][15]

旅客办理离境退税。 深圳海关供图 境外旅客来深圳购物退税越来越方便了!7月31日，深圳增设罗湖口岸为离境退税陆路口岸。这标志着深 圳离境退税口岸数量增至6个，覆盖从东到西的主要口岸，继续保持全国离境退税口岸数量最多、类型 最全城市的领先地位。 一旅客罗湖离境退税口岸买充电宝 退税款几分钟后到账 以最快速度开通，把"流量"转为入境消费"增量"。 旅客罗女士购买了一个充电宝，成为罗湖离境退税口岸首个尝鲜客。她表示，整个退税过程十分便利， 退税款几分钟后便到账。 罗湖口岸作为我国改革开放的窗口口岸，也是深港历史最悠久、通关客流量最大陆路口岸，是粤港澳大 湾区人流、物流、资金流的核心枢纽，具备较好商业基础。数据显示，2025年上半年，罗湖口岸出入境 旅客超3370万人次，同比增长11.7%，占全市比重25.9%，位居全市第一、全国前列，为离境退税业务 提供了庞大的客流基础。 此外，罗湖区离境退税发展早、基础扎实。2023年，开通深圳首个"即买即退"集中退付点，为旅客提供 便捷消费体验。2024年，在文锦渡口岸开通深圳首个离境退税陆路口岸，为境外旅客提供更多退税业务 出境选择。今年以来，离境退税创新举措更多、旅客便捷性 ...

此外，在股东长安汽车展台，TINNOVE梧桐科技还展示了TTi OS 2.0、TTi OS计算美学Ultra等核心产品 的前沿技术应用，进一步展示了其在智能座舱领域的全面布局和深厚实力。 未来，TINNOVE梧桐科技将继续以"联接数智汽车未来"为使命，以"智慧全域、数智生态、情感计 算"为核心产品特征，深耕智能座舱领域的技术创新，与更多合作伙伴共同推动智能汽车领域的发展。 通过持续探索和创新，为用户带来更加智能、便捷、安全的出行体验，共同绘制数智汽车领域的宏伟蓝 图。 而在上海车展上，TINNOVE梧桐科技再次带来了令人瞩目的新产品——TTi Vision 3D HUD。这款采用 纳米压印光栅技术的3D HUD，能够呈现出100英寸的震撼画幅，结合ToF DMS眼位追踪系统和双目视 差裸眼3D算法，打造出连续景深、无穷焦面的创新体验，为驾驶者带来了更加安全、愉悦的出行体 验。TTi Vision 3D HUD还首发了AR导航指引、驾驶信息3D显示和驻车裸眼3D观影三大特有功能，进 一步提升了用户的出行体验。其中，基于腾讯地图HD Air轻图技术的AR导航指引，确保了画面稳定不 抖动；创新的驾驶信息3D显示功能 ...