Core Viewpoint - The company, Tiande Yu, has demonstrated significant revenue and profit growth in recent periods, driven by increased demand for its display driver chips and related products [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of 1.208 billion yuan, a year-on-year increase of 43.35% [1]. - The net profit attributable to the parent company was 152 million yuan, reflecting a year-on-year growth of 50.89% [1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 145 million yuan, with a year-on-year increase of 72.87% [1]. - For the full year of 2024, the company achieved revenue of 2.102 billion yuan, a year-on-year increase of 73.88% [2]. - The net profit attributable to the parent company for 2024 was 275 million yuan, showing a year-on-year growth of 143.61% [2]. - In the first quarter of 2025, the company reported revenue of approximately 554 million yuan, a year-on-year increase of 60.52% [2]. Group 2: Business Drivers - The growth in revenue and profit is attributed to the increased volume of high-refresh-rate mobile phone display driver chips, significant shipments from brand clients in tablet display driver chips, and an enhanced market share in wearable display driver chips [1]. - The company maintains a leading position in the global market for electronic price tag driver chips, contributing to its revenue growth [1]. - The main business of the company focuses on the research, design, and sales of integrated chips for mobile smart terminals, with key products including TDDI, DDIC, and AMOLED DDIC [1].

Core Viewpoint - LX Semicon has successfully entered the OLED DDI supply chain for Apple's iPad Pro, indicating a strategic move to diversify its sales channels amid increasing competition and performance pressure from LG Display's supply chain diversification [1][3]. Group 1: Company Overview - LX Semicon specializes in the design and development of display driver chips (DDI), power management chips (PMIC), and timing controllers (T-Con) [1]. - The company was formerly part of LG Group and became independent in 2021, leveraging its long-term partnership with LG Display for continuous growth [1]. - In 2024, LX Semicon is projected to achieve sales of 1.8656 trillion Korean won and an operating profit of 167.1 billion Korean won [1]. Group 2: Market Dynamics - Since 2024, LX Semicon has faced pressure to diversify its sales channels as LG Display begins sourcing DDI products from Taiwanese company Novatek [1][3]. - The company is expanding its market share with Chinese display manufacturer BOE while striving to enter the OLED DDI supply chain for Apple's iPad Pro [1][3]. - LX Semicon will compete with Samsung Electronics for the OLED DDI supply related to iPad Pro, a market previously dominated by Samsung [3]. Group 3: Future Outlook - The shipment volume of OLED panels for Apple's iPad Pro is expected to slightly increase in 2025 compared to the previous year [3]. - If LX Semicon successfully integrates into the supply chain, it could capture a portion of the market share, thereby enhancing its revenue [3].

Investment Rating - The report maintains a "Buy" rating for the company Tian De Yu (688252) [3] Core Insights - The company reported a revenue of 554 million yuan for Q1 2025, representing a year-on-year increase of 60.52%, and a net profit attributable to shareholders of 71 million yuan, up 116.96% year-on-year [2] - The gross margin for Q1 2025 was 24.46%, an increase of 4.89 percentage points year-on-year [2] - The company's four-color electronic price tag technology has achieved an 80% market share in 2024, with expectations for continued growth in 2025 as the penetration rate of electronic price tags increases [2] - The company is increasing its R&D investment, which reached 47 million yuan in Q1 2025, a 23.06% increase year-on-year, accounting for 8.54% of revenue [2] Financial Forecasts - The company is expected to achieve revenues of 3.0 billion yuan, 4.0 billion yuan, and 5.2 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 373 million yuan, 528 million yuan, and 725 million yuan for the same years [3][5] - The projected growth rates for revenue are 42.82% in 2025, 33.62% in 2026, and 30.06% in 2027 [5] - The earnings per share (EPS) are forecasted to be 0.91 yuan, 1.29 yuan, and 1.77 yuan for 2025, 2026, and 2027 respectively [5]