Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is experiencing steady growth in its main business, with a focus on complex modules and automotive electronic smart terminals as future growth drivers [5][9]. - The company is actively expanding into the ASIC and enterprise-level storage module markets, which are expected to open up new growth opportunities [6][8]. Summary by Sections Company Overview - The company has a total share capital of 197.57 million shares and a market price of 27.10 yuan, resulting in a market capitalization of approximately 5,354.22 million yuan [4]. - The company has evolved from black-and-white LCD products to color screens, automotive displays, and complex modules, with a revenue composition of 61% from color LCD modules, 24% from monochrome modules, 12% from displays, and 2% from touch screens and others [4][18]. Financial Performance - The company has achieved a five-year revenue CAGR of approximately 24% and a net profit CAGR of about 33% [5][20]. - Revenue projections for 2023A to 2027E are 1,267 million yuan, 1,477 million yuan, 1,765 million yuan, 2,198 million yuan, and 2,919 million yuan, respectively, with growth rates of 3%, 17%, 20%, 24%, and 33% [2]. - The net profit for the same period is projected to be 107 million yuan, 150 million yuan, 161 million yuan, 209 million yuan, and 306 million yuan, with growth rates of -9%, 40%, 7%, 29%, and 46% [2]. Market and Product Strategy - The company is focusing on complex modules and automotive electronic smart terminals, with significant R&D progress in smart serial display modules and variable light rearview mirror modules [5][30][33]. - The company is also investing in ASIC and enterprise-level storage modules, with a projected global market size for enterprise SSDs expected to reach 396 billion USD by 2029 [6][8]. Investment and Growth Potential - The company has established a full-chain layout for ASIC and enterprise-level storage modules through investments in Tianlianxin and Xincun Technology, enhancing its competitive edge in the semiconductor field [8][25]. - The company’s strategic focus on high-end production lines and complex modules is expected to drive future growth, particularly in the automotive sector [17][35].

证券代码：301379 证券简称：天山电子 公告编号：2025-030 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 天健会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未变更，为天健会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以2024年12月31日总股本141,876,000股为基数剔除已回 购股份2,633,900股后139,242,100股为基数，向全体股东每10股派发现金红利4元（含税），送红股0股 （含税），以资本公积金向全体股东每10股转增4股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一 ...

Group 1: Company Overview and Production Bases - The company operates two main production bases: the Tanwei base (71,000 m²) focuses on basic capacity and monochrome module expansion, while the Lingshan base (132,000 m²) emphasizes technology-intensive products, aiming for full product coverage in "large-size color + touch integration" [2][3] - The Lingshan base plans to complete factory topping by Q2 2025, with equipment installation and trial operation expected by the end of 2025 [3] Group 2: Product Applications and Market Segmentation - The company’s products are widely applied in three major fields: smart home (access control systems, air conditioning, and small appliances), industrial control and automation (temperature controllers and various instruments), and communication devices (IP phones, intercoms), which collectively represent a significant market share [3] - The company supports over 5,000 product models, indicating a diverse product matrix that reduces reliance on single product categories or clients, thus providing growth opportunities [3] Group 3: Market Trends and Product Development - The monochrome display module industry faces some replacement by color modules, but retains unique market space in applications requiring low power consumption and high stability, such as medical devices and industrial instruments [4] - Complex modules, which include TFT modules and control boards, have a typical development cycle of about one year, with higher unit gross margins compared to standard display modules [5] Group 4: Automotive Business and Future Plans - The automotive business currently represents a small revenue share for the company, with development cycles for automotive electronics exceeding one year due to extensive project phases [6] - The company is establishing an industrial fund focused on high-value segments of the semiconductor and electronic information industry, aiming to enhance technological upgrades and competitive strength [6]