天德钰（688252.SH） 优于大市 二季度收入创季度新高，积极拓展工控与零售市场 证券研究报告 | 2025年08月27日 2025 上半年收入同比增长 43%，归母净利润同比增长 51%。公司 2025 上半年 实现收入 12.08 亿元(YoY +43.35%)，归母净利润 1.52 亿元(YoY +50.89%)， 扣非归母净利润 1.46 亿元(YoY +73.56%)，毛利率同比提高 3.7pct 至 24.41%，研发费用同比增长 25.8%至 0.99 亿元，研发费率同比下降 1.1pct 至 8.20%。其中 2Q25 实现收入 6.54 亿元(YoY +31.43%，QoQ +17.97%)，创 季度新高，归母净利润 0.82 亿元(YoY +19.50%，QoQ +15.93%)，扣非归母 净利润 0.79 亿元(YoY +32.03%，QoQ +19.37%)，毛利率为 24.36%（YoY +2.9pct，QoQ -0.1pct）。 泛消费电子领域带屏化，增加显示驱动产品应用场景。公司产品线包括显示 驱动芯片、摄像头音圈马达驱动芯片、快充协议芯片和电子价签四大产品线， 各产品线终端 ...

根据公司披露的2025年半年报，天德钰上半年实现营业收入12.08亿元，同比增长43.35%；归母净利润 1.52亿元，同比增长50.89%；扣非净利润1.46亿元，同比增长73.56%。业绩增长主要得益于显示驱动芯 片产品的持续放量，以及电子价签驱动芯片等创新产品的市场拓展。 资金流向方面，天德钰8月26日主力资金净流出25.40万元，近五日主力资金净流入6946.05万元。 截至2025年8月26日15时，天德钰股价报28.45元，较前一交易日下跌0.87%。当日开盘价为28.32元，最 高触及28.78元，最低下探28.00元，成交量为103470手，成交额达2.93亿元。 天德钰主营业务为智能移动终端显示驱动芯片、摄像头音圈马达驱动芯片、快充协议芯片和电子价签驱 动芯片。公司产品广泛应用于三星、OPPO、vivo等手机品牌，以及亚马逊、谷歌、百度等平板和智能 音箱客户。 风险提示：市场有风险，投资需谨慎。 ...

Core Viewpoint - The company Tian De Yu (688252.SH) continues to show strong performance in its operations, with significant revenue and profit growth in the first half of 2025, reflecting a positive trend in the semiconductor and consumer electronics industry [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.208 billion yuan, a year-on-year increase of 43.35%, and a net profit of 152 million yuan, up 50.89% [1][2]. - For the full year of 2024, the company reported revenue of 2.102 billion yuan, a growth of 73.88%, and a net profit of 275 million yuan, marking a 143.61% increase, which is the best annual performance since its listing [2]. - In Q1 2025, the company recorded revenue of 554 million yuan, a 60.52% increase year-on-year, and a net profit of approximately 70.57 million yuan, up 116.96% [2]. - The second quarter of 2025 saw revenue of approximately 654 million yuan, a year-on-year increase of 31.46%, and a net profit of about 81.43 million yuan, up 18.93% [2]. Business Growth Drivers - The growth in the first half of 2025 is attributed to the increased demand for high-refresh-rate mobile display driver chips, significant shipments from brand customers in the tablet display driver chip segment, and an increase in market share for wearable display driver chips [3]. - The company maintains a leading position in the global market for electronic price tag driver chips, contributing to revenue growth [3]. Research and Development - The company has invested a total of 470 million yuan in R&D from 2022 to 2024, with annual R&D expenses of 150 million yuan, 144 million yuan, and 176 million yuan respectively [4][5]. - As of the end of 2024, the company holds 72 authorized patents, including 68 invention patents and 4 utility model patents, along with 99 layout designs and 58 software copyrights, totaling 229 intellectual property items [5]. Asset Growth - The company's total assets increased from 679 million yuan in 2020 to 2.574 billion yuan in 2024, representing a growth of 279.09% [5]. - As of the end of Q1 2025, total assets reached 2.666 billion yuan, a year-on-year increase of 19.50%, marking a historical high [5].

深圳天德钰科技股份有限公司（以下简称"公司"）是一家专注于移动智能 终端领域芯片研发、设计、销售企业。公司致力于移动智能终端和智能物联两大 领域关键芯片的自主研发，产品涵盖移动智能终端显示驱动芯片、电子标签驱动 芯片、摄像头音圈马达驱动芯片、快充协议芯片等。近期，公司经营情况持续向 好，经初步测算：2025 年 1—5 月，公司实现营业收入 102,210.21 万元，较去 年同期增长约 55.59%；截至 2025 年 5 月末，公司未分配利润余额 90,121.38 万 元，较去年同期增长约 47.34%。 二、 相关风险提示 本公告所载近期财务数据为初步核算数据，未经会计师事务所审计，仅作为 阶段性财务数据供投资者参考，不能以此推算公司全年业绩情况，具体数据以公 司定期报告中披露的数据为准，敬请投资者理性投资，注意风险。 特此公告。 证券代码：688252 证券简称：天德钰 公告编号：2025-028 深圳天德钰科技股份有限公司 关于近期经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 近期经营情 ...