Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35%, and a net profit attributable to the parent company of 152 million yuan, up 50.89% year-on-year [1] - The company is actively expanding into the industrial control and retail markets, leveraging its strong customer base and product lines, which include display driver chips and electronic shelf labels [2][3] - Due to the successful launch of new products, the forecast for net profit attributable to the parent company for 2025-2027 has been raised to 357 million, 424 million, and 496 million yuan respectively, with corresponding PE ratios of 33, 27, and 24 times [3] Financial Performance - In Q2 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 17.97% [1] - The gross profit margin improved by 3.7 percentage points to 24.41% in the first half of 2025, with R&D expenses increasing by 25.8% to 99 million yuan [1] - The company has a diversified product line that benefits from the trend of screen integration in consumer electronics, contributing to revenue growth [2] Customer Base and Market Expansion - The company has established a strong customer base, including major brands like Samsung, VIVO, and OPPO, and is expanding its presence in industrial control and retail sectors [3] - The electronic shelf label (ESL) chips have been adopted by several global retail giants, enhancing the company's market position [3]

Core Viewpoint - The company Tian De Yu has shown significant revenue and profit growth in the first half of 2025, driven by the demand for its display driver chips and innovative products like electronic price tag driver chips [1]. Financial Performance - In the first half of 2025, Tian De Yu achieved operating revenue of 1.208 billion yuan, representing a year-on-year increase of 43.35% [1]. - The net profit attributable to shareholders was 152 million yuan, up 50.89% year-on-year [1]. - The non-recurring net profit reached 146 million yuan, reflecting a substantial growth of 73.56% compared to the previous year [1]. Market Activity - As of August 26, 2025, Tian De Yu's stock price was 28.45 yuan, down 0.87% from the previous trading day [1]. - The stock opened at 28.32 yuan, peaked at 28.78 yuan, and fell to a low of 28.00 yuan, with a trading volume of 103,470 hands and a total transaction value of 293 million yuan [1]. - On August 26, the net outflow of main funds was 254,000 yuan, while the net inflow over the past five days was 69.46 million yuan [2].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.208 billion yuan, a year-on-year growth of 43.35%, and net profit attributable to shareholders at 152 million yuan, up 50.89% [2] - The growth was primarily driven by the wearable and tablet product segments, alongside a continuous increase in industrial control products, indicating a diversification in application scenarios for display driver products [2] - The company has made substantial investments in R&D, amounting to 99.0514 million yuan, which is a 25.77% increase compared to the same period last year, ensuring ongoing technological innovation and product upgrades [2] Product Lines and Market Position - The company has four main product lines: smart mobile terminal display driver chips, camera voice coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [3] - New product developments include full HD display touch products for mobile phones and tablets, as well as high-resolution wearable products, enhancing market share and expanding into new markets and customers [3] - The company has pioneered the mass production of a full series of electronic paper driver ICs with multiple read-write memory capabilities, targeting the smart retail and IoT application markets [3] Technological Advancements - The self-developed "APID algorithm" enhances camera focus stability and speed, showcasing industry-leading performance in motor fault tolerance and focus precision [3] - The company's voice coil motor driver chips are widely used in major smartphone brands such as Samsung, Oppo, and Vivo, establishing long-term partnerships with leading module manufacturers in the industry [3]

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 ...