Core Viewpoint - The company, Toradex, has reported significant growth in both revenue and profit for 2024, driven by its dual business strategy focusing on outdoor products and chip technology, indicating a robust market position and operational efficiency [1][6]. Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 1.592 billion yuan, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 107 million yuan, up 48.50% [1]. - The outdoor business segment generated 1.369 billion yuan in revenue, reflecting an 8.91% growth compared to the previous year [2]. - The chip business reported an operating revenue of 222 million yuan, marking a 66.56% increase, with a net profit of 32.03 million yuan, up 183.30% [6]. Group 2: Business Strategy and Operations - The company has implemented a dual strategy of "outdoor + chip" to enhance its market presence and operational efficiency [1][8]. - A high-efficiency BOM system has been established to optimize inventory management and ensure stable supply chain operations [3]. - The company has adopted a flexible ordering model with four rolling R&D sessions annually, allowing for small-batch production and rapid response to market demands [3]. Group 3: Product Development and Innovation - The outdoor apparel segment remains a key revenue driver, contributing 70.39% to total revenue, while outdoor footwear and equipment also saw growth rates of 14.72% and 4.37%, respectively [4]. - The company has launched innovative outdoor smart equipment, including lower limb exoskeletons and smart skiing helmets, enhancing the outdoor experience through advanced technology [4][5]. - Continuous investment in R&D has led to the establishment of a technology platform with 138 patents in the outdoor segment and 259 in the chip segment, showcasing the company's commitment to innovation [8]. Group 4: Market Trends and Future Outlook - The outdoor sports industry is projected to exceed 3 trillion yuan by 2035, driven by increasing participation and policy support [2]. - The company aims to leverage its technological advancements to establish a new benchmark in the global outdoor industry by 2025 [8][9]. - Collaborations with institutions like Tsinghua University are set to enhance the company's capabilities in smart wearable technology and high-performance materials [9].

芯片业务核心板块依托三大创新方向实现显著突破，持续引领行业前沿发展。触控IC方面，探路者深化 与头部屏厂战略合作，成功导入新一代显示触控产品并完成车载OLED柔性屏大尺寸触控芯片验证。通 过"纵向深耕+横向拓展"策略，客户矩阵从单一向多领域延伸，产品覆盖车载、手机、平板等多场景， 并推出高可靠性主动笔触控方案，强化技术壁垒与市场渗透力。Mini LED显示驱动IC(AM方式)方面， 探路者聚焦"背光+直显"双技术路径，加速供应链国产化降本，同步开拓海外高利润市场。深化与国内 模组厂协同，缩短大客户验证周期，加速项目导入。作为国内首家同时拥有直显与背光Mini LED主动 式驱动芯片的企业，技术优势进一步巩固。芯片封测方面，公司深化红外探测器领域晶圆级、陶瓷及金 属封装代工服务，升级3.0版工艺技术，通过产线改造和工业线扫相机模块封装线新增，构建多元化客 户生态，强化大客户黏性并提升市场竞争力。 近日，探路者在中关村论坛期间举办"探路芯征程，智链向未来"生态计划发布会，重磅推出革命性产品 ——透辉TransHolo全息透明屏，以三大核心技术突破重新定义行业标杆。通过像素点间距P2.84-p10+的 宽幅适配能力 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 户外主业和 G2 表现靓丽，芯能商誉计提完毕 [Table_Title2] 探路者(300005) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 300005 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 10.01/4.49 | | 目标价格： | | 总市值(亿) | 71.67 | | 最新收盘价： | 8.11 | 自由流通市值(亿) | 71.64 | | | | 自由流通股数(百万) | 883.32 | [Table_Summary] 事件概述 请仔细阅读在本报告尾部的重要法律声明 证券研究报告|公司点评报告 其他收益占比提升 0.1PCT；投资净收益占比下降 0.9PCT 至 0.2%,主要由于 23 年存在处置长期股权投资；公允 价值变动收益占比下降 5.2PCT 至 5.68%；减值拨回 2.8PCT，营业外收入占比下降 0.1PCT，所得税占比提升 1.3PCT。（2）24Q ...