2025 年 05 月 18 日 公司点评 增持/维持 天音控股(000829) 目标价: 昨收盘:9.95 国补、AI 助力终端业务回暖，电商业务成第二增长极 ◼ 走势比较 (20%) 4% 28% 52% 76% 100% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 天音控股 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 10.25/10.24 | | --- | --- | | 总市值/流通(亿元) | 102/101.9 | | 12 个月内最高/最低价 | 16.83/7.3 | | (元) | | 相关研究报告 <<电商平台收入大幅增长，业绩有望 迎来拐点>>--2023-05-06 <<电商平台收入大幅增长，汽车销售 业务值得期待>>--2022-10-26 证券分析师：李仁波 电话： 0755-83688853 E-MAIL：lirb@tpyzq.com 分析师登记编号：S1190520040002 事件：近期公司发布年报及一季报，公司全年实现总营收 840.38 亿 元，同比减少 11.38%；利润总额 1.33 亿元，同比减少 ...

Core Viewpoint - Tianyin Holdings (000829) reported a revenue of 84.038 billion yuan and a net profit attributable to shareholders of 31.184 million yuan for the fiscal year 2024, emphasizing its commitment to cash dividends as a means of returning value to investors [1] Group 1: Financial Performance - The company achieved a revenue of 84.038 billion yuan and a net profit of 31.184 million yuan for the fiscal year 2024, with earnings per share at 0.03 yuan [1] - Tianyin Holdings plans to distribute a cash dividend of 0.10 yuan for every 10 shares, totaling approximately 10.251 million yuan [1] - The company has consistently paid cash dividends for six consecutive years, amounting to approximately 219 million yuan [1] Group 2: Business Strategy and Operations - The core business of Tianyin Holdings is intelligent terminal sales, which supports its new development strategy of "integrated industry and digital network platform" [2] - In 2024, the company aims to create an integrated digital network platform, providing diverse supply chain services to over 20,000 downstream partners [2] - The company is leveraging its channel and customer resource advantages to enter the new energy vehicle sector and is building a competitive supply chain system centered in Shenzhen [2] Group 3: Technological Innovation - Tianyin Holdings utilizes big data and machine learning through its subsidiary "Nengliang E-commerce" to analyze market data, improving procurement efficiency and reducing costs [2] - The company has implemented AI recommendations to enhance order matching and increase transaction speed and volume [2] - The launch of AI smart systems in customer service has significantly reduced customer wait times [2] Group 4: Lottery Business - The subsidiary Suicai is a leading provider of comprehensive technology services for the lottery industry, focusing on R&D, sales, and service [3] - In 2024, the company won multiple bids for lottery projects across nearly twenty provinces in China and achieved breakthroughs in overseas markets, including Brazil and Mongolia [3] - The WIKO brand under Tianyin Holdings continues to grow in the mobile phone industry through product innovation and market positioning, with plans for global market expansion [3]