天德钰：新品份额持续提升，业绩增长强势

Investment Rating - Buy | Maintain [2] Core Views - Strong performance growth driven by new product market share expansion [3] - Revenue for the first three quarters of 2024 is expected to reach 1.48 billion yuan, a year-on-year increase of 79.57% [3] - Net profit attributable to the parent company for the first three quarters of 2024 is expected to be 190 million yuan, a year-on-year increase of 156.32% [3] - Q3 2024 revenue is expected to be 640 million yuan, a year-on-year increase of 97.94%, with net profit attributable to the parent company at 90 million yuan, a year-on-year increase of 222.05% [3] - Strong demand for four-color electronic shelf labels, contributing significantly to revenue growth [3] - Global electronic shelf label market size is expected to exceed 10 billion yuan by 2024 [3] Financial Projections - Revenue for 2024E, 2025E, and 2026E is projected to be 2.101 billion yuan, 3.017 billion yuan, and 4.508 billion yuan, respectively [4] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 297 million yuan, 444.64 million yuan, and 690.3 million yuan, respectively [4] - EPS for 2024E, 2025E, and 2026E is projected to be 0.73 yuan, 1.09 yuan, and 1.69 yuan, respectively [4] - P/E ratios for 2024E, 2025E, and 2026E are projected to be 27.16, 18.14, and 11.68, respectively [4] Financial Ratios - Gross margin for 2024E, 2025E, and 2026E is projected to be 22.4%, 23.3%, and 23.8%, respectively [6] - Net margin for 2024E, 2025E, and 2026E is projected to be 14.1%, 14.7%, and 15.3%, respectively [6] - ROE for 2024E, 2025E, and 2026E is projected to be 13.1%, 16.4%, and 20.3%, respectively [6] - Asset-liability ratio for 2024E, 2025E, and 2026E is projected to be 20.8%, 26.5%, and 29.9%, respectively [6] Product and Market Analysis - Continuous innovation and faster product iteration in display driver chips, particularly in wearable devices [3] - New products in mobile TDDI high-refresh and qHD, as well as tablet TDDI, have started shipping [3] - Four-color electronic shelf label products have seen strong market demand since Q1 2024, with early market entry and comprehensive product offerings driving revenue growth [3]