泰凌微：国产低功耗蓝牙龙头，端侧大发展时代空间广阔-20250310

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading domestic low-power Bluetooth provider with a comprehensive technology layout and continuous new product releases. It holds a strong position in multiple sectors within its industry and is recognized as a representative in the global first tier [4][27] - The company has achieved significant advancements in the RISC-V field, successfully mass-producing its first RISC-V based wireless SoC chip in 2020, showcasing its strong potential in multi-core heterogeneous computing [29] - The company is expected to achieve revenues of 844 million yuan, 1.115 billion yuan, and 1.466 billion yuan from 2024 to 2026, with corresponding net profits of 97 million yuan, 171 million yuan, and 309 million yuan, reflecting a robust growth trajectory [5][4] Summary by Sections Company Overview - The company specializes in the design and sale of wireless IoT system-level chips, focusing on cutting-edge technology development in the low-power Bluetooth chip sector. It has become one of the most comprehensive companies in this niche globally [18] Market Potential - According to the Bluetooth Alliance, the shipment of Bluetooth devices is expected to reach 7.5 billion by 2028, with a compound annual growth rate (CAGR) of 8% over the next five years [15] Financial Performance - The company reported revenues of 609 million yuan in 2022, with a projected increase to 844 million yuan in 2024, reflecting a year-on-year growth of 32.7% [5] - The gross profit margin is expected to improve from 41.3% in 2022 to 49.1% by 2026, indicating enhanced profitability [5] Competitive Position - The company has established stable partnerships with leading brands in various sectors, including Xiaomi, Logitech, and Nvidia, which underscores its competitive advantage and product quality [21][30] - It ranks third globally in low-power Bluetooth chip shipments as of 2020, with a market share of 12% [22] Product Development - The company has launched a machine learning and AI development platform, TLEdgeAI-DK, which supports mainstream local AI models and is recognized as the world's lowest power consumption smart IoT connection protocol platform [28] - The company continues to innovate in the RISC-V architecture, with products like TL751X integrating high-performance cores, showcasing its commitment to advanced technology [29]