occurrences

Recently, the company released TledgeAI-DK, a machine learning and artificial intelligence development platform based on the TL721x and TL751x chips.

Key investment points

The Tledgeai-DK platform was released. At present, the implementation of artificial intelligence applications has entered a new stage. The huge market combining wireless connectivity with edge AI computing capabilities will show a rapid growth trend in the future, with AI end-side applications being prominent. The company's newly released TL-EdgeAI development platform will support mainstream local AI models, such as open source models such as Google Litert and TVM. It is currently the world's lowest power smart IoT connection protocol platform. It is particularly suitable for use in various products that require battery power, paving a new path for the future development of massive AI end-side applications.

Open the end-side AI market. The company's newly released TL721x and TL751x series added edge AI computing capabilities, enabled self-learning, participation and connection with large models and small applications, and achieved comprehensive cooperation with international and domestic first-line smart audio and smart home manufacturers. At present, the TL721X has entered a critical stage of mass production preparations. It is expected that large-scale mass production will officially begin in mid-2025, and has taken the lead in providing samples to some pilot customers for early trial and evaluation; the TL751X has emerged in the market with its excellent high performance, extensive multi-protocol support, and excellent high integration advantages.

Investment recommendations:

We expect the company to achieve revenue of 0.81/1.05/1.37 billion yuan in 2024/2025/2026, and net profit to mother of 0.1/0.17/0.29 billion yuan respectively, maintaining a “buy” rating.

Risk warning:

Technology iteration risk; risk of R&D falling short of expectations; risk of loss of core technical talent; risk of concentration of major suppliers; risk of overseas operation; management risk due to expansion of business scale.