泰凌微(688591)：技术驱动无线物联网芯片发展 下游增长动能强劲

Core Insights - The company focuses on wireless IoT chip technology development, covering various application scenarios and mainstream terminal brand customers, with a historical revenue of 844 million yuan in 2024, a year-on-year increase of 32.69% [1] - The company’s main products include IoT chips and audio chips, emphasizing low-power Bluetooth and multi-protocol SoC products, which enhance its competitive advantage and create commercial barriers [2] - The company is leveraging AI to drive technological development and strengthen its core competitiveness, with new chip production in advanced processes like 22nm and 40nm [4] Financial Performance - The company achieved a revenue of 230 million yuan in Q1 2025, reflecting a year-on-year growth of 42.47% [1] - Forecasted net profits for 2025-2027 are 195 million yuan (yoy +100.5%), 302 million yuan (yoy +54.5%), and 435 million yuan (yoy +44.3%), with corresponding EPS of 0.81 yuan, 1.25 yuan, and 1.81 yuan [5] Product Applications - The company’s chips are utilized in smart retail, enhancing operational efficiency through features like real-time data transmission and inventory monitoring [3] - Audio chips incorporate edge AI technology, offering low latency and multi-device connectivity, expanding audio application coverage [3] - The company’s low-power chips support smart digital keys, addressing the high battery life demands of such applications [3] Market Positioning - The company maintains long-term collaborations with leading brands like Google, Amazon, and Xiaomi, showcasing its product performance and service quality [2] - The company is advancing in multi-mode wireless standards development, integrating new technologies into its chip offerings [4]