Telink Semiconductor(Shanghai) (SH:688591) Xin Lang Cai Jing·2025-10-17 00:34Core Insights - The company specializes in low-power wireless IoT chip development, design, and sales, focusing on short-range wireless communication chips, and has transitioned through single-mode, multi-mode, and AI integration phases since its establishment [1][2] Group 1: IoT Chip Business - The company achieved a revenue of 844 million yuan in 2024, with a CAGR of 12.58% from 2019 to 2024, where IoT wireless connection chips accounted for 90.6% of total revenue [1] - The company ranks first in domestic shipments of BLE and ZigBee chips, and is a leading supplier of multi-mode chips in China, with product competitiveness on par with Nordic and Silicon Labs [2] - The revenue and profit from IoT chip products are expected to continue increasing due to market expansion and a higher proportion of high-margin products [2] Group 2: Audio Chip Business - The audio SoC supports classic Bluetooth, low-power Bluetooth, and 2.4G private protocols, with significant clients including Harman and Sony, and is entering a rapid growth phase starting in 2024 [2] - In the first half of 2025, audio chip revenue reached 61.17 million yuan, reflecting a year-on-year increase of 98.82% [2] Group 3: Edge AI Market - The company launched two edge AI chips, TL721x and TL751x, along with the TLEdgeAI-DK platform, addressing real-time, privacy, and bandwidth issues in AIoT [3] - The ultra-low power advantage of the edge AI chips allows the company to penetrate battery-powered AIoT scenarios effectively, enhancing customer development ease and accelerating product introduction [3] - The "hardware + platform" model is expected to strengthen customer binding and increase market penetration in smart home and industrial systems, driving revenue growth [3] Group 4: Financial Projections - The company forecasts net profits of 224 million, 314 million, and 429 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 130%, 40%, and 37% [4] - The IoT business is anticipated to benefit from ongoing market expansion and an increase in high-margin product sales, while the audio business is entering a growth phase [4]