唯捷创芯：24H1业绩符合预期，模组产品增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [4][9]. Core Views - The company achieved a revenue of 1.072 billion yuan in H1 2024, representing a year-on-year growth of 20.28%, and turned a profit with a net profit of 11.27 million yuan [2][3]. - The consumer electronics market is recovering, with the company's module products experiencing significant growth, particularly in the RF power amplifier module segment [2][3]. - The company has a strong focus on R&D, with 54.08% of its employees dedicated to research and development, and R&D expenses accounting for 20.73% of its revenue in H1 2024 [3]. Financial Performance - In H1 2024, the company reported a revenue of 1.072 billion yuan, with a Q2 revenue of 610 million yuan, showing a 6.5% year-on-year increase and a 32% quarter-on-quarter increase [2]. - The RF power amplifier module revenue reached 854 million yuan, accounting for 80% of total revenue, with a gross margin of 26.14% [2]. - The company expects revenues of 3.26 billion, 4.01 billion, and 4.86 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 227 million, 360 million, and 503 million yuan [4][5]. Market Position - The company is the first in China to provide integrated RF front-end solutions, with established partnerships with major brands such as OPPO, vivo, and Xiaomi [3]. - The global smartphone market showed a 6% year-on-year growth in H1 2024, contributing to the company's performance [2].