Vanchip (Tianjin) Technology (688153) 中邮证券·2025-03-10 12:50Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is focusing on the promotion of its latest Wi-Fi 7 PA module, which enhances signal transmission for AI glasses, improving user experience through stable data transmission [4] - The automotive communication market is expected to grow significantly, with the company developing new 5G RF front-end products to meet the increasing demand in this sector [5] - Revenue projections for the company are estimated at 2.1 billion, 2.42 billion, and 2.81 billion yuan for the years 2024, 2025, and 2026 respectively, with a forecasted net profit of -24.28 million, 72.51 million, and 101.64 million yuan for the same years [6][8] Company Overview - The latest closing price of the company's stock is 37.87 yuan, with a total market capitalization of 16.3 billion yuan [3] - The company has a total share capital of 430 million shares, with 114 million shares in circulation [3] - The company's largest shareholder is Gaintech Co. Limited [3] Financial Forecasts - The company is projected to experience a revenue decline of 29.46% in 2024, followed by a recovery with growth rates of 15% and 16% in 2025 and 2026 respectively [8] - The EBITDA for the years 2024, 2025, and 2026 is expected to be 1.0641 billion, 2.0965 billion, and 2.4691 billion yuan respectively [8] - The company's net profit margin is projected to improve from -1.2% in 2024 to 3.6% in 2026 [10]