Vanchip (Tianjin) Technology (688153) 兴业证券·2025-03-16 03:07Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company is a leading domestic player in the RF power amplifier module market, focusing on the research, design, and sales of RF front-end chips, with products widely used in smartphones, tablets, and other wireless communication devices [3][5][7] - The RF front-end market is expected to grow steadily, with the market size projected to increase from over 26.9 billion by 2028, representing a CAGR of 5.8% [4][20] - The company is well-positioned to benefit from the growing demand for high-end RF modules and Wi-Fi FEM products, particularly in AI applications [4][42] Financial Summary - The company is projected to achieve total revenue of 2,103 million yuan in 2024, a decrease of 29.5% year-on-year, followed by a recovery to 2,530 million yuan in 2025 and 2,932 million yuan in 2026, with respective growth rates of 20.3% and 15.9% [4][52] - The net profit attributable to the parent company is expected to be -24 million yuan in 2024, with a significant recovery to 54 million yuan in 2025 and 88 million yuan in 2026, reflecting year-on-year growth rates of 121.1% and 62.2% [4][52] - The company's gross margin is projected to improve from 24.8% in 2023 to 26.3% in 2026, driven by the increasing share of high-end products [4][52] Business Outlook - The company has established long-term relationships with major clients such as Xiaomi, OPPO, and vivo, which strengthens its competitive advantage [7][9] - The introduction of new products, such as the L-PAMiF and L-PAMiD modules, is expected to enhance market share and revenue growth [4][41] - The company is actively expanding its Wi-Fi FEM product line, which is anticipated to benefit from the explosive growth in AI terminal products [42][49]