唯捷创芯（688153）：国内射频PA龙头，Wi-FiFEM打开成长空间

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - 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 various wireless communication-enabled devices [3][5][7] - The RF front-end market is steadily growing, with the company expected to benefit from the increasing demand for high-end RF modules and the transition to advanced solutions like Phase8 [4][20] - The company is actively expanding its Wi-Fi FEM product line, which is anticipated to gain traction due to the rising demand for AI applications [41][47] Summary by Sections Company Overview - The company specializes in RF front-end chip development, with a primary focus on RF power amplifier modules, RF switch chips, and Wi-Fi RF front-end modules [5][9] - Key clients include major smartphone brands such as Xiaomi, OPPO, and vivo, as well as leading ODM manufacturers [7][9] Market Analysis - The RF front-end market exceeded USD 19.2 billion in 2022 and is projected to reach USD 26.9 billion by 2028, with a CAGR of 5.8% [4][20] - The company is positioned to capture a growing market share in high-end RF modules, particularly with its new L-PAMiF and L-PAMiD products [4][40] Financial Performance - The company is expected to achieve revenues of CNY 21.03 million, CNY 25.30 million, and CNY 29.32 million for the years 2024, 2025, and 2026, respectively, with corresponding net profits of CNY -24 million, CNY 54 million, and CNY 88 million [4][51] - The gross margin is projected to improve from 24.50% in 2024 to 26.02% in 2026 as the company continues to enhance its product offerings [50] Product Development - The company has successfully launched its new generation of low-voltage L-PAMiF modules, which have shown significant advantages in reducing system costs for clients [40] - The Wi-Fi FEM product line is expanding, with plans to introduce new products targeting AI applications in various consumer electronics by Q2 2025 [41][48]