泰凌微（688591）：首次覆盖报告：技术驱动无线物联网芯片发展，下游增长动能强劲

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Viewpoints - The company focuses on the development of wireless IoT chips, covering multiple application scenarios and mainstream terminal brand customers, with a projected revenue of 844 million yuan in 2024, representing a year-on-year growth of 32.69% [2][11]. - The company has a stable shareholding structure, with the chairman holding a significant stake, which contributes to its operational stability [19]. - The market demand for IoT chips is recovering, driving significant revenue growth, with a compound annual growth rate of 16.78% from 2020 to 2024 [26][29]. Summary by Sections Company Overview - The company specializes in wireless IoT chip technology development, with products applicable in smart retail, consumer electronics, smart lighting, smart home, smart healthcare, logistics, and audio entertainment [2][18]. - The company has established long-term technical accumulation and product layout in low-power Bluetooth, dual-mode Bluetooth, Zigbee, Matter, and WiFi short-range wireless communication chips [2][24]. Industry Situation - The digital transformation is driving the demand for IoT connection chips, with a clear trend of technological iteration [38]. - Wireless IoT applications are broad, with local wireless communication technologies like WiFi, Bluetooth, and Zigbee being particularly suitable for smart home and healthcare applications [38][41]. Product Analysis - The company's main products are IoT chips and audio chips, with a focus on low-power Bluetooth SoC products that support various IoT application protocols [51]. - The company has seen significant growth in its audio chip segment, driven by new customer acquisitions and increased orders from existing clients [32]. Financial Performance - The company expects to achieve a net profit of 195 million yuan in 2025, reflecting a year-on-year increase of 100.5% [11][13]. - The revenue from IoT chips is projected to reach 765 million yuan in 2024, with a gross margin of 47.17% [32][33].