泰凌微（688591）：多款新品进入规模量产，业绩高速增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has achieved significant revenue growth, with a 37.72% year-on-year increase in revenue to 503 million yuan in the first half of 2025, and a remarkable 274.58% increase in net profit attributable to shareholders, reaching 101 million yuan [4][5] - The product structure has been optimized, leading to high profit growth, with notable increases in sales across various product lines, particularly in multi-mode and audio products [5] - The company is actively promoting chip research and development, with new AI chips and Matter chips entering mass production, contributing to sales growth [6] Financial Performance - The company reported a comprehensive gross margin of 50.61%, an increase of 4.43 percentage points year-on-year, attributed to the optimization of the product sales structure [5] - For Q2 2025, the company achieved revenue of 273 million yuan, a year-on-year increase of 33.97% and a quarter-on-quarter increase of 18.86% [5] - The projected revenues for 2025, 2026, and 2027 are 1.14 billion yuan, 1.48 billion yuan, and 1.90 billion yuan respectively, with net profits expected to be 222 million yuan, 326 million yuan, and 440 million yuan [7][10] Market Position - The company has established itself as a leader in the chip market, being the first to produce Bluetooth 6.0 chips with new features and achieving significant sales in the overseas smart home sector [6] - The company’s stock performance is projected to significantly outperform the market, with expected growth rates of 32.69%, 34.53%, 30.64%, and 28.20% for the years 2024 to 2027 [10]