唯捷创芯（688153）：二季度环比扭亏为盈，WiFi模组在AI端侧批量出货

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company turned profitable in Q2 2025, with a revenue of 9.87 billion yuan, a year-over-year decrease of 7.93%, and a net profit attributable to shareholders of -9.43 million yuan [1]. - The company is experiencing pressure on gross margins due to price competition and weak downstream demand recovery, leading to a downward revision of net profit forecasts for 2025-2027 [4]. - New product launches, including the L-PAMiD and L-PAMiF modules, are progressing well, with successful customer integration and mass production [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 4.78 billion yuan, a year-over-year decline of 21.66%, but a quarter-over-quarter increase of 148% in net profit to 8.69 million yuan [1]. - The gross margin for Q2 2025 was 28.02%, an increase of 4.0 percentage points year-over-year and 6.8 percentage points quarter-over-quarter [1]. - For the first half of 2025, the revenue from the RF power amplifier module was 7.89 billion yuan, accounting for 80% of total revenue, with a gross margin of 23.98% [2]. Product Development - The company is launching new products such as the Phase 7LE Plus module targeting flagship smartphones and the Phase 8L module for mid-to-high-end markets, with successful customer integration [3]. - The new generation of Wi-Fi 7 modules has achieved mass production in the AI edge sector, with successful cost reduction strategies validated by client projects [3]. Financial Forecasts - The revised net profit forecasts for 2025, 2026, and 2027 are 200 million yuan, 311 million yuan, and 424 million yuan, respectively, with corresponding P/E ratios of 76.5x, 49.2x, and 36.1x [4][5]. - The company expects a revenue of 2.507 billion yuan in 2025, reflecting a year-over-year growth of 19.2% [5].