Motorcomm Electronic Technology (SH:688515) China Post Securities·2025-09-05 04:39Investment Rating - The report assigns an "Accumulate" rating to the company Yutai Microelectronics (688515) [4] Core Views - The company has experienced significant revenue growth, with a 43.41% year-on-year increase in revenue to 222 million yuan in the first half of 2025. The 2.5G PHY segment saw an impressive 88.34% growth, contributing 72.9 million yuan to revenue [2][3] - The company is focusing on vertical technology upgrades and horizontal ecosystem expansion to build a more complete vehicle communication solution, with its PHY chips already in mass production across nearly all domestic car manufacturers [3] Financial Performance - Revenue projections for 2025, 2026, and 2027 are estimated at 580 million yuan, 810 million yuan, and 1.1 billion yuan respectively, with net losses expected to decrease from 191.47 million yuan in 2025 to a profit of 8.89 million yuan in 2027 [4][6] - The company reported a net loss of 104 million yuan in the first half of 2025, although this represents a reduction in losses compared to the previous year, primarily due to a 15.50% increase in R&D expenses [2][4] Market Position and Strategy - The company aims to solidify its market position in PHY chips while expanding its product offerings in vehicle Ethernet and SerDes high-speed wired communication chips [3] - The company’s R&D expenses accounted for 70.06% of its revenue, indicating a strong commitment to innovation despite the current losses [2]