泰凌微（688591）：无线连接SoC，驱动智能连接

Investment Rating - The investment rating for TaiLing Microelectronics (688591) is "Buy" and is maintained [2][7] Core Views - The company is entering a harvest period after previous investments, with multiple product lines experiencing rapid growth. The continuous investment in edge AI products and expansion into overseas markets has led to new product shipments exceeding expectations, resulting in significant revenue increases across all product lines, particularly in multi-mode and audio segments. The overseas revenue continues to grow [5][6] - For the first three quarters of 2025, the company achieved approximately 766 million yuan in operating revenue, a year-on-year increase of 30.49%, with Q3 alone contributing 263 million yuan. The net profit attributable to the parent company for the same period was approximately 140 million yuan, reflecting a year-on-year growth of 117.35% [5][6] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 1.11 billion yuan, 1.44 billion yuan, and 1.87 billion yuan, respectively. The net profits attributable to the parent company are expected to be 210 million yuan, 303 million yuan, and 410 million yuan for the same years [7][10] - The company anticipates a growth rate of approximately 30% for operating revenue in 2025 and a gradual decline to about 29.41% by 2027 [10][12] Market Expansion - The planned acquisition of Shanghai Panqi Microelectronics will enable the company to enter the Sub-1G market, which is rapidly growing due to digital economy initiatives and smart meter upgrades. Panqi Microelectronics has established Sub-1G chip solutions with excellent performance metrics, and TaiLing Microelectronics aims to leverage its global sales network to promote these products to overseas clients [6][7]