慧智微（688512）：慧聚新力量，智启芯未来

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company is projected to achieve revenue between 800 million to 860 million yuan in 2025, with a net loss forecasted between 235 million to 168 million yuan. The improvement in performance is attributed to product structure optimization and increased production of key products [3][4]. - The company has established a comprehensive product matrix covering various communication frequency bands, which positions it well for future market demands and enhances its competitive edge in the 5G RF front-end module market [4][5]. - The customer base includes major smartphone manufacturers such as Samsung, vivo, Xiaomi, and OPPO, which strengthens the company's market position and influence [5]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 820 million, 1.16 billion, and 1.49 billion yuan respectively, with net profits expected to improve from a loss of 200 million yuan in 2025 to a profit of 10 million yuan in 2027 [8][10]. - The company anticipates a significant growth rate of 57.11% in 2025, followed by 40.80% in 2026 and 28.67% in 2027 [10][11]. Market Position - The company has successfully launched its products in high-end flagship models and is expanding its presence in the IoT sector, indicating a strategic focus on diversifying its product offerings and enhancing market competitiveness [5][4]. - The report highlights the company's strong collaboration with leading wireless communication module manufacturers, which is expected to drive further growth in the 5G and IoT markets [5].