Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is experiencing rapid growth in the AIOT long-tail market, with significant scale effects leading to increased profits. The revenue growth is primarily driven by the accelerated adoption of the company's wireless SoC solutions across various digital scenarios, including energy management and industrial control, alongside emerging fields like AI toys and smart agriculture [4][5]. - The company has a robust product matrix that includes Wi-Fi 6E and AI chips, with plans to expand into Wi-Fi 7 technology. The first Wi-Fi 6E chip is set for mass production in the second half of 2025, showcasing strong technical competitiveness [4][5]. - The company is enhancing its AI capabilities through collaborations, such as the launch of the EchoEar AI development kit, which aims to integrate AI into more smart terminal applications, thus expanding the AIoT industry [4][5]. Summary by Sections Financial Performance - The company expects to achieve a revenue of between 1.22 billion to 1.25 billion yuan for the first half of 2025, representing a year-on-year increase of 33% to 36%. The net profit attributable to the parent company is projected to be between 250 million to 270 million yuan, an increase of 65% to 78% year-on-year [4][5]. - The gross margin remains above 40%, with R&D expenses increasing by 20% to 25% year-on-year. The operating leverage effect is expected to drive rapid profit growth as revenue increases outpace R&D expense growth [4][5]. Product Development - The company has completed engineering sample testing for its first Wi-Fi 6E wireless communication chip, which supports advanced features and is designed for high-speed wireless communication applications. The next-generation Wi-Fi 7 chip is also in development, indicating a strong focus on technological advancement [4][5]. - The collaboration with the Volcano Engine team to develop the EchoEar AI development kit highlights the company's commitment to integrating AI into its product offerings, enhancing user interaction and expanding its market reach [4][5]. Future Projections - The company forecasts net profits of 554 million, 717 million, and 884 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41.94, 32.40, and 26.28 times [4][5].

Core Viewpoint - Murata Manufacturing is ramping up production and delivery of its first high-frequency filter utilizing XBAR technology, which combines proprietary surface acoustic wave (SAW) filter technology with Resonant Inc.'s XBAR technology, essential for modern wireless technologies like 5G, Wi-Fi 6E, Wi-Fi 7, and emerging 6G [3][4] Group 1: Product Features and Performance - The new XBAR filter overcomes limitations of traditional methods, achieving high attenuation performance while maintaining wide bandwidth and low signal loss, crucial for high-speed, high-capacity wireless communication [4] - Key performance parameters include a passband of 5150 to 7125 MHz, a typical insertion loss of 2.2 dB, and a typical return loss of 17 dB, with attenuation values of 11 dB at 4800 to 5000 MHz, 28 dB at 3300 to 4800 MHz, 27 dB at 7737 to 8237 MHz, and 26 dB at 10300 to 14250 MHz [4] Group 2: Market Context and Demand - The demand for reliable high-frequency communication is growing with the widespread deployment of 5G and the future development of 6G, alongside the expansion of WLAN standards like Wi-Fi 6E and Wi-Fi 7 into higher frequency ranges [3] - The mobile phone service and network expansion drive the need for wider and higher frequency bands, with 5G applications requiring frequencies below 6 GHz and into millimeter-wave bands [6][7] Group 3: Competitive Landscape and Intellectual Property - The acoustic filter industry has matured, with major players like Murata and Skyworks leading in SAW IP, while Broadcom dominates in BAW IP, indicating a competitive landscape [6] - Since Murata's acquisition of Resonant in 2022, the strong intellectual property (IP) portfolio has bolstered its position in 5G high-frequency filter development, although competition is increasing with other companies filing LBAW technology patents [9][12] - The IP landscape is evolving, with Chinese companies like Shenzhen Feiyang Technology and others showing increased interest and R&D efforts in LBAW technology, indicating a shift in competitive dynamics [9][13]