Core Viewpoint - Apple has officially launched its long-awaited self-developed Wi-Fi 7 chip, the N1 chip, which is now integrated into the new iPhone 17 series and iPhone Air, marking a significant shift in its connectivity strategy [2][9]. Summary by Sections Wi-Fi 7 Chip Development - Apple has been working on developing its own Wi-Fi chips for a long time, and the release of the N1 chip signifies its commitment to this strategy [2]. - The N1 chip supports Wi-Fi 7, Bluetooth 6, and Thread connectivity, enhancing the overall performance and reliability of features like AirDrop and personal hotspots [8][9]. Performance Limitations - The N1 chip supports a maximum channel bandwidth of 160 MHz for Wi-Fi 7, which is below the standard's theoretical limit of 320 MHz, potentially limiting its peak speed capabilities [4][8]. - Despite the bandwidth limitation, the actual performance is often constrained by internet service providers and other factors, which may not significantly impact most users [4]. Market Position and Competition - Apple is expected to capture approximately 15-20% of the mobile Wi-Fi chip market following the transition from Broadcom to its own N1 chip [10]. - The success of the N1 chip will depend on Apple's ability to ensure interoperability with a wide range of Wi-Fi devices produced by various manufacturers [10][11]. Industry Interaction - There are concerns regarding how Apple will interact with other participants in the Wi-Fi ecosystem, as effective collaboration is crucial for optimizing user experience [11]. - The industry anticipates that Apple will need to provide sufficient information to access points or service providers to enhance the overall quality of experience for users [11].

Core Viewpoint - Apple is replacing Broadcom's Wi-Fi, Bluetooth, and Thread chips with its own N1 chip as part of its strategy for Bluetooth audio alternatives and smart home integration [2][3] Group 1: N1 Chip Development - The N1 chip is Apple's first wireless network chip designed for the iPhone, supporting Wi-Fi 7, Bluetooth 6, and Thread, enhancing overall performance and reliability of features like personal hotspot and AirDrop [3][6] - The introduction of the N1 chip marks a significant shift as Apple has been using Broadcom chips for Wi-Fi connectivity since the iPhone 3G in 2008 [7] Group 2: Market Impact - With the launch of the N1 chip, Apple is expected to capture approximately 15-20% of the mobile Wi-Fi chip market, distancing itself from Broadcom and Qualcomm [7] - Broadcom's future in the chip market appears uncertain as it has lost major clients, with Synaptics taking over Google's Pixel and Qualcomm becoming the main supplier for Samsung's Wi-Fi chips [7] Group 3: Interoperability Challenges - The success of the N1 chip will largely depend on Apple's ability to ensure interoperability with a wide range of Wi-Fi devices produced by numerous companies in the industry [8][9] - Apple will need to provide sufficient information to access points or service providers to optimize user experience, similar to Intel's extensive testing and interaction with the Wi-Fi community [8][9]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容 编译自wifinowglobal. 。 苹果长期以来一直致力于内部开发Wi-Fi芯片，这已是公开的秘密。昨天，苹果终于发布了期待已久 的自主研发Wi-Fi 7芯片。N1芯片现在为从iPhone 17 Pro Max到iPhone Air的全系列新手机提供Wi- Fi连接。那么，这将如何影响Wi-Fi行业？最重要的是，新的N1芯片性能如何？ 昨天举行的苹果九月发布会（精简版可在此处查看）终于揭晓了苹果全新 Wi-Fi 芯片"N1"，同时也 标志着一个时代的终结：自 2008 年 iPhone 3G 以来，苹果一直在使用博通芯片提供 Wi-Fi 连接 （2007 年首款 iPhone 2G 使用的是 Marvell Wi-Fi 芯片）。那么，iPhone爱好者们对搭载 N1 芯片 的 Wi-Fi 7 连接有何期待呢？ N1 支持 Wi-Fi 7、蓝牙 6 和 Thread 的全部功能，但苹果公布的关于其功能的细节却寥寥无几，例 如峰值数据速率等。相反，苹果强调通过改进与其他 iPhone 硬件和软件（例如 Airdrop、个人热点 和基于 AI 的服 ...

Core Viewpoint - Apple is set to officially launch the iPhone 17 series during its fall event scheduled for September 10, 2023, with pre-orders expected to start on September 12 and official sales on September 19 [1] Group 1: iPhone 17 Series Features - The standard iPhone 17 will have an increased screen size from 6.1 inches to 6.3 inches [3] - All models will feature a 120Hz ProMotion display [3] - A new ultra-thin model, iPhone 17 Air, will replace the previous Plus model [3] - The iPhone 17 Pro series will utilize a half-glass, half-aluminum body design and a redesigned horizontal camera module [3] - The iPhone 17 Air will be the first to include Apple's self-developed 5G modem chip, with all models supporting Wi-Fi 7 [3] - The front-facing camera across all models will be upgraded to 24 million pixels, while the Pro models will have three 48 million pixel rear cameras, supporting 8x optical zoom and potentially 8K video recording [3] - Pro and Air models will come with 12GB of RAM, while the standard model will maintain 8GB [3] - The devices will support up to 35W wired charging and Qi2 25W wireless charging [3] - The Pro models will feature an upgraded cooling system for sustained performance [3] Group 2: Other Expected Announcements - In addition to the iPhone 17 series, Apple is anticipated to announce the Apple Watch SE 3, Apple Watch Series 11, and Apple Watch Ultra 3 during the fall event [4]

Industry Overview - The Zacks Computer - Networking industry is poised for growth driven by advancements in cloud computing, network security, big data, and next-gen connectivity, particularly due to the increasing applications of AI technology [1] - The demand for AI workloads and hyperscale data centers is leading to significant investments in high-speed interconnects, optical networking, and Ethernet switches, with companies aiming to leverage the multi-billion-dollar AI infrastructure opportunity [1] - The rapid deployment of 5G technology is enhancing the Internet of Things (IoT), Advanced Driver Assistance Systems, AR/VR devices, and 5G smartphones, thereby increasing the need for robust networking infrastructure [1] Trends Influencing the Industry - The Wi-Fi 7 upgrade cycle is expected to stimulate demand for innovative networking products, benefiting major players like Cisco Systems, Extreme Networks, and RADCOM [2] - The industry is experiencing heightened uncertainty due to global macroeconomic conditions and volatile supply-chain dynamics, with some telecom operators reducing or delaying capital expenditures [2][7] - The growing popularity of smart home products and IoT devices is driving innovation in networking technologies, including network virtualization and Software-Defined Networking [4] Performance Metrics - The Zacks Computer - Networking industry has outperformed the S&P 500 Composite and the broader Zacks Computer and Technology sector, gaining 31.3% over the past year compared to the sector's 18.3% and the S&P 500's 13.9% [11] - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 20.27X, which is lower than the S&P 500's 22.52X and the sector's 27.18X [14] Company Highlights - **Extreme Networks**: The company reported a 20% year-over-year revenue growth in the last quarter, driven by strong demand for its AI-driven cloud networking solutions. Its SaaS annual recurring revenues rose 24.4% year-over-year to $207.6 million [18][19] - **Cisco Systems**: Cisco is enhancing its AI capabilities across its security and collaboration platforms, with notable developments including the launch of AI-driven solutions and partnerships with NVIDIA to create AI-ready data center networks [23][24] - **RADCOM**: The company focuses on cloud-native, automated service assurance for 5G networks and aims for a revenue growth target of 15%-18% for the full year, translating to a midpoint projection of $71.1 million [28][31]

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]

Investment Rating - The report assigns a positive outlook for MediaTek, indicating a potential for growth in the upcoming quarters, particularly in the AI and mobile sectors [2][3]. Core Insights - MediaTek's Q1 2025 revenue reached NT$153.3 billion, showing a quarter-over-quarter increase of 11.1% and a year-over-year increase of 14.9%. Operating profit was NT$30.1 billion, with a net profit of NT$29.5 billion [2][7]. - The demand recovery in mainstream and entry-level markets has driven growth in the mobile business, with expectations for further market share and average selling price (ASP) increases with the upcoming flagship SoC launch [2][14]. - MediaTek is collaborating with NVIDIA to target the AI ASIC market, projecting AI ASIC revenue to reach $1 billion by 2026 [3][28]. Summary by Sections Overall Performance - In Q1 2025, MediaTek achieved a revenue of NT$153.3 billion, with operating profit at NT$30.1 billion and net profit at NT$29.5 billion. The gross margin was 48.1%, reflecting a slight decline from the previous quarter and year [7][14]. Business Segmentation - **Mobile Business**: Contributed 56% to total revenue, with a 6% increase year-over-year and quarter-over-quarter, driven by demand recovery in mainstream and entry-level markets [14]. - **Intelligent Edge Platform**: Accounted for 39% of total revenue, showing a 32% year-over-year and 23% quarter-over-quarter increase, benefiting from upgrades in connectivity technology and AI applications [15]. - **Power IC Business**: Made up 5% of total revenue, with a 7% year-over-year increase but a 9% quarter-over-quarter decline [16]. Performance Guidance - For Q2 2025, MediaTek expects revenue to be between NT$147.2 billion and NT$159.4 billion, with a projected gross margin of 47% (±1.5 percentage points) [17][18].

Core Viewpoint - The company reported a significant increase in revenue for 2024, achieving 522.79 million yuan, a year-on-year growth of 25.98%, but faced a net loss of 76.13 million yuan, a decline of 867.30% compared to the previous year, primarily due to high legal fees from patent litigation and substantial R&D investments [1]. Group 1: Financial Performance - The company achieved operating revenue of 522.79 million yuan in 2024, representing a year-on-year increase of 25.98% [1]. - The net profit for the year was -76.13 million yuan, reflecting a significant decline of 867.30% compared to the previous year [1]. - R&D expenses increased by 71.00% year-on-year, accounting for 20.59% of operating revenue, contributing to the revenue growth but also leading to substantial losses [1]. Group 2: Business Overview - The company specializes in the design of RF front-end chips, primarily focusing on the R&D, design, and sales of Wi-Fi RF front-end chips and modules [4][5]. - The main product is the Wi-Fi FEM, which integrates PA, LNA, and Switch chips to enhance signal quality and performance in Wi-Fi communication [5][6]. - The company has developed a complete product line for Wi-Fi 5, Wi-Fi 6, and Wi-Fi 7, with its Wi-Fi 6 FEM products achieving performance levels comparable to leading international competitors [6]. Group 3: Industry Position and Trends - The company is a leading domestic supplier of Wi-Fi FEM and plays a significant role in the localization of chip production in China [7]. - The RF front-end industry is experiencing rapid growth due to the increasing demand for Wi-Fi technology, particularly with the advent of Wi-Fi 7, which is expected to drive further market expansion [18][19]. - The company has established partnerships with major international SoC manufacturers, enhancing its market presence and facilitating entry into overseas markets [22].

Core Insights - Synaptics has launched its first family of Wi-Fi 7 systems-on-chips (SoCs) for IoT, including the SYN4390 and SYN4384, which support bandwidths up to 320 MHz and deliver peak speeds of 5.8 Gbps with low latency [1][3][4] - The new SoCs integrate Wi-Fi 7 with Bluetooth 6.0 and Zigbee/Thread, designed to minimize system costs and power consumption while enhancing user experiences across various applications [1][2][4] - ABI Research forecasts that annual shipments of Wi-Fi 7 chipsets will exceed 2 billion by 2029, with a compound annual growth rate (CAGR) of 56% from 2024 to 2029 [3] Product Features - The Wi-Fi 7 IoT family supports Matter and features a triple combo design, enabling interoperability across Wi-Fi, Bluetooth, and Zigbee/Thread networks [5] - The SYN4390 is currently available for sale, while the SYN4384 is available in limited quantities for evaluation [5] - Key specifications include peak speeds of up to 5.8 Gbps, 320 MHz channel bandwidth, integrated RF front-end, and power management IC to reduce system costs and power consumption [6] Market Opportunity - The growing adoption of Wi-Fi 7 in wireless networking infrastructure presents significant opportunities for diverse Wi-Fi 7-enabled IoT devices [3][4] - Synaptics aims to provide a versatile solution for high-performance, low-power IoT devices, facilitating the development of next-generation connected and AI-enriched IoT products [3][4] - The expansion of Wi-Fi 7 across multiple IoT segments is expected to reach billions of annual device shipments in the coming years [4]