唯捷创芯：L - PAMID 、L - PAMMP 在 2H25扩大生产 推进 ，2025 年利润率恢复

Summary of Vanchip (688153.SS) Earnings Call Company Overview - Company: Vanchip - Ticker: 688153.SS - Industry: Semiconductor, specifically focusing on RF front-end (RFFE) modules for smartphones and automotive applications Key Financial Metrics - 2Q25 Revenue: Rmb 478.1 million, down 22% YoY and 6% QoQ [2][3] - Gross Margin: 28.0%, improved from 21.3% in 1Q25 and better than expected [1][2] - Net Income: Rmb 9 million, a recovery from a net loss of Rmb 18 million in 1Q25 [1][2] - Operating Expenses: Rmb 147 million, lower than expected, contributing to a smaller operating loss of Rmb 13 million [2][3] Core Insights - Product Optimization: Management attributed the improved gross margin to product optimization efforts, which have allowed for a better product mix [2][5] - Market Conditions: Despite the positive margin recovery, the company faces challenges due to modest growth in smartphone end markets and ongoing pricing pressures from competition [1][2][18] - Future Product Launches: Anticipated shipments of new high-end cellular PA modules (L-PAMiD, L-PAMiF) are expected to drive better momentum in 2H25, coinciding with new smartphone model launches [5][9] Industry Dynamics - Competition: Continuous competition among RFFE players is a concern, impacting pricing and market share [1][2] - Technological Advancements: Management highlighted that revenues from WiFi 7 have surpassed those from WiFi 6, with ongoing R&D for WiFi 8 products [14] - Automotive Market: Vanchip's automotive revenues exceeded Rmb 10 million in 1H25, indicating growth potential in this segment [14] Earnings Revisions - 2025-2027 Earnings Estimates: Revised down by 3%/2%/1% due to lower revenue expectations but improved gross margins and lower operating expenses [10][11] - Target Price: Maintained at Rmb 34.00, with a target P/E of 69x for 2026, reflecting a higher valuation compared to peers [13][19] Risks and Concerns - Downside Risks: The company faces risks from softening global smartphone demand and the early-stage nature of its automotive business [18] - Valuation Concerns: Current trading multiples are higher than the target P/E, indicating a stretched valuation [18] Conclusion - Investment Rating: The company is rated as a "Sell" due to the combination of competitive pressures, modest growth outlook, and valuation concerns despite some positive developments in product lines and margins [1][18]