Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company is a leading domestic player in the RF power amplifier module market, focusing on the research, design, and sales of RF front-end chips, with products widely used in smartphones, tablets, and other wireless communication devices [3][5][7] - The RF front-end market is expected to grow steadily, with the market size projected to increase from over $19.2 billion in 2022 to $26.9 billion by 2028, representing a CAGR of 5.8% [4][20] - The company is well-positioned to benefit from the growing demand for high-end RF modules and Wi-Fi FEM products, particularly in AI applications [4][42] Financial Summary - The company is projected to achieve total revenue of 2,103 million yuan in 2024, a decrease of 29.5% year-on-year, followed by a recovery to 2,530 million yuan in 2025 and 2,932 million yuan in 2026, with respective growth rates of 20.3% and 15.9% [4][52] - The net profit attributable to the parent company is expected to be -24 million yuan in 2024, with a significant recovery to 54 million yuan in 2025 and 88 million yuan in 2026, reflecting year-on-year growth rates of 121.1% and 62.2% [4][52] - The company's gross margin is projected to improve from 24.8% in 2023 to 26.3% in 2026, driven by the increasing share of high-end products [4][52] Business Outlook - The company has established long-term relationships with major clients such as Xiaomi, OPPO, and vivo, which strengthens its competitive advantage [7][9] - The introduction of new products, such as the L-PAMiF and L-PAMiD modules, is expected to enhance market share and revenue growth [4][41] - The company is actively expanding its Wi-Fi FEM product line, which is anticipated to benefit from the explosive growth in AI terminal products [42][49]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is focusing on the promotion of its latest Wi-Fi 7 PA module, which enhances signal transmission for AI glasses, improving user experience through stable data transmission [4] - The automotive communication market is expected to grow significantly, with the company developing new 5G RF front-end products to meet the increasing demand in this sector [5] - Revenue projections for the company are estimated at 2.1 billion, 2.42 billion, and 2.81 billion yuan for the years 2024, 2025, and 2026 respectively, with a forecasted net profit of -24.28 million, 72.51 million, and 101.64 million yuan for the same years [6][8] Company Overview - The latest closing price of the company's stock is 37.87 yuan, with a total market capitalization of 16.3 billion yuan [3] - The company has a total share capital of 430 million shares, with 114 million shares in circulation [3] - The company's largest shareholder is Gaintech Co. Limited [3] Financial Forecasts - The company is projected to experience a revenue decline of 29.46% in 2024, followed by a recovery with growth rates of 15% and 16% in 2025 and 2026 respectively [8] - The EBITDA for the years 2024, 2025, and 2026 is expected to be 1.0641 billion, 2.0965 billion, and 2.4691 billion yuan respectively [8] - The company's net profit margin is projected to improve from -1.2% in 2024 to 3.6% in 2026 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is focusing on the promotion of its latest Wi-Fi 7 Power Amplifier (PA) to enhance the user experience of AI glasses by improving data transmission stability and reducing signal interference [4] - The company is developing ultra-low power Wi-Fi PA products specifically for smart terminal applications, which will help extend the battery life of AI glasses [4] - The automotive communication market is expected to grow significantly, with a projected market size of $1.9 billion by 2027, driven by the rapid penetration of 5G modules in vehicles [5] - The company has developed a complete set of automotive-grade 5G RF front-end products that have passed AEC-Q100 certification, targeting mid-to-high-end vehicles [5] Financial Projections - The company is expected to achieve revenues of 2.1 billion, 2.42 billion, and 2.81 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of -24.28 million, 72.51 million, and 101.64 million yuan for the same years [6] - The revenue growth rates are projected to be -29.46% in 2024, followed by 15.00% in 2025 and 16.00% in 2026 [8] - The company's earnings per share (EPS) are forecasted to be -0.06 yuan in 2024, 0.17 yuan in 2025, and 0.24 yuan in 2026 [8]

唯捷创芯（天津）电子技术股份有限公司 证券代码：688153 证券简称：唯捷创芯 公告编号：2025-016 重要内容提示： 2024 年 12 月 30 日，公司召开第四届董事会第八次会议，会议审议通过了《关 于调整回购股份资金来源的议案》，同意公司将回购资金来源由"自有资金"调整 为"自有资金和专项贷款资金"。除上述调整回购股份资金来源外，公司本次回购 股份方案的其他内容不变。具体内容详见公司于 2025 年 1 月 1 日在上海证券交易 所网站（www.sse.com.cn）披露的《关于调整回购股份资金来源的公告》（公告编 号：2025-002）。 | 回购方案首次披露日 | 2024/9/11，由公司实际控制人、董事长荣秀丽女士 | | --- | --- | | | 提议 | | 回购方案实施期限 | 2024/9/10~2025/9/9 | | 预计回购金额 | 10,000 万元~15,000 万元 | | 回购价格上限 | 46.72 元/股 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 ...

Financial Performance - In 2024, the total operating revenue was RMB 210,304.02 million, a decrease of 29.46% compared to the previous year[3] - Operating profit was RMB -3,275.63 million, down 124.07% year-on-year[3] - Total profit amounted to RMB -2,909.83 million, reflecting a decline of 123.42% compared to the previous year[3] - Net profit attributable to shareholders of the parent company was RMB -2,372.51 million, a decrease of 121.13% year-on-year[3] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB -5,267.21 million, down 150.91% year-on-year[3] - Basic earnings per share were RMB -0.06, a decline of 122.22% compared to the previous year[3] - The weighted average return on net assets was -0.59%, a decrease of 3.43 percentage points year-on-year[3] Strategic Initiatives - The company plans to optimize product structure and explore new business growth points in emerging fields such as automotive, AI edge, and robotics[6][7] - The company aims to enhance cost control measures through internal management reforms and design optimizations[6] Market Conditions - The competitive landscape in the RF front-end chip market has intensified, leading to price pressures on certain products[5][8]

证券代码：688153 证券简称：唯捷创芯 公告编号：2025-014 唯捷创芯（天津）电子技术股份有限公司 关于开立募集资金专项账户并签订 募集资金专户存储三方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意唯捷创芯（天津）电子技术 股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕425 号），唯捷 创芯（天津）电子技术股份有限公司（以下简称"唯捷创芯"或"公司"）获准 向社会公开发行人民币普通股 4,008.00 万股，每股发行价格为人民币 66.60 元， 募集资金总额 266,932.80 万元，扣除发行费用（不含增值税）合计 16,681.67 万 元后，实际募集资金净额为 250,251.13 万元，上述募集资金已全部到位。中兴华 会计师事务所（特殊普通合伙）于 2022 年 4 月 7 日对本次发行的资金到位情况 进行了审验，并出具了《唯捷创芯（天津）电子技术股份有限公司验资报告》（中 兴华验字（2022）第 010 ...

中信建投证券股份有限公司 关于唯捷创芯（天津）电子技术股份有限公司 使用部分募集资金向全资子公司增资以实施募投项目的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"本保荐机构"） 作为唯捷创芯（天津）电子技术股份有限公司（以下简称"唯捷创芯"、"公司"） 首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管 理办法》《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》等相关规定，对唯捷创芯使用部分募集资金向全资子公司增资以实 施募投项目的事项进行了审慎核查，具体情况如下： 公司于 2025 年 1 月 26 日召开第四届董事会第九次会议和第四届监事会第 六次会议审议通过了《关于部分募投项目终止并将剩余募集资金投入新增募投项 目的议案》，公司拟终止"集成电路生产测试项目"，同时新增"高集成度、高性 能射频模组研发项目"，并将剩余募集资金 76,509.68 万元以及"集成电路生产 ...

一、募集资金基本情况 证券代码：688153 证券简称：唯捷创芯 公告编号：2025-013 唯捷创芯（天津）电子技术股份有限公司 关于使用部分募集资金向全资子公司增资 以实施募投项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 唯捷创芯（天津）电子技术股份有限公司（以下简称"公司"或"唯捷创芯"） 于 2025 年 2 月 20 日召开第四届董事会第十次会议和第四届监事会第七次会议， 审议通过了《关于使用部分募集资金向全资子公司增资以实施募投项目的议案》， 在"高集成度、高性能射频模组研发项目"实施期间，同意公司使用部分募集资 金向全资子公司上海唯捷创芯电子技术有限公司（以下简称"上海唯捷"）增资 以实施募投项目。 保荐机构中信建投证券股份有限公司（以下简称"保荐机构"）对此出具明 确的核查意见。具体情况如下： 根据中国证券监督管理委员会出具的《关于同意唯捷创芯（天津）电子技术 股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕425 号），公司 获准向社会公开发行人民币普通股 4,008.00 万 ...

证券代码：688153 证券简称：唯捷创芯 公告编号：2025-012 唯捷创芯（天津）电子技术股份有限公司 监事会认为：公司使用募集资金向全资子公司增资实施募投项目事项未改变 募集资金的投资方向和建设内容，符合募集资金使用计划，不存在变相改变募集 资金用途和损害股东利益情形，有利于促进募投项目顺利实施。综上，监事会同 意公司使用部分募集资金向全资子公司上海唯捷增资以实施募投项目。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《关于使用部分募集资金向全资子公司增资以实施募投项目的公告》（公告编号： 2025-013）。 会议以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了议案。 特此公告。 唯捷创芯（天津）电子技术股份有限公司（以下简称"公司"）第四届监事 会第七次会议于 2025 年 2 月 20 日以现场及通讯表决的方式召开。监事会会议通 知和材料于 2025 年 2 月 15 日以电子邮件方式发出。会议应参加表决监事 3 人， 实际参加表决监事 3 人。本次会议符合《中华人民共和国公司法》和《唯捷创芯 （天津）电子技术股份有限公司章程》的有关规定。本次会议由 ...

唯捷创芯（天津）电子技术股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688153 证券简称：唯捷创芯 公告编号：2025-011 1、 公司在任董事 11 人，出席 11 人； 2、 公司在任监事 3 人，出席 3 人； 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 2 月 14 日 （二） 股东大会召开的地点：北京市北京经济技术开发区科谷四街北投亦庄产 业园 16 号楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 122 | | --- | --- | | 普通股股东人数 | 122 | | 2、出席会议的股东所持有的表决权数量 | 160,606,428 | | 普通股股东所持有表决权数量 | 160,606,428 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 37.65 ...