唯捷创芯：2Q24：营收符合预期，多款新品放量

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 44.10 [1] Core Views - The company's revenue for 2Q24 reached RMB 610 million, meeting expectations, with a year-on-year increase of 6.52% and a quarter-on-quarter increase of 32.29% [2] - Net profit attributable to the parent company was RMB 17 million, a year-on-year increase of 34.28%, marking a turnaround from the previous quarter [2] - The recovery in Android smartphone demand and the company's market expansion efforts, particularly in L-PAMiD and receiver products, drove revenue growth [2] - The company has made breakthroughs in Wi-Fi modules, automotive 5G RF front-end, and satellite communication RF front-end modules, opening long-term growth opportunities [2] - Revenue forecasts for 2024/2025/2026 have been revised downward to RMB 2.92 billion, RMB 3.61 billion, and RMB 4.56 billion, respectively, due to slower-than-expected smartphone demand recovery [2] 1H24 Performance Review - RF power amplifier modules generated revenue of RMB 854 million in 1H24, a year-on-year increase of 7.15%, with 5G PA modules contributing RMB 460 million, up 43.07% year-on-year [3] - Receiver products achieved revenue of RMB 218 million, a year-on-year increase of 133.94%, with its revenue share increasing by 9.86 percentage points to 20.30% [3] - Gross margin for 2Q24 was 23.97%, down 3.56 percentage points year-on-year and 4.10 percentage points quarter-on-quarter, attributed to intense market competition and the rising share of receiver products [3] - Inventory at the end of 2Q24 stood at RMB 925 million, an increase of RMB 70 million from the previous quarter, with inventory turnover days decreasing by 26 days to 178 days [3] 2024 Outlook - IDC forecasts a 6.85% year-on-year growth in domestic Android smartphone shipments in 2024, but revenue growth in the second half of the year may face pressure due to market competition and customer inventory strategies [4] - The company is expected to maintain a leading position in the RF front-end market, driven by the adoption of L-PAMiD in multiple brand customers and the potential growth of satellite communication products in flagship and mid-to-high-end smartphones [4] - New products such as LFEM, LNA Bank, and L-DiFEM modules are expected to be launched in the second half of 2024, while Wi-Fi 6/6E market share continues to grow, with Wi-Fi 7 products already in mass production for routers and smartphones [4] Financial Forecasts - Revenue for 2024/2025/2026 is projected at RMB 2.92 billion, RMB 3.61 billion, and RMB 4.56 billion, respectively, with net profit attributable to the parent company expected to be RMB 84.5 million, RMB 219.68 million, and RMB 437.72 million [5][6] - EPS for 2024/2025/2026 is forecasted at RMB 0.20, RMB 0.51, and RMB 1.02, respectively [6] - ROE is expected to improve from 2.07% in 2024 to 9.60% in 2026, reflecting the company's profitability growth [6] Valuation and Peer Comparison - The company is valued at 6.5x 2024 PS, higher than the industry average of 4.9x 2024 PS, reflecting its leading position in the RF front-end market [2] - Compared to peers, the company's valuation metrics such as P/E and P/S are higher, indicating market confidence in its growth potential [11]