唯捷创芯：上半年收入同比增长20%，接收端模组收入翻倍以上增长

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company achieved a revenue of 1.072 billion yuan in the first half of 2024, representing a year-on-year growth of 20.28%. The net profit attributable to shareholders was 11.27 million yuan, marking a turnaround from losses in the previous year. The gross margin decreased by 3.0 percentage points to 25.73% [1]. - The revenue from the receiving module more than doubled, with over 53.9% of the revenue from RF power amplifier modules coming from 5G applications. The company successfully introduced new products and achieved mass sales, including the L-PAMiD module and Wi-Fi 7 modules [1][2]. - The company has adjusted its net profit forecasts for 2024-2026 to 248 million, 406 million, and 569 million yuan, respectively, due to pricing competition affecting gross margins [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 610 million yuan, a year-on-year increase of 6.5% and a quarter-on-quarter increase of 32%. The net profit attributable to shareholders was 16.64 million yuan, up 34% year-on-year and 410% quarter-on-quarter [1]. - The company’s revenue from RF power amplifier modules was 854 million yuan, accounting for 80% of total revenue, with a gross margin of 26.14% [1][2]. Product Development - The company successfully introduced the L-PAMiF module to several brand manufacturers and achieved mass sales. The second-generation non-linear Wi-Fi 7 module has entered mass production [1]. - The company completed the design of the new generation L-FEM product and launched the first-generation L-DiFEM module, which is now in the market promotion stage [1]. Valuation Metrics - The company’s projected earnings per share for 2024, 2025, and 2026 are 0.58 yuan, 0.94 yuan, and 1.32 yuan, respectively. The price-to-earnings ratio is expected to be 53x, 32x, and 23x for the same years [2][10].