Vanchip (Tianjin) Technology (688153) 中邮证券·2025-03-10 12:33Investment 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]