For 2025,revenue was RMB2,321mn(+10.36%YoY),attributable net profit(NP)was RMB44mn(turning profitable YoY),and recurring NP was RMB24mn(turning profitable YoY),largely in line with its profit alert.For 1Q26,revenue was RMB483mn(-5.06%YoY,-36.60%QoQ),attributable net loss was RMB48mn(widening by RMB30mn YoY,turning from gain to loss QoQ),and recurring net loss was RMB55mn(widening by RMB32mn YoY,turning from gain to loss QoQ).Due to the seasonality in the consumer electronics sector,in 1Q26,revenue dropped sharply QoQ.Meanwhile,as the phase-out of government subsidies and rising memory prices weakened mobile phone demand,the company's revenue also fell YoY.In addition,rising upstream supply chain costs and product mix shifts weighed on 1Q26 GPM.As USD exchange rate fluctuations widened forex losses,the company was loss-making in 1Q26.Against the backdrop of weak mobile phone demand in 2026,we are optimistic about the company's position as acore domestic supplier of RF front-end chips.Its Wi-Fi and automotive-grade product shipments could remain buoyant,and its earnings are likely to hold steady.Maintain BUY.
2026:Wi-Fi/automotive-grade products to deliver increments
Looking ahead to 2026,IDC estimates China's Android mobile phone market shipments to fall by 23.0%YoY.However,we expect the company's overall earnings to remain relatively stable.1)The company's Phase 7LE Plus products have entered mass production on flagship models of multiple brand mobile phone manufacturers.The Phase 8L modules have also been successfully introduced to many brands and entered mass production,which we expect to scale at afaster pace in 2026.2)Wi-Fi FEM:The company has fully covered products spanning from Wi-Fi 6/6E to Wi-Fi 7,and has started to develop Wi-Fi 8products.Its products are widely used in mainstream brand routers and smartphones,and will further penetrate devices such as drones and AI glasses.We expect its shipment growth to remain rapid in 2026.3)Automotive-grade products:The company's products have entered batch sales in many intelligent connected vehicles.With the further penetration of 5G in-vehicle communication,we expect subsequent growth to accelerate.4)Satellite communication:The company's satellite communication modules have been introduced to many brand mobile phone manufacturers and entered scaled sales.It has further launched in-vehicle satellite communication modules,and related products have entered batch shipments.The company expects these products to contribute substantial revenue in 2026.
Earnings forecasts and valuation
As mobile phone demand is suppressed by rising memory prices,we estimate shipments of some products to decline.We thus trim our 2026/2027 revenue forecasts by 18.6/19.5%to RMB2,392/2,923mn and add our 2028 forecast of RMB3,548mn.We also lower our 2026/2027 attributable NP forecasts by 86.0/40.7%to RMB25/204mn and add our 2028 forecast of RMB398mn.We value the stock at 7.6x 2026E PS,above its peers'average of 7.4x on Wind consensus to factor in its position as acore domestic supplier of RF front-end chips and an expanding suite of competitive Wi-Fi FEM/automotive-grade products serving as new revenue growth drivers.Our target price is RMB42.29(previous:RMB44.10,based on 8.2x 2025E PS).Maintain BUY.
Risks:Weaker smartphone demand than we expect;slower new product R&D progress than we expect;fiercer market competition.

　　2025年公司实现营收23.21亿元（yoy：+10.36%），归母净利润0.44亿元（同比扭亏为盈），扣非归母净利润0.24亿元（同比扭亏为盈），基本符合前期业绩预告。1Q26公司单季实现营收4.83亿元（yoy：-5.06%，qoq：-36.60%），归母净利润-0.48亿元（同比亏损增加0.30亿元，环比转亏），扣非归母净利润-0.55亿元（同比亏损增加0.32亿元，环比转亏）。受消费电子季节性因素影响，1Q26公司收入环比下滑幅度较大，同时由于国补退坡以及存储涨价致使手机市场需求下滑，公司收入同比亦有所下降；受上游供应链成本增加，以及产品结构变化等因素影响，1Q26毛利率承压，叠加美元汇率变动致使汇兑损失增加，公司1Q26单季度亏损。2026年手机市场需求较弱背景下，看好公司作为国内射频前端芯片核心供应商，Wi-Fi/车规级产品持续高速增长，经营业绩有望保持相对稳定，维持“买入”评级。
　　25年回顾：Wi-Fi7/车规级产品等快速放量，全年实现扭亏
　　IDC数据显示，25年中国智能手机市场出货量同比微降0.6%，整体需求较为平淡，但公司凭借Wi-Fi7模组、车规级产品等快速放量，Phase7LEPlus产品、Phase8L模组在品牌客户顺利导入，以及与海外客户的合作进一步深化（外销收入同比+43.3%），仍实现整体营收的稳健增长。分产品看，射频功率放大器模组营收18.92亿元（yoy：+13.79%），接收端模组营收4.16亿元（yoy：-5.15%）。毛利率方面，受益于车规级产品、Wi-Fi模组等新品收入占比提升，以及供应链成本管控能力增强，公司25年综合毛利率同比提升1.55pct至25.30%，叠加积极费用管控，主要期间费用（销售+管理+研发）率同比下降2.37pct至26.2%，公司全年实现扭亏为盈。
　　26年展望：手机市场需求较弱，WiFi及车规级产品等贡献增量
　　展望2026年，IDC预计中国安卓手机市场出货量将同比下降23.0%，但我们预计公司整体经营业绩仍有望保持相对稳定，主要驱动力：1）公司Phase7LEPlus产品已在多家品牌手机厂商的旗舰机型上实现量产，Phase8L模组亦成功导入多家品牌客户，实现量产出货，26年有望加速放量；2）WiFiFEM：公司已完成Wi-Fi6/6E至Wi-Fi7全场景产品矩阵布局，并已启动Wi-Fi8的产品开发，产品广泛应用于主流品牌路由器/智能手机，且将进一步在无人机、AI眼镜等终端起量，26年出货量有望保持较高增速；3）车规级产品：公司产品已在多款智能网联汽车中实现批量销售，伴随5G车载通信进一步渗透，后续增长有望加速；4）卫星通信：公司卫星通信模组已成功导入多家品牌手机厂商并实现规模销售，并进一步推出车载卫星通信模组，相关产品已进入批量出货阶段，公司预计2026年将贡献实质性营收。
　　盈利预测与估值
　　考虑存储涨价抑制手机市场整体需求，公司部分产品出货量或将下降，我们预计公司2026/2027/2028年营收为23.92/29.23/35.48亿元（较前值：-18.6%/-19.5%/-），对应归母净利预测为0.25/2.04/3.98亿元（较前值：-86.0%/-40.7%/-）。公司为国内射频前端芯片核心供应商，持续布局强竞争力Wi-FiFEM/车规级产品等，带来新成长驱动力，给予7.6x26PS（可比公司Wind一致预期均值7.4x），目标价42.29元（前值：44.10元，基于8.2x25PS），给予“买入”评级。
　　风险提示：智能手机需求不及预期，新品研发进度不及预期，市场竞争加剧。