For 1H26, revenue was RMB974mn (-1.3% YoY), attributable net loss was RMB96mn, widening by RMB86mn YoY, and recurring attributable net loss was RMB109mn, widening by RMB89mn YoY. For 2Q26, revenue was RMB491mn (+2.8% YoY, +1.8% QoQ), attributable net loss was RMB47mn (swinging from profit in 1H25 but remaining largely flat QoQ), and recurring attributable net loss was RMB54mn. Downstream smartphone demand remained weak, but the mass production of second-generation L-PAMiD modules and rising penetration of Wi-Fi 7 modules in AI edge devices enabled 2Q26 revenue to edge up both YoY and QoQ. As rising upstream raw material, packaging, testing, and other costs squeezed GPM, GPM for 2Q26 declined by 6.38pp YoY to 21.64%, although it stabilized QoQ. Although smartphone demand remains weak in the short term, the company, as a core domestic RF front-end supplier, continues to advance product iteration and forward-looking 6G deployment. New products such as Wi-Fi, automotive-grade, and satellite communication products are also starting to bring visible earnings increments. We expect the company to see recovery after the trough. Maintain BUY.
We project revenue of RMB2,392/2,923/3,548mn for 2026/2027/2028. Considering pressure on blended GPM from higher upstream costs, we cut our GPM forecasts by 1.95/1.75/1.42pp, implying attributable net profit forecasts of RMB-69/+145/+313mn. As a core domestic RF front-end chip supplier, it continues to develop competitive Wi-Fi FEM and automotive-grade products that diversify earnings streams while tapping into emerging technologies such as 6G. We expect the company to maintain its competitiveness. To reflect this, we value the stock at 5.2x 2027E PS, above the peer average of 5.0x on Wind consensus. Our target price is RMB35.35 (previous: RMB42.29, based on 7.6x 2026E PS). Maintain BUY.

　　公司1H26实现营收9.74亿元（yoy：-1.3%），归母净利润-0.96亿元（同比亏损增加0.86亿元），扣非归母净利润-1.09亿元（同比亏损增加0.89亿元）；其中2Q26单季营收4.91亿元（yoy：+2.8%，qoq：+1.8%），归母净利润-0.47亿元（同比转亏；环比亏损基本持平），扣非归母净利润-0.54亿元。下游手机市场需求仍偏弱，但得益于第二代LPAMiD模组大规模量产，以及WiFi7模组在AI端侧的持续应用渗透，公司2Q26收入同环比仍实现小幅增长；由于上游原材料及封测等各环节成本持续增长挤压毛利率，2Q26公司毛利率同比下滑6.38pct至21.64%，但环比已企稳。虽然短期手机市场需求仍偏弱，但公司作为国内射频前端核心供应商，持续推进产品迭代和6G前瞻布局，且Wi-Fi/车规级/卫星通信等新产品亦逐步带来明显业绩增量，低谷过后有望迎来曙光，维持“买入”评级。
　　1H26回顾：Phase7LEPlus等新品放量推动发射端业务增长
　　据IDC，1H26中国智能手机出货量约1.34亿台，同比下降4.2%，受此影响，公司整体营收出现下滑。分产品来看，1H26公司射频功率放大器模组实现收入8.26亿元（yoy：+4.7%），同比增长主要得益于公司第二代L-PAMiD模组（Phase7LEPlus/Phase8L）在品牌客户旗舰及中高端机型持续放量，第二代非线性及大功率Wi-Fi7模组保持批量出货，同时，车载业务亦保持较快增长；接收端模组收入1.45亿元（yoy：-25.7%）。盈利能力方面，上游供应链成本提升，1H26综合毛利率同比下降3.09pct至21.45%；费用端，公司延续较高研发投入，聚焦Wi-Fi7/8升级及6G等前瞻布局，费用率（销售+管理+研发）提升2pct至31.1%，1H26出现亏损。
　　2H26展望：拟投资偲百创完善产业链布局，静待需求修复
　　展望2H26，看好公司多产品线继续贡献增量，带动经营业绩实现改善：1）L-PAMiD：新一代Phase7LEPlus模组已在品牌手机厂商旗舰机型上实现量产，后续份额有望进一步提升；公司高集成度模组亦导入国际客户，海外业务取得实质性突破可期；2）Wi-FiFEM：公司已完成Wi-Fi6/6E至Wi-Fi7全场景矩阵布局，产品广泛应用于主流品牌路由器/智能手机，以及AI眼镜、无人机、智能头显等端侧场景，且Wi-Fi8模组计划2H26投向市场，助力保持良好竞争优势；3）车规级产品：车载射频由4G向5G切换提速，公司已在多款智能网联汽车批量销售，并推进卫星通信模组、Wi-Fi7FEM与UWB系列车规级项目导入，第二增长曲线有望加速。此外，公司已公告以约2.7亿元投资取得偲百创33.40%股权，布局SAW及兰姆波（UltraLAW）等声学滤波器件技术，进一步完善产业链布局，后续推进业务成长可期。
　　盈利预测与估值
　　预计公司2026/2027/2028年营收为23.92/29.23/35.48亿元，考虑上游成本提升带来综合毛利率承压，毛利率预测分别下修1.95/1.75/1.42pct，对应归母净利预测为-0.69/1.45/3.13亿元。公司为国内射频前端芯片核心供应商，持续发力强竞争力Wi-FiFEM/车规级产品等，带来新成长驱动力，并前瞻布局6G等技术，有望保持领先竞争优势，给予5.2x27PS（可比公司Wind一致预期均值5.0x），目标价35.35元（前值：42.29元，基于7.6x26PS），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。

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。