全球无线连接一流企业，端侧AI持续发力

-30%-10%10%30%50%70%90%110% 2/26证券研究报告能、云鲸等智能家居品牌客户；电子价签和智慧零售领域的汉朔科技。和一线品牌的长期合作，体现了公司在产品性能上的领先，以及产品的高品质和服务的高质量，构成了公司的竞争优势和商业壁垒。⚫公司积极布局新一代无线通信技术的研发公司研发持续投入，在技术创新和市场拓展方面取得了显著进展。在WiFi-6多模芯片、星闪(NearLink)多模芯片，进一步巩固了在物联网芯片领域的领先地位。公司紧跟EdgeAI技术的发展趋势，推出了多款支持边缘计算和人工智能的芯片产品如TL721x、TL751x等，这些产品凭借高性能、低功耗和强大的端侧数据处理能力，已在智能家居、智能办公和无线音频等领域得到广泛应用。⚫投资建议预计公司2025-2027年分别实现归母净利润1.93亿、2.84亿、3.87亿元，EPS分别为0.80、1.18、1.61元，对应PE分别为47.91倍、32.59倍、23.97倍。首次覆盖给予“买入”评级。⚫风险提示AI端侧技术迭代不及预期，消费电子需求疲软，关税影响加剧。[Table_Profit]重要财务指标单位:百万元主要财务指标2024A2025E2026E2027E营业收入844116114911853收入同比（%）32.7%37.5%28.5%24.3%归属母公司净利润97193284387净利润同比（%）95.7%98.6%47.0%36.0%毛利率（%）48.3%52.0%52.0%51.0%ROE（%）4.2%7.6%10.0%12.0%每股收益（元）0.410.801.181.61P/E76.5947.9132.5923.97P/B3.223.643.272.88EV/EBITDA67.6239.6126.3918.87资料来源：wind，华安证券研究所 ⚫ 3/26正文目录1泰凌微的基本情况...............................................................................................................................................................................51.1发展历史沿革-无线物联网系统级芯片世界级企业.............................................................................................................................51.2公司持续积累关键技术，积累了丰富的终端客户资源.....................................................................................................................61.3核心技术团队具备丰富的半导体行业从业经验，股东阵容强大..................................................................................................81.4公司业绩持续高速成长，AI加持下崭露头角...................................................................................................................................102泰凌微未来成长和竞争能力分析....................................................................................................................................................122.1专注于无线物联网芯片领域前沿技术开发，持续重视研发投入和创新.................................................................................122.2公司产品应用领域广泛，各个行业以AI重塑产品形态赋能终端.............................................................................................132.2.1电子游戏和电子竞技引领新世代娱乐风向.....................................................................................................................................132.2.2电子货架标签应用支持高潜力新零售增长.....................................................................................................................................152.2.3超低延时以及多模无线音频技术，助力打造中高端音频产品................................................................................................172.2.4智能遥控器市场公司地位稳固............................................................................................................................................................192.2.5泛IOT领域采用多模芯片，市场空间广阔....................................................................................................................................202.2.6从低功耗无线物联网领域进一步扩展至AI+物联网无线芯片的领域，增强产品竞争力..............................................213盈利预测与投资建议.........................................................................................................................................................................243.1盈利预测..........................................................................................................................................................................................................243.2投资建议及估值............................................................................................................................................................................................24风险提示：.............................................................................................................................................................................................24财务报表与盈利预测............................................................................................................................................................................25 敬请参阅末页重要声明及评级说明证券研究报告 4/26图表目录图表1泰凌微公司发展历程....................................................................................................................................................................................5图表2泰凌微公司产品应用领域和终端产品代表..........................................................................................................................................6图表3泰凌微公司主要客户....................................................................................................................................................................................7图表4泰凌微目前主要产品为IOT芯片以及音频芯片.................................................................................................................................7图表5物联网芯片主要技术门槛...........................................................................................................................................................................8图表6泰凌微公司主要核心技术人员.................................................................................................................................................................9图表7泰凌微公司股东情况（截至2025年6月13日）.....................................................................