唯捷创芯（688153.SS）：推出多频段新解决方案；智能手机市场疲软拖累增长；2026年第二季度业绩不及预期；卖出

Vanchip's 5G product portfolio includes modules with medium to high levels of integration, such as 5G MMMB PAs, L-PAMiFs, and L-PAMiDs, forming a comprehensive solution matrix that addresses the needs of smartphones across various price segments. Vanchip launched its U6G products in Jun 2026, which adopts the single-chip module to meet operators' needs for mixed networking across high and low frequency bands, significantly reducing the cost of product iterations for multi-band solutions. Vanchip is also expanding its WiFi and satellite networking RF front-end modules, which could support the company's growth in the long run. We are positive on Vanchip's migration to higher-end 5G PA modules (e.g. LPAMiD, LPAMiF) and product line expansions towards 6G, satellite networking, etc; however, the slow smartphone market could cap its growth;