I think you're in same place as a lot of investors and analysts. Frankly I'm surprised the stock is trading above $17 after the disappointing 3Q outlook. Perhaps the speculation is that all those big design wins and better margin mix of smartphone-related products *has to* pay off this year some time.
The SPRD-stated problems of faster-than-expected rampdown in demand of feature phones and indirect PA switch supply constraint are reasons for the disappointing 3Q outlook.
I personally don't believe the latter issue is the real culprit, and for whatever reason - feel free to speculate here - SPRD isn't saying. I listened to the earnings call and that was just the feeling I got. As an investor, I can only hope it's not due to really bad reason(s).