Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential to benefit from the AI-driven hardware boom and the increasing demand for customized chips [5][18]. Core Insights - The company, Aojie Technology, is positioned to capitalize on the new wave of hardware prosperity driven by AI applications, particularly in the semiconductor industry [3][5]. - The company has established a comprehensive product matrix covering cellular communication chips from 2G to 5G, non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries as AI applications proliferate [7][12]. Company Overview - Aojie Technology specializes in wireless communication chips, mobile SoC chips, and customized ASIC chip services, with a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB [4]. - The company has a strong focus on R&D and technological innovation in wireless communication chips, with products widely used in consumer electronics and IoT markets [4][12]. Product Development - The company has completed the full layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the upcoming boom in AI applications [5][7]. - The company’s Cat.1 series products have achieved a global market share of 1 in the Cat.1 category in 2023, showcasing its competitive edge in the market [13]. Financial Performance - The company’s revenue is projected to grow from 2,140 million RMB in 2022 to 6,031 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [23]. - Despite reporting a net loss in recent years, the company is expected to turn profitable by 2026, with a projected net profit of 109 million RMB [23]. Market Trends - The demand for customized chips is expected to surge as AI applications become more prevalent, with major tech companies increasingly adopting ASIC chips to meet their AI computing needs [20][21]. - The report notes that the data center custom chip market is anticipated to grow from 6.6 billion USD in 2023 to 42.9 billion USD by 2028, indicating a significant opportunity for the company [21].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Viewpoints - The company, Aojie Technology, is positioned to benefit from the new wave of hardware prosperity driven by AI applications, particularly in the chip business [5][19]. - The company has established a comprehensive product matrix covering cellular communication chips (2G to 5G), non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries alongside the growth of AI applications [7][12]. Company Overview - Aojie Technology operates in the semiconductor industry, focusing on wireless communication chips, mobile SoC chips, and customized ASIC chip services [4]. - The company has a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB, with a 52-week high of 86.8 RMB and a low of 28.7 RMB [4]. Product and Technology Development - The company has completed the layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the AI-driven demand for customized chips [5][12]. - The company’s cellular baseband technology is its core competency, covering all mainstream standards from 2G to 5G, and it has achieved a global market share of 1st place in the Cat.1 category in 2023 [13]. Financial Performance and Projections - The company reported revenues of 2,140 million RMB in 2022, with projections of 2,600 million RMB for 2023, 3,450 million RMB for 2024, and 4,469 million RMB for 2025, reflecting a compound annual growth rate [23]. - The net profit is projected to improve from a loss of 619 million RMB in 2023 to a profit of 109 million RMB by 2026 [23]. Shareholder Structure - The largest shareholder is Alibaba, holding 15.43% of the company, while the founder and chairman, Dai Baojia, controls a total of 21.93% of the shares through various platforms [8][11].

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company has a comprehensive portfolio in cellular baseband chips, covering all standards from 2G to 5G, and has a strong position in the IoT market with a leading share in the 4G Cat.1bis segment [2][18]. - The company is expected to experience rapid growth over the next three years, with projected net profits of -673 million, -331 million, and 39 million CNY for 2024, 2025, and 2026 respectively [4][8]. - The company has a robust R&D capability, with a high proportion of its workforce holding advanced degrees, which supports its innovation and product iteration capabilities [41][35]. Summary by Sections Business Overview - The company operates in three main segments: chip products, customized chip services, and IP licensing, with chip products accounting for 86.4% of revenue in 2023 [19]. - The company has made significant acquisitions, including the purchase of Marvell's mobile communications division, enhancing its technology and market position [26][27]. Market Position - The global cellular IoT market is projected to grow at a CAGR of nearly 10%, with the company holding the largest share in the 4G Cat.1bis segment [2]. - The company is well-positioned in the wearable device market, with its first RedCap wearable chip already in production [3]. Financial Performance - The company has shown consistent revenue growth, with a CAGR of 59.7% over the past four years, despite facing losses due to high R&D investments [32][35]. - The projected revenue for 2024 is 33.86 billion CNY, with a significant increase expected in subsequent years [8]. Profitability and Valuation - The company’s estimated valuation ranges from 354 to 398 billion CNY, indicating a premium of 31.8% to 48.3% over the current stock price [4]. - The gross margin for chip products is around 20.2%, while the IP licensing segment boasts a much higher margin of 88.9% [38].

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company is expected to achieve a revenue of approximately 3.386 billion yuan in 2024, representing a year-on-year growth of about 30.23%. However, it anticipates a net loss of around 673 million yuan, which is an increase of approximately 33.14% compared to the previous year [5] - The company has a strong focus on wireless communication technology and has developed capabilities in ultra-low power SoC chip design, which enhances its competitive edge [6][7] - The company plans to invest approximately 1.241 billion yuan in R&D in 2024, reflecting a year-on-year increase of about 11.18% [7] Summary by Sections Market Performance - The current stock price is 65.7 yuan, with a total market capitalization of 27.5 billion yuan and a total share count of 418 million [2] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 3.386 billion yuan, 4.405 billion yuan, and 6.118 billion yuan, respectively, with corresponding EPS of -1.61 yuan, -0.65 yuan, and 0.41 yuan [8][12] - The company is expected to experience a revenue growth rate of 30.2% in 2024 and 30.1% in 2025 [12] Investment Highlights - The company has made significant advancements in its chip product offerings, particularly in the cellular IoT market, leading to substantial sales growth [7] - The company has developed a comprehensive wireless communication chip R&D system, covering various technologies including WiFi, Bluetooth, and GPS [6]

Revenue and Profit - Expected annual revenue for 2024 is approximately 3.386 billion yuan, an increase of 786 million yuan, representing a year-on-year growth of 30.23%[3][4] - Revenue for 2023 was 2.6 billion yuan, with a net loss attributable to the parent company's owners of 506 million yuan[6] - Net profit attributable to the parent company's owners for 2024 is expected to be a loss of approximately 673 million yuan, an increase of 168 million yuan, representing a year-on-year increase in loss of 33.14%[4] - Net profit attributable to the parent company's owners after deducting non-recurring gains and losses for 2024 is expected to be a loss of approximately 694 million yuan, an increase of 36 million yuan, representing a year-on-year increase in loss of 5.49%[3][5] R&D Investment - R&D investment for 2024 is expected to be around 1.241 billion yuan, an increase of 125 million yuan, representing a year-on-year growth of 11.18%[3][7] - The company continues to focus on R&D, particularly in smartphone chip platforms, to enhance core competitiveness[7] Non-Recurring Gains and Losses - Non-recurring gains and losses for 2024 are expected to impact net profit by approximately 20 million yuan, mainly due to government subsidies[7] Factors Affecting Loss - The increase in loss is attributed to factors such as a significant rise in share-based payment expenses, fair value changes, asset impairment, and credit impairment[8] Market and Product Performance - The company's chip products have seen significant growth in sales, particularly in certain segments of the cellular IoT market, driving overall revenue growth[7] Performance Forecast - The performance forecast is preliminary and has not been audited by a certified public accountant[9][10]

海通证券股份有限公司 关于翱捷科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为翱捷 科技股份有限公司（以下简称"翱捷科技"或"公司"）首次公开发行股票并在 科创板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第1号——规范 运作》等有关规定，对翱捷科技首次公开发行部分限售股上市流通的事项进行了 核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 12 月 14 日出具的《关于同意翱捷科技股份有限公司首次公开发行股票注册的批复》 （证监许可〔2021〕3936 号），同意公司首次公开发行股票的注册申请。公司首 次向社会公众公开发行人民币普通股（A 股）股票 41,830,089 股，并于 2022 年 1 月 14 日在上海证券交易所科创板上市，发行完成后总股本为 418,300,889 股， 其中限售条件流通股 384 ...

Group 1 - The core point of the article highlights that Aojie Technology's stock opened lower on its first trading day, reaching a peak price of 130.11 yuan, but is currently in a state of decline [1] - Aojie Technology's stock closed at 55.99 yuan today, reflecting a decline of 3.93%, with a total market capitalization of 23.421 billion yuan [2] - The company raised a total of 6.883 billion yuan through its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, which is 4.166 billion yuan more than the original plan [3] Group 2 - The total issuance costs for Aojie Technology's IPO amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [4] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, issuing 41.83089 million shares at a price of 164.54 yuan per share [5]

Investment Rating - The report maintains a "Buy" rating for the company, citing its competitive strength in cellular baseband chips and the growth potential of new product categories such as smartphone chips and 5G RedCap [3][5] Core Views - The company's revenue in the first three quarters of 2024 reached RMB 2,540 million, a year-on-year increase of 37.72%, with a gross margin of 23.46% [1] - In Q3 2024, the company achieved revenue of RMB 884 million, a year-on-year increase of 12.34%, but the gross margin declined to 21.94% due to lower revenue from high-margin custom services and IP licensing [1][2] - The company's R&D expenses in Q3 2024 increased by 19.86% year-on-year to RMB 310 million, driven by higher share-based compensation and tape-out project costs [2] - The company's LTE Cat 4 automotive front-end solutions saw significant growth in H1 2024, with single-product sales reaching the million level, and the WiFi+BLE Combo chip shipments steadily increased among major white goods manufacturers [2] - The company's first smartphone chip, ASR8601, has been successfully shipped and is used in at least 5 smartphone models, with total shipments expected to exceed one million by the end of the year [3] - The company plans to launch its second-generation 8-core 4G smartphone chip and 5G RedCap smart terminal chip next year, contributing to new revenue growth [3] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is forecasted to be RMB 3,453 million, RMB 4,517 million, and RMB 5,823 million, respectively, with a PS valuation of 4.9X, 3.8X, and 2.9X [3] - The company's net profit for 2024E, 2025E, and 2026E is expected to be RMB -519 million, RMB -347 million, and RMB 34 million, respectively [4] - The company's gross margin is projected to improve from 24.1% in 2024E to 31.2% in 2026E [9] Market and Product Development - The company's AIoT business is benefiting from a recovery in demand and product category expansion, with strong performance in the global children's smartwatch market and active engagement in the adult smartwatch market across Europe, Latin America, and Southeast Asia [2] - The company's 4-core products are steadily shipping, and the 8-core products are progressing well, with the RedCap commercialization expected to contribute to new revenue growth [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.54 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.72%. The net loss attributable to the parent company was 412 million yuan, showing a slight reduction in losses compared to the previous year. The non-recurring net profit attributable to the parent company was -476 million yuan, a decrease in losses by 59 million yuan year-on-year [2][3]. - The revenue for Q3 2024 was 884 million yuan, reflecting a year-on-year increase of 12.34% and a quarter-on-quarter increase of 7.20%. However, the gross margin for Q3 2024 was 21.94%, down by 2.78 percentage points year-on-year and 2.81 percentage points quarter-on-quarter, which exerted pressure on the company's performance [3][4]. - The company has been increasing its R&D investment, with R&D expenses in Q3 2024 amounting to 310 million yuan, up 19.86% year-on-year and 11.16% quarter-on-quarter. The company is making progress in various new product developments, including the launch of its first 5G RedCap chip in the IoT sector and a smartphone chip [4][5]. - The company is experiencing rapid growth in the automotive and non-cellular IoT sectors, with significant increases in product shipments. The expected revenue for the company from 2024 to 2026 is projected to reach 3.46 billion, 4.41 billion, and 6.02 billion yuan, respectively, with corresponding price-to-sales ratios of 5X, 4X, and 3X [5][10].

上海信公轶禾企业管理咨询有限公司 关于 翱捷科技股份有限公司 2023 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 独立财务顾问： 二〇二四年十月 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 | | | | 第一章 | 声 明 3 | | | --- | --- | --- | | 第二章 | 释 义 5 | | | 第三章 | 基本假设 6 | | | 第四章 | 本激励计划履行的审批程序 7 | | | 第五章 | 本次限制性股票的预留授予情况 9 | | | | 一、限制性股票预留授予的具体情况 | 9 | | | 二、本次实施的股权激励计划与股东大会审议通过的股权激励计划存在差异的说明.. | 10 | | 第六章 | 本次限制性股票授予条件说明 12 | | | | 一、限制性股票授予条件 | 12 | | | 二、董事会对授予条件成就的情况说明 | 12 | | 第七章 | 独立财务顾问的核查意见 14 | | 2 上海信公轶禾企业管理咨询有限公司接受委托，担任翱捷科技股份有限公 司（以下简称"翱捷科技""上市公司"或"公司"）2023 年限制性股票激励 计划（以下简称" ...