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》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科 创板股票上市规则》《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，对公司使用部分闲置募集资金进行现金管理的事项进行 了核查，具体情况如下： 一、募集资金基本情况 海通证券股份有限公司关于翱捷科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 经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）并经上海证券交易所自律监管决定书（[2022]11 号）同意公司首次向社会公众公开发行人民币普通股（A 股）4,183.0089 万股， 发行价格为 164.54 元/股，募集资金总额为人民币 688,272.28 万元，扣除发行费 用后，实际募集资金净额为人 ...

| | | 半导体 | 图表 | 1 | | ： | | --- | --- | --- | --- | | 图表 | 2 | | ： | | 图表 | 3 | | ： | | 图表 | 4 | | ： | | 图表 | 5 | | ： | | 图表 | 6 | | ： | | 图表 | 7 | | ： | | 图表 | 8 | | ： | | 图表 | 9 | | ： | | 图表 | 10 | ： | | | 图表 | 11 | ： | | | 图表 | 12 | ： | | | 图表 | 13 | 可比公司估值表（截止 年 月 日，单位：亿元） 8 ： 2025 2 28 | | 公司研究简报 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王芳 | | 营业收入（百万元） | 2,140 | 2,600 | 3,386 | 4,520 | 6,195 | | | ...

证券代码：688220 证券简称：翱捷科技 公告编号：2025-004 翱捷科技股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 1 重大调整。 翱捷科技股份有限公司（以下简称"公司"）股票交易于 2025 年 2 月 21 日、2 月 24 日、2 月 25 日连续 3 个交易日内日收盘价格涨幅偏离值累计超过 30%。根据《上海证券交易所交易规则》《上海证券交易所科创板股票异常交易 实时监控细则》的有关规定，属于股票交易异常波动情形。 经公司自查并向公司实际控制人发函询证，截至本公告披露日，不存在 应披露而未披露的重大事项。 公司股价短期波动较大，敬请广大投资者注意二级市场交易风险，理性 决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 2 月 21 日、2 月 24 日、2 月 25 日连续 3 个交易日 内收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则》《上海 证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股 ...

《关于翱捷科技股份有限公司股票交易异常波动的询证函》 的回函 (本页以下无正文) 致:翱捷科技股份有限公司 (本页无正文,为实际控制人《<关于翱捷科技股份有限公司股票交易异常 波动的询证函>的回函》之签署页。） 《关于翱捷科技股份有限公司股票交易异常波动的询证函》已收悉,现就 公司询证事项回复如下: 实际控制人: 1、截至目前，作为翱捷科技股份有限公司的实际控制人，不存在正处于筹 划阶段的涉及公司的重大事项，包括但不限于重大并购重组、股份发行、债务 重组、股份回购、资产剥离和资产注入等重大事项,亦不存在其他应披露而未 披露的重大信息。 2025 年 2 月 25 日 2、本人及本人的一致行动人宁波捷芯睿微企业管理合伙企业（有限合伙）、 Great ASR1 Limited、Great ASR2 Limited 在翱捷科技股份有限公司本次股票异 常波动期间，不存在买卖公司股票的情况。 ...

Financial Performance - The total operating revenue for 2024 reached RMB 3.39 billion, representing a year-on-year increase of 30.23% compared to RMB 2.60 billion in the previous year[3] - The net profit attributable to the parent company was a loss of RMB 686.76 million, an increase in loss of RMB 181 million compared to the previous year's loss of RMB 505.82 million[5] - The basic earnings per share were -1.69, worsening from -1.22 in the previous year[3] - The weighted average return on equity decreased to -11.46%, down 4.19 percentage points from -7.27% in the previous year[3] - The company faced increased impairment provisions and a decline in non-recurring income, impacting overall profitability despite revenue growth[7] Assets and Investments - The total assets at the end of the reporting period were RMB 6.53 billion, a decrease of 10.52% from RMB 7.30 billion at the beginning of the period[4] - The net assets attributable to the parent company decreased by 10.70% to RMB 5.68 billion from RMB 6.36 billion[4] - The company increased its R&D investment, particularly in cellular baseband technology for smartphone chip platforms, contributing to higher share-based payment expenses[6] Market Performance - The company achieved significant growth in chip sales, particularly in niche markets within the cellular IoT sector, driving overall revenue growth[5] Cautionary Notes - The company warns investors that the financial data for 2024 is preliminary and unaudited, urging caution regarding investment risks[8]

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]