广州慧智微电子股份有限公司 关于首次公开发行战略配售限售股上市流通的公告 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。 证券代码：688512 证券简称：慧智微 公告编号：2025-022 重要内容提示： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式 为网下，上市股数为2,172,020股。广州慧智微电子股份有限公司（以下简称"公 司"或"慧智微"）确认，上市流通数量等于该限售期的全部战略配售股份数量。 本次股票上市流通总数为2,172,020股。 本次股票上市流通日期为2025 年 5 月 16 日。 一、本次上市流通股的限售股类型 根据中国证券监督管理委员会出具的《关于同意广州慧智微电子股份有限公 司首次公开发行股票注册的批复》（证监许可〔2023〕462 号），并经上海证券交易 所同意，公司首次向社会公开发行人民币普通股（A 股）54,300,500 股，并于 2023 年 5 月 16 日在上海证券交易所科创板挂牌上市。 公司首次公开发行股票完成后，总股本为 452,506,348 股，其 ...

华泰联合证券有限责任公司 关于广州慧智微电子股份有限公司 2024 年度持续督导跟踪报告 （二）募投项目超计划使用募集资金 保荐机构名称：华泰联合证券有限责任公司 被保荐公司简称：慧智微 保荐代表人姓名：彭海娇 联系电话：0755-82492010 保荐代表人姓名：张辉 联系电话：010-56839300 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"、"保荐机构"或"保荐人"）作为广州慧智微电子股份 有限公司（以下简称"慧智微"、"公司"或"发行人"）首次公开发行股票并在 科创板上市的保荐人，对慧智微进行持续督导，并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 （一）公司营业收入同比小幅下滑且尚未实现盈利 2024 年度（以下又称"报告期"）公司营业收入为 52,398.69 万元，较上年 同期减少 5.08%，归属于上市公司股东的净利润为-43,841.70 万元，净亏损较上 年同期增加 7.32%；归属于上市公司股东的扣除非经常性损益的净利润为 -47,363.3 ...

核查意见 华泰联合证券有限责任公司 关于广州慧智微电子股份有限公司 首次公开发行战略配售限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为广州慧智微电子股份有限公司（以下简称"慧智微"或"公司"）首次公开发 行股票并在科创板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《科创板上市公司持续监管办法（试行）》《上海证券交易所科创板股票 上市规则》等有关规定，对慧智微首次公开发行战略配售限售股上市流通相关事 项进行核查，具体核查情况如下： 一、本次上市流通股的限售股类型 根据中国证券监督管理委员会出具的《关于同意广州慧智微电子股份有限公 司首次公开发行股票注册的批复》（证监许可〔2023〕462号），并经上海证券 交易所同意，公司首次向社会公开发行人民币普通股（A股）54,300,500股，并 于2023年5月16日在上海证券交易所科创板挂牌上市。 公司首次公开发行股票完成后，总股本为452,506,348股，其中有限售条件流 通股404,040,012股，无限售条件流通股48,466,336股。 本次上市流通的限售股为公司首次公开发行战略配售限售股 ...

Core Viewpoint - The domestic RF front-end industry is facing unprecedented challenges, with leading companies like ZTE Microelectronics, Weijie Chuangxin, and Huizhiwei reporting significant losses, indicating a severe market downturn driven by intense competition and overcapacity [1][4]. Group 1: ZTE Microelectronics - ZTE Microelectronics reported a revenue of 756 million yuan in Q1 2025, a year-on-year decline of 36.47%, with a net profit loss of 46.62 million yuan [1]. - The company has shifted its focus from RF switch products to integrated modules, achieving self-production of RF filters and power amplifiers, but this transition has not yielded the expected results, leading to a decline in revenue from RF switches [2]. - The Fab-Lite strategy adopted by ZTE Microelectronics aims to enhance supply chain control but has resulted in increased R&D costs and fixed asset depreciation, contributing to a 64.2% drop in net profit in 2024 [3]. Group 2: Weijie Chuangxin - Weijie Chuangxin, a leading player in the RF power amplifier sector, reported a revenue of 2.103 billion yuan in 2024, down 29.46% year-on-year, with a net profit loss of 23.73 million yuan [4][6]. - The company has maintained a strong market position in the RF power amplifier field, with a 40% market share in 4G PA and 30% in 5G products, but has faced challenges due to declining prices and increased competition [5]. - Despite its strong R&D capabilities and market presence, Weijie Chuangxin has struggled to maintain profitability, oscillating between profit and loss [6]. Group 3: Huizhiwei - Huizhiwei has focused on technological innovation as its core competitive advantage, achieving significant breakthroughs in RF front-end chip technology [7][8]. - The company has developed a reconfigurable RF front-end technology that combines SOI and GaAs materials, allowing it to compete effectively against international suppliers [8][9]. - Huizhiwei's Phase8L L-PAMiD module has achieved mass production and is positioned to enhance the domestic RF front-end industry's competitiveness against international players [9][10]. Group 4: Market Dynamics - The competition in the domestic RF front-end market is characterized by both technological and capital challenges, with companies needing to invest heavily in R&D while also managing operational costs [11]. - The market is expected to undergo significant changes, with the introduction of new products and technologies potentially reshaping the competitive landscape [12][13]. - The year 2025 is anticipated to mark the beginning of a more intense phase of competition in the domestic RF front-end sector, as companies strive to establish their market positions [13].

Group 1 - The company has successfully achieved mass shipments of its new generation small-sized, high-power 5GMMMB products to overseas Android clients, receiving customer recognition [2] - In Q1 2025, the company's gross profit improved significantly due to product structure optimization and a decrease in procurement costs, with expectations for further performance enhancement as Phase8L L-PAMiD products ramp up [2] - The Phase8L product has already achieved large-scale production with leading clients, making the company one of the first in China to have this production capability [2] Group 2 - The company has proactively built a domestic supply chain over the years, collaborating with local wafer manufacturers and enhancing supply chain security through diversified channels [2] - The company focuses on the evolution of RF front-end technology, promoting product iterations around 3GPP standards, and has also ventured into Wi-Fi and satellite communication fields [2] - The company is actively exploring market opportunities in emerging industries such as low-altitude economy and robotics, forming specialized teams for technological research [2] Group 3 - The company's core strategy is to expand brand clients by introducing more self-developed projects to drive gross margin recovery [3] - The domestic substitution window is accelerating due to the strategic retreat of overseas manufacturers and tariff policy adjustments, with the Phase8L product's technological breakthroughs enhancing customer loyalty and attracting new clients [3] - The company aims to increase its penetration rate within mainstream brand supply chains through these strategies [3]

Core Viewpoint - The company reported a revenue of 524 million yuan in 2024, a year-over-year decrease of 5.08%, and a net profit of -438 million yuan, a year-over-year decrease of 7.32%, which aligns with previous forecasts [1] - In Q1 2025, the company achieved a revenue of 137 million yuan, a year-over-year increase of 30.63%, and a net profit of 4 million yuan, a year-over-year increase of 104.40% [1][2] - The company is optimistic about future growth driven by product iterations and market penetration, maintaining a "buy" rating [1][3] Group 1: Financial Performance - The company’s revenue in Q1 2025 showed significant year-over-year growth, benefiting from the iteration of 4G products and 5G LPAMiF, with a gross margin improvement to 12.85%, up 4.88 percentage points year-over-year [1][2] - The total expenses (sales, management, and R&D) in Q1 2025 were 71 million yuan, a decrease of 19.69% year-over-year, contributing to the first quarterly profit turnaround [2] Group 2: Market Outlook - For 2025, the company is expected to benefit from the anticipated 5.64% year-over-year growth in the Chinese Android smartphone market, with successful product validation and gradual mass production [3] - The company’s Phase8L product is expected to achieve significant scale in 2025, alongside the new generation of 4G products gaining traction in the smartphone and IoT sectors [3] - The company has set a target price of 13.2 yuan, maintaining a "buy" rating, with revenue forecasts of 730 million yuan for 2025 and 1.39 billion yuan for 2027 [3]

Core Viewpoint - The radio frequency power amplifier market is experiencing unprecedented growth driven by advancements in wireless communication technologies such as 5G, IoT, and autonomous driving, with a projected market size of $6.254 billion in 2024 and expected to reach $9.976 billion by 2031, reflecting a compound annual growth rate (CAGR) of 6.90% [1][13]. Industry Overview - Radio frequency power amplifiers are essential electronic devices that amplify input RF signals to higher power levels, crucial for wireless communication, radar, and satellite communication [3]. - The operational principle involves key steps: signal input and matching, signal amplification, and output matching and load driving [3]. Market Dynamics - The market is segmented into linear power amplifiers and switch-type power amplifiers, with linear amplifiers having high frequency but narrow bandwidth, while switch-type amplifiers offer high efficiency and output power but lower linearity [5]. - The demand for RF power amplifiers is significantly driven by the increasing number of 5G base stations, with an expected construction of 4.251 million base stations in China by 2024, an increase of 874,000 from the previous year [11]. Industry Chain - The RF power amplifier industry chain includes upstream suppliers of EDA software, substrate materials, and packaging materials, midstream manufacturers of RF power amplifiers, and downstream manufacturers or operators in mobile terminals, communication base stations, IoT devices, and military radar [7]. Substrate Materials - Common substrates for RF power amplifiers include Si, GaAs, and GaN, with GaAs being the mainstream substrate due to its superior performance in mobile terminals and micro base stations [9]. - The global GaAs substrate market was approximately $200 million in 2019 and is projected to reach $348 million by 2025, with a CAGR of 9.67% [9]. Competitive Landscape - The RF power amplifier market is primarily dominated by American companies such as Skyworks, Qorvo, and Broadcom, while domestic companies in China are gaining competitive advantages through better understanding of local markets and cost control [15]. - Key domestic players include Weijie Chuangxin, Shenzhen Feixiang Technology, Guangzhou Huizhiwei Electronics, and Jiangsu Zhuosheng Microelectronics [15][16]. Company Performance - Weijie Chuangxin reported a revenue of 854 million yuan for its RF power amplifier modules in the first half of 2024, a year-on-year increase of 7.14% [16]. - Guangzhou Huizhiwei Electronics achieved a revenue of 384 million yuan in the first three quarters of 2024, a year-on-year decrease of 3.59%, with a net loss of 298 million yuan [18]. Future Trends - The industry is expected to pursue higher power density, efficiency, and linearity to meet the demands of complex communication environments, with a trend towards miniaturization and integration of RF power amplifiers [20]. - The integration of artificial intelligence technologies is anticipated to enable smart and adaptive RF power amplifiers that optimize power output, gain, and linearity in real-time [20].

Core Viewpoint - The recent financial report of Huizhiwei (688512) shows significant improvements in revenue and profit, indicating a positive trend in the company's financial health and operational efficiency [1]. Financial Performance - The total revenue for Q1 2025 reached 137 million yuan, a year-on-year increase of 30.63% compared to 105 million yuan in Q1 2024 [1]. - The net profit attributable to shareholders was 3.57 million yuan, marking a substantial year-on-year increase of 104.4% from a loss of 81.14 million yuan in the previous year [1]. - The gross profit margin improved to 12.85%, reflecting a year-on-year increase of 61.19% from 7.97% [1]. - The net profit margin turned positive at 2.61%, a significant recovery from -77.44% in the previous year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 20.58 million yuan, which is 15.04% of revenue, showing a decrease of 31.44% year-on-year [1]. - The company reported a significant increase in cash and cash equivalents, reaching 754 million yuan, up 69.68% from 445 million yuan [1]. Asset and Liability Management - Accounts receivable surged to 95.30 million yuan, a dramatic increase of 461.23% from 16.98 million yuan [1]. - Interest-bearing liabilities rose to 16.5 million yuan, a staggering increase of 2479.10% from 637.96 thousand yuan [1]. Shareholder Metrics - The earnings per share (EPS) improved to 0.01 yuan, a year-on-year increase of 105.56% from -0.18 yuan [1]. - The net asset per share decreased to 3.96 yuan, down 14.61% from 4.64 yuan [1]. Market Position - The primary fund holding Huizhiwei shares is the Dachen Specialized New Mixed A Fund, which holds 160,400 shares and has not changed its position [4]. - The fund's current scale is 37 million yuan, with a recent net value of 0.7486, reflecting a decline of 0.39% on the last trading day and an 11.24% decrease over the past year [4].

近年，全球通信产业链面临复杂多元的考验。5G市场出现周期波动、高集成模组技术迭代导 致壁垒高企，叠加全球贸易环境极大不确定性引发的供应链重塑压力，行业调整进入深水 期。目前中国通信产业面临外部断链、行业周期、同质竞争、技术迭代等艰难局面。在不确 定性成为常态的产业环境中，只有坚持底层技术突破，才能实现中国半导体产业的技术平 权，为国内外客户提供多样化选择。 在此背景下，慧智微（688512.SH）于4月28日发布2025年第一季度业绩报告，报告显示公司营业 收入与净利润同比增长，实现盈利。近年，慧智微立足自主架构，面向行业领先技术，服务头部客 户 ， 从 5G L-PAMiF 模 组 的 率 先 量 产 ， 到 Phase8L L-PAMiD 高 集 成 模 组 与 国 际 厂 商 同 时 同 质 量 产，其创新路径始终围绕"自主可控"与"场景落地"双轴展开。通过Phase8L L-PAMiD国产化突 破、小尺寸双频 L-PAMiF的产品引领，慧智微5G高集成模组核心能力不断积累和体现，逐步在高 端、旗舰产品序列构筑差异化竞争力，在不确定的环境下为国内外客户提供确定性的选择。 Phase8L L-PAMiD国 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688512 证券简称：慧智微 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不 ...