时空之星 | 又一家独角兽拟港股IPO！飞骧科技PA及PA集成收发模组出货量全球第一

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the capital market as a leading player in the RF front-end chip sector [1] Company Overview - Feixiang Technology is a fabless semiconductor company based in China, focusing on the design, research, and sales of RF front-end chips, with applications in mobile smart devices, Wi-Fi products, smart homes, IoT, automotive communication, and satellite communication [1] - The company ranks fifth globally and first among Chinese companies in terms of revenue from power amplifiers (PA) and PA integrated transceiver modules for 2024, and it holds the top position in global shipment volume for these products [1] Product Line and Innovation - The product line covers various communication standards including 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, compatible with mainstream cellular baseband communication platforms and Wi-Fi platforms [2] - In 2020, Feixiang Technology became the first domestic company in China to launch a fully 5G RF front-end solution supporting all frequency bands [2] - The company has a high-value product line in the connectivity sector, including Wi-Fi series, satellite communication, and automotive communication, and is recognized as a qualified supplier for leading ODM manufacturers [2] Financial Performance - Feixiang Technology reported revenues of approximately 1.021 billion RMB, 1.717 billion RMB, and 2.458 billion RMB for the fiscal years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate (CAGR) of 55.1% [2] - The company turned a profit in 2024 with a net profit of approximately 76.295 million RMB after losses in the previous two years [2] - For the first five months of 2025, the company achieved revenues of 756 million RMB and a net profit of 13.317 million RMB, with a gross margin increasing from 13.3% in 2022 to 20.0% in early 2025 [2] Business Model - Feixiang Technology operates a fabless business model, outsourcing wafer manufacturing, packaging, and testing to third-party manufacturers, allowing the company to focus on high-value activities such as chip R&D, sales, and marketing [3] - The company’s advanced RF technology focuses on PA, LNA, high-power tuning switches, filters, integrated modules, and advanced packaging, with research outcomes aimed at reducing power consumption and enhancing performance [3] Market Trends - The global RF front-end chip industry is experiencing accelerated growth and transformation due to the widespread adoption of 5G technology and the expansion of application scenarios beyond traditional mobile devices [4] - The global RF front-end chip market is projected to grow from 159.5 billion RMB in 2024 to 234.3 billion RMB in 2029, with a CAGR of 10.1%, while the Chinese market is expected to grow from 33.6 billion RMB to 53 billion RMB during the same period, with a CAGR of 12.1% [4] IPO Context - Feixiang Technology's IPO in Hong Kong represents another attempt to access capital markets, following a previous application for the Sci-Tech Innovation Board that was withdrawn in September 2024 [4] - The success of this IPO could further solidify the company's market position and is worth monitoring [4]