射频前端芯片龙头再闯上市

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after previously withdrawing its application for the Sci-Tech Innovation Board, citing uncertainties in the A-share listing process and current market conditions [1][2]. Company Overview - Feixiang Technology specializes in the design, research, and sales of radio frequency front-end chips, being a leading supplier of power amplifiers (PA) and PA integrated transceiver modules, with applications in mobile smart devices, Wi-Fi products, smart homes, IoT, automotive communication, and satellite communication [1][2]. Market Position - The company covers various communication standards including 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, and is recognized as the first domestic company to launch a fully 5G-compliant RF front-end solution in 2020 [2]. - According to Frost & Sullivan, Feixiang ranks fifth globally in revenue for PA and PA integrated transceiver modules in 2024, and first among Chinese companies in terms of shipment volume [2]. Financial Performance - Feixiang's revenue has shown rapid growth, achieving revenues of 1.02 billion yuan in 2022, 1.717 billion yuan in 2023, and 2.457 billion yuan in 2024, with a net profit of 76.3 million yuan in 2024 after previous losses [2][3]. - However, in the first five months of 2025, the company experienced a decline in both revenue and net profit compared to the same period in 2024, attributed to slower new smartphone model launches [3]. Research and Development - R&D expenses are significant for the company, totaling 163 million yuan in 2022, 194 million yuan in 2023, and 272 million yuan in 2024, representing 15.9%, 11.3%, and 11.1% of revenue respectively [3]. - As of May 31, 2025, Feixiang holds 331 patents, the most among domestic peers, indicating a strong focus on innovation [3]. Market Growth - The Chinese RF front-end chip market is projected to grow from 33.6 billion yuan in 2024 to 53 billion yuan in 2029, with a compound annual growth rate of 12.1% [3]. Technological Advancements - Continuous improvements in module integration and the application of new materials are driving demand for high-performance RF front-end chips, which are essential for the evolving needs of smartphones, smart cars, and IoT devices [4]. Financing and Shareholding - Feixiang has undergone 14 rounds of financing, with significant investments from state-owned capital and private equity firms, and recently secured strategic financing in April 2025 [6]. - The company's major shareholder, Longhua, has frequently transferred shares for personal financial needs, raising concerns about the stability of the shareholding structure [7][8].