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慧智微: 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2025年半年度持续督导跟踪报告

Core Viewpoint - The company, Guangzhou Huizhi Microelectronics Co., Ltd., has not yet achieved profitability, reporting a net loss of 65.28 million yuan, although this represents a 64.41% reduction compared to the previous year [1][6][21]. Financial Performance - The company's operating revenue increased by 39.97% year-on-year, reaching 354.52 million yuan, driven by a significant rise in chip sales [20][23]. - The net loss attributable to shareholders decreased by 64.41% to -65.28 million yuan, while the net loss excluding non-recurring gains and losses was -137.36 million yuan, a 31.48% reduction from the previous year [1][21]. - The cash flow from operating activities was negative at -235.40 million yuan, indicating that the company’s sales were insufficient to cover its expenses [21][14]. Business Operations - The company is focused on enhancing its radio frequency front-end product line, with successful mass production of the Phase8L integrated L-PAMiD product for high-end flagship models of major Android clients [2][23]. - The company has been actively expanding its market presence, with significant orders from major clients like Samsung expected to be fulfilled in 2024 [2][23]. Use of Funds - The company adjusted its fundraising project expenditures, planning to allocate 570 million yuan for the "Headquarters and R&D Center Construction Project," with 370 million yuan for the Guangzhou center and 200 million yuan for the Shanghai center [4][24]. - As of April 14, 2025, the actual use of funds for the Guangzhou project exceeded the planned amount by 25.91 million yuan, primarily for employee salaries and material costs [4][5]. Research and Development - The company’s R&D expenditure accounted for 28.02% of its operating revenue, reflecting a decrease of 27.55 percentage points compared to the previous year, mainly due to increased sales revenue [21][23]. - The company holds a total of 151 invention patents and 24 utility model patents, indicating a strong focus on innovation in the radio frequency front-end sector [23]. Market Position and Competition - The global radio frequency front-end market is dominated by major players such as Skyworks, Qorvo, Broadcom, Qualcomm, and Murata, which have significant revenue and strong profitability [12][15]. - The company is striving to enhance its competitive edge through technological innovation and expanding its product offerings in response to market demands [23][15]. Risks and Challenges - The company faces several risks, including the ongoing challenge of achieving profitability, potential technological obsolescence, and intense competition from established international firms [6][7][15]. - The reliance on a limited number of suppliers for critical components poses a risk to production stability and operational efficiency [11][12].