飞骧科技IPO：今年前五个月营收净利双双下滑 资产负债率超60%

Core Viewpoint - Feiyang Technology, which previously attempted an IPO on the STAR Market, is now targeting the Hong Kong market for its public offering, focusing on the design, research, and sales of radio frequency front-end chips [3][5]. Group 1: Company Overview - Feiyang Technology specializes in radio frequency front-end chips, with applications in mobile smart devices, Wi-Fi products, smart homes, IoT, automotive communication, and satellite communication [3]. - 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 leads globally in terms of shipment volume [3]. - The product range includes support for various network standards such as 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, and it has been recognized as the first domestic company to launch a comprehensive 5G RF front-end solution [3]. Group 2: Financial Performance - Revenue for Feiyang Technology from 2022 to 2024 is projected to grow from 1.02 billion RMB to 2.46 billion RMB, while net profit is expected to turn positive in 2024 after losses in the previous years [8]. - The gross profit margin is anticipated to increase from approximately 13.3% in 2022 to 18.99% in 2024 [8]. - Research and development expenses are projected to be 1.63 billion RMB, 1.94 billion RMB, and 2.72 billion RMB for the years 2022 to 2024, representing a decreasing percentage of revenue over the same period [10]. Group 3: Cash Flow and Debt - The net cash flow used in operating activities shows negative figures for the years 2022 to 2024, indicating ongoing cash outflows [11]. - As of May 31, 2025, the company’s current liabilities amount to 1.63 billion RMB, with total bank and other borrowings increasing from 496 million RMB in 2022 to 986 million RMB in 2025 [12]. - The debt-to-asset ratio has shown an upward trend, reaching 72.05% in 2024, indicating increasing leverage [15]. Group 4: Fundraising and Future Plans - The funds raised from the IPO will be allocated to enhance R&D capabilities, optimize product performance, and develop high-performance filters to capture growth opportunities in the 5G and IoT markets [15][16]. - The company plans to shift its R&D focus from circuit design to process and material development, aiming to maintain a competitive edge in the rapidly evolving RF front-end chip industry [15]. - Feiyang Technology also intends to use part of the funds for potential strategic investments and acquisitions to strengthen its position in the industry value chain [16].