ASR(SH:688220) Ge Long Hui A P P·2025-09-28 07:41Core Viewpoint - Aojie Technology is one of the few companies covering multi-standard cellular and multi-protocol non-cellular chips, with a strong focus on mobile baseband and IoT sectors, and possesses key self-developed IP reserves [1] Group 1: Business Performance - The 5G mobile chip has been taped out and is expected to continue ramping up in the future [1] - The ASIC segment is projected to experience exponential growth, with expected performance in 2026 being several times higher than in 2024 [1] - In the IoT sector, the baseband chip is used in areas such as vehicle networking and wearables, with a market share of nearly 50% in the Cat.1bis segment for 2024, leading the industry [1] Group 2: Product Development - The shipment volume of Cat.4 is expected to double year-on-year in 2024, while the new generation Cat.7 product has been successfully introduced to clients such as ZTE [1] - In the mobile sector, the 4G octa-core smartphone chip has been successfully introduced to clients in the first half of 2025, and the 5G mobile chip is in the late stages of development, with client introduction expected in the second half of 2026 [1] Group 3: Future Outlook - Continuous product launches and client expansion are anticipated to drive sustained growth in baseband chip revenue [1] - AI ASIC is expected to become a second growth curve for the company, with good order intake for custom chip business, projecting several times growth in revenue by 2026 compared to 2024 [1]