头顶射频芯片国产替代光环 持续亏损的昂瑞微迎IPO大考

Core Insights - The launch of the iPhone 16 with RFID technology highlights the growing importance of RF front-end (RFFE) chips in various applications, including smart home management and retail payments [1] - The domestic RF chip industry is experiencing rapid growth due to the push for domestic alternatives amid geopolitical tensions, with companies like Angrui Micro seizing opportunities [1][2] - Angrui Micro's IPO on the Sci-Tech Innovation Board reflects the struggles and aspirations of China's semiconductor industry in the context of domestic substitution [1] Company Performance - Angrui Micro achieved a total sales volume of 201.449 million RF front-end and SoC chips in 2024, a 56.89% increase from 2023's 128.4 million units [2] - The company's revenue reached 2.101 billion yuan in 2024, with a compound annual growth rate of 50.88% [2] - However, in the first half of 2025, Angrui Micro's chip sales dropped to 88.55 million units, a 15.72% decline year-on-year [2] Market Challenges - The decline in performance is attributed to reduced procurement from the largest customer and the company's decision to abandon low-end, low-revenue businesses [3] - The RF chip industry faces intense competition, with many domestic companies lacking foundational technology, leading to homogenized products and price wars [3][4] - Angrui Micro's revenue in the first half of 2025 was 843.5913 million yuan, a significant 32.17% decrease compared to the same period in 2024, and the company continued to report net losses [4] Competitive Landscape - Competitors like Weijie Chuangxin and Feixiang Technology have experienced fluctuating revenues, with Weijie Chuangxin's revenue dropping by 29.46% in 2024, while Feixiang Technology maintained growth in 2023 and 2024 [5] - Huizhiwei and Tailinwei have shown resilience, with Huizhiwei achieving a 39.97% revenue growth in the first half of 2025 [5] Management and Operational Issues - Angrui Micro has high inventory levels exceeding 780 million yuan, posing a risk of depreciation, and its accounts receivable have been steadily increasing [7] - The company's management structure is fragmented, lacking a controlling shareholder, which raises concerns about governance and stability [7] - Historical issues with shareholding arrangements have been resolved prior to the IPO, mitigating potential risks to control [7] R&D and Investment - The RF chip design process is lengthy, requiring three to five years for product maturity, yet domestic capital markets favor quick returns, leading to underinvestment in R&D [8] - Angrui Micro's R&D expense ratio has declined, remaining below industry averages, indicating a significant gap compared to international leaders [8] - The company plans to raise 2.067 billion yuan through its IPO, primarily for R&D initiatives, including 1.096 billion yuan for 5G RF front-end chip development [9][10]