聚焦射频芯片“硬科技” 昂瑞微IPO即将上会

Core Viewpoint - The company Angrui Microelectronics is progressing towards its IPO on the Sci-Tech Innovation Board, with the Shanghai Stock Exchange set to review its application on October 15, 2025 [1] Group 1: Company Developments - Angrui Microelectronics has achieved large-scale production of its high-performance 5G L-PAMiD modules, breaking the monopoly of international firms and addressing critical supply chain issues in the 5G sector [3][4] - The company has successfully completed the mass production of several high-difficulty RF front-end modules and is actively involved in the development of new modules, showcasing its comprehensive capabilities in 5G high-integration module solutions [4] - Angrui Microelectronics is diversifying its product offerings by also focusing on RF SoC chips and mixed-signal chips, which enhances its market sales and technological development synergies [6] Group 2: Market Opportunities - The global RF front-end market is projected to grow from $19.2 billion in 2020 to $25.5 billion by 2024, with a compound annual growth rate (CAGR) of 7.3%, indicating significant growth potential for domestic suppliers [3][5] - By 2030, the RF front-end market is expected to reach $30.8 billion, with a CAGR of 3.2% from 2024 to 2030, presenting further opportunities for domestic companies as the demand for high-value products increases [5] - Angrui Microelectronics is expanding its applications beyond traditional smartphone communications into areas such as satellite communications, automotive, and low-altitude economy, where it has already achieved significant sales [5] Group 3: Industry Context - The Chinese capital market has been increasingly supportive of high-tech enterprises, with over 90% of newly listed companies being technology-focused, reflecting a trend towards fostering innovation [7][8] - The introduction of policies to support unprofitable but innovative companies, such as the "Sci-Tech Innovation Board Eight Articles," has facilitated the listing of companies like Angrui Microelectronics, marking a shift in the capital market's approach to nurturing strategic emerging industries [8]