新股消息 | 移芯通信递表港交所 出货量位居中国蜂窝通信芯片行业第一

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. (Yixin Communication) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1]. Company Overview - Yixin Communication is a provider of cellular communication chips, focusing on the research, development, architecture, and commercialization of chips that enable devices to communicate via cellular LTE/5G networks. The company's chip product matrix covers low, medium, high, and ultra-high wireless transmission speeds, optimizing the balance of power, performance, and area/cost (PPA) [3][15]. - The company's chips serve as the foundation of the Internet of Things (IoT) ecosystem, enabling seamless data exchange for smart meters, vehicles, and industrial equipment. The chips also enhance devices with AI capabilities and Open CPU technology for efficient information collection, processing, and exchange [3][15]. Product Range - The cellular communication chips can be categorized into low-speed (e.g., NB-IoT), medium-speed (e.g., 4G Cat.1bis), high-speed (e.g., LTE Cat.4), and ultra-high-speed (e.g., 5G eMBB) based on their technical characteristics and application scenarios [4][5][15]. - The product series includes various models such as EC616, EC616S, EC626 for NB-IoT, and EC618, EC716, EC718, EC718M for Cat.1bis, catering to diverse market demands [5]. Market Position - According to Frost & Sullivan, Yixin Communication ranks first in China and third globally in the cellular communication chip industry by shipment volume. The company's NB-IoT products hold the top position globally, while its Cat.1bis products rank second [5][17]. Financial Performance - Revenue for Yixin Communication was approximately RMB 409.7 million in 2022, projected to increase to RMB 533.1 million in 2023 and RMB 552.4 million in 2024. For the six months ending June 30, 2024, revenue is expected to be around RMB 298.5 million [9]. - The company reported a net loss of RMB 98.04 million in 2022, with losses projected to decrease to RMB 15.9 million in 2023, followed by a profit of RMB 12.4 million in 2024 and RMB 16.9 million in 2025 [10][12]. Industry Overview - The global cellular communication chip market is experiencing rapid growth, with shipments expected to rise from 343 million units in 2020 to 572 million units in 2024, reflecting a compound annual growth rate (CAGR) of 13.6%. The market is projected to continue expanding, reaching 1 billion units by 2029 [17]. - In China, the cellular IoT terminal user base surpassed 1.9 billion in 2022, exceeding the number of mobile phone users for the first time. This trend is expected to continue, with projections of 2.7 billion IoT users by 2024 [14][19].