昂瑞微开启申购 2024年收入规模在国产射频前端厂商中排名前三

Core Viewpoint - Angrui Micro (688790.SH) has initiated its subscription with an issue price of 83.06 CNY per share and a price-to-earnings ratio of 58.25 times, positioning itself as a key player in the integrated circuit design industry, particularly in the RF and analog sectors [1] Company Overview - Angrui Micro specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, recognized as a national-level "little giant" enterprise focusing on specialized and innovative technologies [1] - The company has achieved significant technological advancements and product iterations through continuous R&D investment, providing high-performance, reliable, low-power, and highly integrated RF and analog chip products [1] Product Lines - The core product lines include a full range of RF front-end chips for smart mobile terminals (covering 5G/4G/3G/2G) and RF SoC chips for IoT applications, such as low-power Bluetooth and 2.4GHz wireless communication chips [2] - Angrui Micro has established a strong customer base, with its RF front-end chips being sold to major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, and Lenovo, while its RF SoC chips are utilized by companies like Alibaba, Pinduoduo, and BYD [2] Technological Innovation - The company has led or participated in six national-level and multiple local major scientific research projects, contributing to the foundational research and industrial application of RF technology in China [3] - Angrui Micro has developed high-integration products like the 5GL-PAMiD, achieving performance levels comparable to international competitors and breaking their monopoly in the L-PAMiD module market [3] Market Position - Among domestic RF front-end companies, Angrui Micro ranks among the top three in revenue, with projected revenues of 2.101 billion CNY for 2024, of which 1.790 billion CNY comes from RF front-end products [3] - The global market for low-power Bluetooth devices is estimated at 1.8 billion units in 2024, with Angrui Micro expected to capture approximately 5.4% of the market share in the IoT wireless connection chip sector, with a projected shipment of 9.8 million units [3] Financial Performance - The company reported revenues of approximately 0.923 billion CNY, 1.695 billion CNY, 2.101 billion CNY, and 0.844 billion CNY for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - Net profits for the same periods were approximately -0.290 billion CNY, -0.450 billion CNY, -0.065 billion CNY, and -0.040 billion CNY, indicating ongoing financial challenges [4] Financial Metrics - As of June 30, 2025, total assets are reported at 1.627 billion CNY, with equity attributable to shareholders at 936.3 million CNY and a debt-to-asset ratio of 39.58% [5] - The company's operating income for 2024 is projected at 2.101 billion CNY, with a net profit of -0.065 billion CNY, reflecting a trend of increasing revenue but persistent losses [5]