新股三分钟数读IPO∣昂瑞微（科创成长层）、沐曦股份（科创成长层）

Core Viewpoint - The company is a specialized integrated circuit design enterprise focusing on RF and analog fields, recognized as a national-level "little giant" enterprise, with a strong emphasis on research and development to provide high-performance RF and analog chip products [6]. Company Overview - The company primarily engages in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, continuously iterating its products through sustained R&D investment [6]. Financial Data - Revenue for 2024 is projected at 21.01 billion yuan, up from 16.95 billion yuan in 2023 and 9.23 billion yuan in 2022 [7]. - The net profit is expected to improve to -0.65 billion yuan in 2024 from -4.50 billion yuan in 2023 and -2.90 billion yuan in 2022 [7]. - The net cash flow from operating activities is forecasted to be -2.50 yuan in 2024, compared to -0.90 yuan in 2023 and -0.53 yuan in 2022 [8]. Industry Chain - The upstream consists mainly of various raw materials, while the downstream includes smart phone terminals and the Internet of Things (IoT) [10]. SWOT Analysis Strengths - The company possesses technological advantages and a strong customer base, with a comprehensive solution for 5G terminal products [13]. Opportunities - The development opportunities for the company are driven by national policies supporting the integrated circuit industry and the ongoing construction and application of 5G infrastructure [13]. Weaknesses - The company faces challenges due to a potential shortage of high-end talent and insufficient funding, which are critical in the rapidly evolving integrated circuit design industry [14]. Threats - The company is impacted by international geopolitical tensions and the fast-paced evolution of artificial intelligence technology, which may pose challenges to its growth [25].