A股申购 | 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 on December 5, with an issue price of 83.06 yuan per share and a maximum subscription limit of 0.35 million shares, reflecting a price-to-earnings ratio of 58.25 times, positioning it as a key player in the integrated circuit design sector focused on RF and analog fields [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 [1] - The company has consistently invested in R&D and technology accumulation, leading to efficient product iterations that provide high-performance, reliable, low-power, and highly integrated RF and analog chip products [1] Product Lines and Market Position - The core product lines include a full range of RF front-end chips for smart mobile terminals (covering RF front-end modules, power amplifiers, RF switches, LNA, etc.) and RF SoC chips for IoT applications (including low-power Bluetooth and 2.4GHz private protocol wireless communication chips) [2] - Angrui Micro has established a strong customer base, with its RF front-end chips sold to major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo (Moto), and others, while its RF SoC chips have been adopted by notable industrial and IoT clients such as Alibaba, Pinduoduo, and BYD [2] Financial Performance - For the fiscal years 2022, 2023, 2024, and the first half of 2025, the company reported revenues of approximately 0.923 billion, 1.695 billion, 2.101 billion, and 0.844 billion yuan respectively, with net profits of -0.290 billion, -0.450 billion, -0.065 billion, and -0.040 billion yuan [3] - As of the end of 2024, Angrui Micro's revenue is projected to be 2.101 billion yuan, with 1.790 billion yuan coming from RF front-end products, ranking among the top three domestic RF front-end manufacturers [3] Market Share and Growth Potential - The global shipment of low-power Bluetooth devices is estimated to reach 1.8 billion units in 2024, with Angrui Micro's projected shipment of 0.98 billion low-power Bluetooth SoC chips, indicating a market share of approximately 5.4% in the IoT wireless connection chip sector [3] - The company has led or participated in six national-level and multiple local major research projects, contributing to the advancement of RF technology in China and the development of high-integration products like the 5GL-PAMiD, which has achieved international performance standards [2]