锐石创芯冲刺科创板：年入6.7亿连亏三年 OPPO为第四大股东

Core Viewpoint - The IPO application of domestic RF chip manufacturer Ruishi Chuangxin has been accepted, aiming to raise approximately 809 million yuan for various projects, including the construction of a MEMS device production base and a research and development center [2]. Company Overview - Ruishi Chuangxin, established in April 2017, focuses on the research, design, manufacturing, and sales of RF front-end chips and modules, with products used in smartphones, drones, IoT, and satellite communications [2][5]. - The company has successfully entered the supply chains of major smartphone brands such as OPPO, Xiaomi, vivo, Honor, Samsung, and Transsion [2][5]. Business Model and Production Capabilities - Initially adopting a fabless model, the company has transitioned to a fab-lite model, establishing its own filter wafer manufacturing base in Chongqing, which is expected to commence production in 2024 [3]. - Ruishi Chuangxin is one of the few domestic RF front-end companies capable of independently designing and manufacturing key components like SAW, TC-SAW, and MLSAW filters [3]. Financial Performance - Revenue has shown an upward trend from 370 million yuan in 2022 to 377 million yuan in the first half of 2025, primarily driven by sales of 5G and 4G RF front-end modules [6]. - Despite revenue growth, the company has faced continuous losses, with net profits of -328 million yuan in 2022 and -148 million yuan in the first half of 2025, leading to cumulative losses of 1.68 billion yuan by mid-2025 [6][7]. Market Position and Challenges - The company operates in a highly competitive market where over 70% of the RF front-end market is dominated by international giants like Qualcomm and Broadcom, particularly in high-end integrated modules and filters [7][8]. - The gross margin for Ruishi Chuangxin's main business has fluctuated between 7.95% and 13.90%, with a notable decline in the gross margin of 5G RF modules from 23.55% in 2022 to 11.49% in the first half of 2025 due to price competition [8]. Strategic Insights - The company aims to leverage its IPO to enhance its capabilities in filter autonomy and high-integration module development, which are critical for achieving profitability and sustainable growth [9]. - Analysts suggest that while the RF chip market is becoming increasingly competitive, there remains potential for companies like Ruishi Chuangxin to carve out a niche and grow [9].