射频前端国产替代：昂瑞微扮演重要角色

Core Viewpoint - The rapid development of Angrui Micro in the RF front-end industry is significantly influenced by the U.S. sanctions against Chinese telecom giants, leading to a wave of domestic substitution opportunities [3][12]. Group 1: Company Development - Angrui Micro's IPO application was accepted on March 28, marking a significant event in the RF front-end industry [1]. - The company has achieved rapid growth, with projected sales in 2024 expected to match that of Weijie Chuangxin, positioning itself among the top tier of RF front-end manufacturers [1]. - Angrui Micro has successfully developed a series of RF front-end chips for high-end flagship smartphones, including the challenging Sub3G L-PAMiD product [3][12]. Group 2: Market Dynamics - The U.S. pressure on Chinese companies has led domestic smartphone manufacturers to recognize the importance of a local supply chain, benefiting companies like Angrui Micro [3]. - The RF front-end market in China is still relatively small, with total sales around 200 billion, compared to a global market size of approximately 1200 billion [9]. Group 3: Supply Chain and Collaboration - Effective supply chain management is crucial for RF front-end companies to ensure security and stability under U.S. pressure [5]. - Collaboration among multiple leading smartphone manufacturers is necessary to drive the entire domestic RF front-end industry, as individual companies alone cannot achieve significant impact [7]. - Angrui Micro has established partnerships with domestic GaAs, SOI, and filter manufacturers, contributing to a higher proportion of domestic procurement [9]. Group 4: Investment and R&D - The rapid development of the domestic supply chain requires RF front-end manufacturers to double their R&D investments due to the need for multiple iterations and maintaining both domestic and overseas supply chains [11]. - Angrui Micro is committed to investing in domestic supply chain development, driven by both customer demand and the need for supply security [11]. Group 5: Long-term Strategy - Domestic substitution is a long-term process, and while rapid progress can be made, surpassing established foreign competitors remains challenging [12]. - Angrui Micro has demonstrated a long-term vision by steadily developing competitive products and leveraging opportunities for domestic substitution since 2019 [12][15].