华为/OPPO/小米站台，8亿募资剑指 6G 射频前沿

Core Viewpoint - Chongqing Ruishi Chuangxin Microelectronics Co., Ltd. has officially been accepted for IPO on the Sci-Tech Innovation Board, marking its significant progress in the capital market as a leading domestic RF front-end chip and module enterprise [1] Industry Overview - The RF front-end chip is a core component of wireless communication devices, significantly impacting signal quality and communication performance. The market has long been dominated by international giants such as Broadcom, Skyworks, and Qorvo, particularly in the critical components like filters, where domestic companies have faced supply chain constraints [3] - Among domestic listed companies in the RF front-end chip and module sector, there are established leaders and emerging players, showcasing diverse market positions, technological characteristics, and recent performance trends [3] Company Development - Ruishi Chuangxin's breakthrough began in 2024 with the launch of its high-performance filter wafer manufacturing base, marking a strategic shift from a Fabless to a Fab-lite model. This transition enables the company to achieve independent R&D and mass production of filters, reducing reliance on external supply chains [5] - The company's shareholder structure includes major mobile manufacturers and investment institutions, such as OPPO (5.9431%), Huawei's Hubble Investment (5.7187%), and Lei Jun's Shunwei Capital (5.3964%), indicating strong recognition of its technological capabilities [5] - Ruishi Chuangxin's products have been successfully integrated into major mobile manufacturers like OPPO, Xiaomi, and ZTE, as well as various consumer electronics and IoT companies, demonstrating a diversified application of its products [5] Financial and Market Position - The company plans to raise 809 million yuan through its IPO, focusing on three main areas: the second phase of the MEMS device production base, the establishment of a research and development center, and supplementing working capital [6] - The second phase of the MEMS device production base will enhance the manufacturing capacity of filters and solidify its leading position in the domestic filter market [6] - The R&D center will focus on advanced 5G and 6G technologies, as well as RF module integration technologies, positioning the company for future communication advancements [6] Market Demand and Growth - The global RF front-end market is projected to grow from approximately $22 billion in 2023 to $30 billion by 2028, with a compound annual growth rate of about 6.4% [7] - Domestic companies are poised to benefit from dual opportunities: the significant increase in RF front-end demand due to 5G smartphones (which require about 50% more RF front-end chips than 4G smartphones) and the supply chain restructuring driven by domestic substitution policies [7] - Ruishi Chuangxin's vertical integration from chip design to filter manufacturing and module packaging allows for better cost control, capacity assurance, and rapid response to customer needs [7] - With a registered capital of 434 million yuan and nearly 500 employees, the company has achieved rapid revenue growth in just seven years, positioning itself favorably for resource support and accelerated technological development following its IPO [7]