（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，公司模组产品覆盖 5G、4G、NB-IoT、5G RedCap、eSIM 等全制式，公司推出的 SIM8230G 系列产品基本于什么状态优势？ 日海智能（002313.SZ）2月25日在投资者互动平台表示，SIM8230G和芯讯通其它Redcap产品封装兼 容，有完备的产品矩阵，方便客户同一设计布局不同需求。 ...

Core Viewpoint - The company is actively investing in and developing cellular RF front-end products, with related products entering mass production and expected to generate sales revenue by 2026, contributing to revenue growth [1] Group 1: Product Development - The company has begun to focus on cellular RF front-end products since its listing, with products already in the mass production stage [1] - The company is closely adapting to mainstream RedCap chip technologies from major chip manufacturers, which have matured significantly [1] - The company is increasing efforts in the research and development of RedCap RF front-end chips in collaboration with invested enterprises [1] Group 2: Market Opportunities - The company is exploring opportunities in the satellite communication RF front-end product sector and has initiated preliminary research [1] - The company is expected to benefit from advancements in main chip size, cost, battery life, and high-precision positioning [1]

Core Insights - The global smartwatch shipment is expected to grow by 7% year-on-year by the end of 2025, following a decline in 2024, driven by new hardware and software features, increased consumer preference for mid-to-high-end smartwatches, and a growing focus on health-related functionalities [2][5] - China is identified as the key growth engine for the global smartwatch market, with three out of the top five brands being Chinese. The market share in China is projected to increase from 25% in 2024 to approximately 31% in 2025 due to government subsidies and the strong presence of local brands like Huawei, Xiaomi, and Little Genius [2][5] Market Dynamics - Apple is expected to see a 12% year-on-year increase in shipments in Q3 2025, marking the end of seven consecutive quarters of decline, largely due to the launch of the cost-effective Watch SE 3 and the premium Watch Ultra 3 [5][6] - The integration of AI-driven health analysis and guidance features into products is accelerating among leading global brands, with key new technologies such as satellite communication, 5G RedCap, and MicroLED display expected to be commercially available in 2025 [5][6] Product Innovations - The latest Apple smartwatch models have significantly broadened the price range coverage, with new health features like high blood pressure alerts contributing to a rebound in sales [6] - The 2025 smartwatch industry is characterized by a wave of functional innovations that enhance device performance, with even lower-priced models beginning to offer AI-driven experiences and upgraded health sensors [6]

Core Insights - Global smartwatch shipments are expected to grow by 7% year-on-year by the end of 2025, recovering from a decline in 2024 [1] - Huawei leads the recovery with a 42% year-on-year increase in shipments, followed by Xiaomi with 22% and Imoo with 17% [1] - Apple is projected to see a 12% year-on-year increase in shipments in Q3 2025, ending a streak of seven consecutive quarters of decline [1] Industry Trends - Major brands are accelerating the integration of AI-driven health analysis and guidance features into their product offerings [1] - Key new features such as satellite communication, 5G RedCap, and Micro LED display technology are highlighted as significant upgrades in products [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is a rare domestic player in the wireless communication baseband chip sector, focusing on cellular baseband chips and ASICs, which opens up growth opportunities [8][14]. - The company has a strong revenue growth trajectory, with expectations of turning profitable as technology matures and product layouts improve [8][30]. - The company is positioned to benefit from the rapid expansion of the cellular IoT market driven by 5G RedCap and other key technologies [8][48]. Summary by Sections Company Overview - The company specializes in cellular baseband technology and is actively expanding its business [14]. - It has developed a comprehensive range of chip products, including cellular baseband chips, smartphone SoC chips, non-cellular IoT chips, and ASIC services [8][19]. Market Position - The company is steadily increasing its market share in the domestic cellular baseband market, with a focus on both low-speed and high-speed IoT applications [8][59]. - The global cellular IoT market is expected to enter a high-growth phase from 2024 to 2030, with significant increases in connection numbers and module shipments [48][51]. Financial Analysis - The company has shown rapid revenue growth, with projected revenues of 33.86 billion yuan in 2024, reflecting a year-on-year increase of 30.23% [29]. - Despite being in a technology accumulation phase, the company is expected to narrow its losses and potentially achieve profitability in the coming years [30]. - The company has maintained high R&D expenditures, which are crucial for supporting its growth and innovation [41]. Product Development - The company is advancing its smartphone SoC chips, with significant progress expected in 2025, including the launch of a second-generation 4G octa-core chip [8][19]. - The ASIC business is also poised for growth, with a focus on high-demand areas such as smart wearables and cloud inference chips [8][19]. Revenue and Profitability Forecast - The company is projected to achieve revenues of 44.0 billion yuan in 2025, 60.0 billion yuan in 2026, and 75.8 billion yuan in 2027, with corresponding P/S multiples of 8, 6, and 5, respectively [1][8].

Core Insights - United Micro Technology and Ceva, Inc. have launched the HyperMotion 5G Redcap Automotive IoT Platform, which integrates Ceva's PentaG Lite 5G modem technology to provide cost-efficient and scalable connectivity for next-generation vehicles [1][2][3] Group 1: Product Overview - The HyperMotion platform is designed to optimize automotive telematics control units (T-Box) and C-V2X applications, facilitating the transition from 4G LTE to 5G RedCap technology [2][3] - 5G RedCap is positioned as a cost-optimized solution for the automotive industry, expected to exceed 700 million global connections by 2030, with automotive being one of the fastest-growing segments [2][3] - The platform includes features such as eCall/NG eCall, TSN, and hardware-accelerated network offloading, ensuring reliability and security for automotive applications [3][6] Group 2: Market Context - The adoption of 5G RedCap is accelerating, with 34 operators in 24 countries currently evaluating or testing the technology, indicating strong infrastructure readiness [2] - The technology is expected to replace LTE Cat-1 to Cat-4 in cost-sensitive vehicle platforms, making it ideal for applications like telematics and fleet management [2][3] Group 3: Strategic Partnerships - United Micro's CEO, Hui Fu, emphasized the importance of the partnership with Ceva in developing a reliable and efficient 5G RedCap solution tailored for automotive needs [4] - Ceva's PentaG Lite technology is highlighted as a key enabler for secure and efficient automotive platforms, supporting the industry's rapid transformation towards connected vehicles [4][8]

Core Insights - ABI Research predicts a significant transformation in the cellular IoT sector, with shipments of 5G Reduced Capability (RedCap) modules expected to reach 80 million units between 2024 and 2029, with enhanced RedCap (eRedCap) modules accounting for 71% of this total [1][2] Group 1: Market Trends - The transition to 5G RedCap and eRedCap modules indicates a rapid shift towards cost and power-optimized 5G connectivity for IoT applications, particularly for manufacturers currently using LTE Cat-1 or Cat-4 in Europe [1] - eRedCap is set to provide a cost-effective upgrade path to 5G, offering data rates comparable to LTE while simplifying device design and reducing power consumption [1][2] Group 2: Industry Competition - Major chip suppliers, including Qualcomm, MediaTek, Unisoc, and Sequans, have entered the RedCap chip market, accelerating the adoption of the IoT ecosystem [2] - The introduction of eRedCap in 3GPP Release 18 is expected to further lower device complexity and costs, creating new opportunities for low-end IoT devices [2] - Companies are competing fiercely in the semiconductor sector to capture customer loyalty early in this rapidly expanding market segment [2]

Core Insights - Apple has introduced its first 5G smartwatches, the Apple Watch Series 11 and Apple Watch Ultra 3, utilizing 5G RedCap technology, which is expected to promote the adoption of RedCap across the industry [1][2] - The adoption of RedCap by Apple, a leading manufacturer, signifies a strong endorsement for the technology, although broader industry support is necessary for widespread implementation [1][10] Group 1: Apple's Commitment to RedCap - Apple is not the first to adopt RedCap in wearable devices but is among the most proactive major manufacturers, indicating confidence in RedCap's future [3][5] - As of August 2025, only 34 operators in 24 countries are investing in RedCap, representing just 0.5% of the global market, highlighting the limited current infrastructure [5][6] - Apple's decision to implement RedCap in its smartwatches demonstrates a commitment to the technology despite the current limitations in network infrastructure [5][6] Group 2: Impact on Industry Standards - The introduction of RedCap in Apple's smartwatches aligns with the 3GPP's vision for wearable devices, fulfilling commitments made during the standard's development [6][10] - RedCap is designed for specific applications, including industrial sensors, smart city monitoring, and wearables, with defined performance metrics [6][10] Group 3: Market Dynamics and Growth Potential - In Q2 2025, Apple Watch shipments reached 7.4 million units, a 28.8% year-on-year increase, while the global smartwatch market grew by 8% [8] - Despite a decline in Apple's overall shipment volume, the brand remains influential in the wearable market, potentially encouraging other manufacturers to adopt RedCap technology [9][10] - The global smartwatch market has surpassed 100 million units annually, with a significant portion featuring cellular IoT capabilities, which could facilitate RedCap's broader application [9][10] Group 4: Future Directions for RedCap - The successful application of RedCap requires overcoming barriers across various industries, with a focus on 5G native applications and private networks [10][13] - The integration of RedCap in sectors like smart connected vehicles and AI applications is seen as a promising avenue for growth [14][10] - The collaboration across industries is essential for the proliferation of RedCap, as its success is not solely dependent on consumer products but requires a collective effort [14][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.898 billion yuan for the first half of 2025, representing a year-on-year increase of 14.67%. The net profit attributable to the parent company was a loss of 245 million yuan, which is a significant reduction in loss compared to the previous year. Excluding the impact of share-based payments, the net loss was 161 million yuan, also showing a notable decrease in loss [2][4]. - In Q2 2025, the company's revenue reached 988 million yuan, reflecting a year-on-year growth of 19.76% and a quarter-on-quarter increase of 8.59% [2][4]. - The demand from downstream sectors such as IoT and consumer electronics is strong, driving overall sales upward. The reduction in industry price competition and the ongoing high-end product development are improving the company's profitability. The overall gross margin for chip products reached 23.96%, an increase of 4.85 percentage points year-on-year [9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 1.898 billion yuan, with a year-on-year growth of 14.67%. The net loss attributable to the parent company was 245 million yuan, which is a significant improvement compared to the previous year. If excluding share-based payment impacts, the net loss was 161 million yuan, showing a substantial reduction in loss [2][4]. - The second quarter of 2025 saw a revenue of 988 million yuan, marking a year-on-year increase of 19.76% and a quarter-on-quarter increase of 8.59% [2][4]. Market Position and Product Development - The company is enhancing its market position in the cellular baseband product sector, with a sales volume growth exceeding 50% and revenue growth over 30% in the first half of 2025. The gross profit for this segment increased by over 60% [9]. - The company has successfully entered new markets with its products, including AI toys, smart wearables, and AI glasses, which are expected to support long-term growth [9]. - The smartphone SoC business is also expanding, with the first 4G quad-core smartphone chip successfully commercialized and expected to see significant shipment growth in 2025 compared to 2024 [9]. Future Outlook - The company anticipates revenues of 4.438 billion yuan, 6.316 billion yuan, and 8.443 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 10X, 7X, and 5X [9].

Core Insights - Franklin Access has launched the RG350, a next-generation 5G RedCap mobile hotspot, certified on AT&T's nationwide 5G network, featuring the Qualcomm Snapdragon® X35 5G Modem-RF System [1][4] Product Features - The RG350 is designed for remote professionals, small teams, and IoT deployments, supporting up to 15 simultaneous connections and includes features like remote device management, VPN pass-through, and MAC address filtering [2] - Key features include dual-band Wi-Fi 6, support for 5G NR-Light (RedCap) and fallback to LTE Cat 4, a 3000mAh rechargeable battery, and a password-protected web admin portal [6] Company Overview - Franklin Access is a leader in integrated wireless solutions, offering advanced 4G LTE and 5G technologies, including mobile hotspots, routers, and mobile device management tools [5]