| 最新收盘价（元） | 12.43 | | --- | --- | | 总股本/流通股本（亿股）4.67 | / 3.25 | | 总市值/流通市值（亿元）58 | / 40 | | 52 周内最高/最低价 | 13.98 / 7.75 | | 资产负债率(%) | 18.3% | | 第一大股东 | 李阳 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 慧智微(688512) 慧聚新力量，智启芯未来 l 投资要点 证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 l 投资建议 深度布局全频段射频前端领域，构建丰富完备的产品矩阵。公司 产品线布局丰富、型号齐全，产品系列覆盖 2G、3G、4G、3GHz 以下 的 5G 重耕频段、3GHz~6GHz 5G UHB 等蜂窝通信频段及 Wi-Fi 通信领 域，可提供无线通信射频前端发射模组、接收模组等产品，具备较强 的产 ...

Core Viewpoint - The announcement regarding the divorce and equity transfer between Xu Zhihan and Zhang Yu, significant shareholders of Zhaosheng Microelectronics, aims to maintain control stability within the company while adjusting ownership stakes [1]. Group 1: Shareholder Changes - Xu Zhihan transferred 17.15 million shares (3.21% of total shares) to Zhang Yu as part of their divorce settlement, with restrictions on share reduction [1]. - After the transfer, Xu Zhihan retains 17.15 million shares (3.21%), while Zhang Yu holds the same number of shares but delegates all voting and non-financial rights to Xu Zhihan [1]. - The total shareholding of major shareholders remains unchanged at 170,647,457 shares (31.90% of total shares) [2]. Group 2: Company Background - Zhaosheng Microelectronics is a leading player in the domestic RF front-end sector, focusing on RF front-end discrete devices and modules used in smartphones, wearables, communication base stations, automotive electronics, and VR/AR applications [3]. - Xu Zhihan, aged 52, holds multiple degrees and is the current chairman and general manager of Zhaosheng Microelectronics, with a pre-tax salary of 3.1208 million yuan for 2024 [2].

证券代码：688653 证券简称：康希通信 公告编号：2026-002 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日 （二）业绩预告情况 （三）公司2024年度实现归属于母公司所有者的扣除非经常性损益的净利润为-9,619.81万元。 三、本期业绩变化的主要原因 经财务部门初步测算，格兰康希通信科技（上海）股份有限公司（以下简称"公司"）预计： 1、2025年度预计实现营业收入68,350万元左右，与上年同期（法定披露数据）相比，将增加16,071万元 左右，同比增长30.74%左右。 2、2025年度实现归属于母公司所有者的净利润将出现亏损，预计实现归属于母公司所有者的净利润 为-4,350万元左右，与上年同期相比，将减少亏损3,263万元左右，同比减亏42.86%左右。 3、2025年度预计实现归属于母公司所有者的扣除非经常性损益后的净利润为-6,300万元左右，与上年 同期相比，将减少亏损3,320万元左右，同比减亏34.51%左 ...

Core Viewpoint - Kangxi Communication's subsidiary has successfully defended against allegations of patent infringement in a preliminary ruling by the ITC, allowing its products to continue entering the U.S. market [2][5][6]. Group 1: Legal Proceedings - On January 24, Kangxi Communication learned of the ITC's preliminary ruling, stating that it and its subsidiaries did not violate Section 337 of the Tariff Act of 1930, and did not infringe on Skyworks' patents [2][5]. - The lawsuit initiated by Skyworks in May 2024 accused Kangxi Communication's subsidiary of infringing on five patents related to RF front-end modules [4][5]. - The ITC's preliminary ruling confirmed that Kangxi Communication did not infringe on two specific patents, while three others were withdrawn by Skyworks during the evidence disclosure phase [5][6]. Group 2: Financial Implications - Legal expenses related to the lawsuit are projected to exceed 90 million yuan by the end of 2025, with 38.84 million yuan incurred in 2024 and an additional 50.60 million yuan in the first three quarters of 2025 [4]. - For the first three quarters of 2025, Kangxi Communication reported a revenue of 526 million yuan, a year-on-year increase of 39.32%, although it recorded a net loss of 30.53 million yuan [7]. Group 3: Research and Development - Kangxi Communication's R&D investment for the first three quarters of 2025 totaled 69.27 million yuan, accounting for 13.17% of its revenue [6]. - The company is focusing on the development of Wi-Fi RF front-end chips, with ongoing research into Wi-Fi 8 technology and a commitment to low-altitude economy initiatives [6].

Core Viewpoint - The article discusses the recent developments regarding Ruishi Chuangxin's IPO and highlights the competitive landscape in the RF front-end module market, particularly focusing on the challenges posed by both domestic and international competitors in the SAW filter segment. Group 1: Company Overview - Ruishi Chuangxin, established in April 2017, focuses on RF front-end modules and RF discrete devices, recently included in the first batch of companies for IPO inspection by the China Securities Association [1]. - The company emphasizes its unique position as one of the few domestic manufacturers capable of producing RF filters, although it may overlook competition from third-party manufacturers [1][2]. Group 2: Market Competition - The RF front-end market is dominated by overseas giants like Qualcomm, Broadcom, and others, holding approximately 76% of the global market share [2]. - Domestic competitors such as Maijie Technology, Haoda Electronics, and Xinwei Communication are also entering the SAW filter market, potentially competing with Ruishi Chuangxin's planned production capacity [1][4]. Group 3: Financial Performance - Ruishi Chuangxin's gross profit margin has been significantly lower than its peers, with figures of 7.95%, 13.90%, 8.79%, and 9.79% from 2022 to the first half of 2025, compared to an average of 21.09% for comparable companies [6][7]. - The company reported a net loss of -16.80 billion yuan as of mid-2025, indicating ongoing financial challenges despite a revenue increase of 34.94% due to a pricing strategy aimed at gaining market share [10]. Group 4: Product Strategy - In 2024, Ruishi Chuangxin implemented a price reduction strategy for its core 5G RF front-end modules, resulting in an 11.90 percentage point drop in gross margin [1][9]. - The company aims to enhance its competitive edge by developing high-performance filter production lines, which is considered a core competency [2][5].

Core Viewpoint - The upcoming listing review meeting for Beijing Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) on October 15 signifies a significant step towards its potential listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising scrutiny over the rationality of its fundraising efforts [1]. Group 1: Company Overview - Angrui Micro, established in 2012, specializes in RF front-end and wireless communication, offering a diverse range of chip designs including 2G/3G/4G/5G RF front-end chips, wireless connection chips, and analog chips, primarily used in smartphones, automotive electronics, energy storage, industrial applications, high-performance computing, IoT, and wearable technology [2]. Group 2: Fundraising and Investment Projects - The company plans to raise a total of 2.067 billion yuan, with allocations including approximately 1.096 billion yuan for the R&D and industrialization of 5G RF front-end chips and modules, 408 million yuan for RF SoC R&D and industrialization, and 563 million yuan for the construction of its headquarters and R&D center [2]. Group 3: Financial Impact and Profitability - Angrui Micro acknowledges that the implementation of its fundraising projects will lead to an increase in depreciation and amortization expenses; however, the additional annual depreciation will not exceed 1.5% of existing revenue and projected revenue from the fundraising projects, thus having a relatively minor impact on profits [3]. - The company anticipates that the net profit generated from the fundraising projects will be sufficient to offset the impact of the increased depreciation expenses [3]. Group 4: Client Base and Market Position - Major clients for Angrui Micro's RF front-end products include prominent smartphone manufacturers such as Huawei, Xiaomi, Honor, Samsung, and Vivo, while its RF SoC chip products have been adopted by companies like Alibaba, Xiaomi, HP, and others [3]. - The company aims to leverage its established brand advantage and customer base in the RF industry to drive performance growth through the upgrades and introduction of new products [3]. Group 5: R&D Investment Trends - Over recent years, the proportion of R&D investment relative to revenue has shown a declining trend, decreasing from 29.25% in 2022 to 14.94% in 2024, with a slight increase to 16.40% in the first half of 2025 [4]. - The decline in R&D expense ratio is attributed to significant revenue growth, with a year-on-year increase of 83.62% in 2023 and a further 23.98% in 2024, while the absolute scale of R&D investment remains stable when excluding stock payment factors [4].

Core Viewpoint - Feixiang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D enhancement, product optimization, and potential strategic investments, despite facing significant liquidity issues and a decline in revenue and profit in the first half of 2025 [1][11][20]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 55.1% in revenue from 2022 to 2024, with a projected net profit of 76.295 million yuan in 2024 after narrowing losses [1][20]. - However, in the first half of 2025, both revenue and net profit declined, indicating a downturn in operational performance [1][20]. - The net cash flow from operating activities was negative 636 million yuan over the reporting period, raising concerns about liquidity [1][20]. Financial Structure - As of May 2025, the company had 424 million yuan in cash but faced a debt of 986 million yuan, resulting in a significant funding gap [1][17]. - The asset-liability ratio has been increasing, reaching 72.05% in 2024, indicating rising financial risk [16][20]. Client Dependency and Market Position - Feixiang Technology's revenue is heavily reliant on a few major clients, with the top five clients contributing to 79.7% of total revenue in early 2025 [24]. - The company primarily serves mid-tier mobile phone manufacturers, which limits its market position compared to global leaders like Skyworks and Qorvo [21][20]. Corporate Governance and Ownership - The company's core management team has strong ties to Guomind Technology, a listed company, which raises questions about governance and potential conflicts of interest [13][19]. - The controlling shareholder, Longhua, has frequently sold shares to meet personal financial needs, indicating potential instability in ownership [15][16]. Regulatory and Compliance Issues - There are concerns regarding the legitimacy of some major clients, as overlapping addresses suggest possible shell company activities, which could impact the company's credibility [2][18][33]. - The company did not disclose its previous IPO attempts and the reasons for switching from the A-share market to the Hong Kong market in its prospectus, raising transparency issues [11][12].

Core Viewpoint - The company, Guangzhou Huizhi Microelectronics Co., Ltd., has not yet achieved profitability, reporting a net loss of 65.28 million yuan, although this represents a 64.41% reduction compared to the previous year [1][6][21]. Financial Performance - The company's operating revenue increased by 39.97% year-on-year, reaching 354.52 million yuan, driven by a significant rise in chip sales [20][23]. - The net loss attributable to shareholders decreased by 64.41% to -65.28 million yuan, while the net loss excluding non-recurring gains and losses was -137.36 million yuan, a 31.48% reduction from the previous year [1][21]. - The cash flow from operating activities was negative at -235.40 million yuan, indicating that the company’s sales were insufficient to cover its expenses [21][14]. Business Operations - The company is focused on enhancing its radio frequency front-end product line, with successful mass production of the Phase8L integrated L-PAMiD product for high-end flagship models of major Android clients [2][23]. - The company has been actively expanding its market presence, with significant orders from major clients like Samsung expected to be fulfilled in 2024 [2][23]. Use of Funds - The company adjusted its fundraising project expenditures, planning to allocate 570 million yuan for the "Headquarters and R&D Center Construction Project," with 370 million yuan for the Guangzhou center and 200 million yuan for the Shanghai center [4][24]. - As of April 14, 2025, the actual use of funds for the Guangzhou project exceeded the planned amount by 25.91 million yuan, primarily for employee salaries and material costs [4][5]. Research and Development - The company’s R&D expenditure accounted for 28.02% of its operating revenue, reflecting a decrease of 27.55 percentage points compared to the previous year, mainly due to increased sales revenue [21][23]. - The company holds a total of 151 invention patents and 24 utility model patents, indicating a strong focus on innovation in the radio frequency front-end sector [23]. Market Position and Competition - The global radio frequency front-end market is dominated by major players such as Skyworks, Qorvo, Broadcom, Qualcomm, and Murata, which have significant revenue and strong profitability [12][15]. - The company is striving to enhance its competitive edge through technological innovation and expanding its product offerings in response to market demands [23][15]. Risks and Challenges - The company faces several risks, including the ongoing challenge of achieving profitability, potential technological obsolescence, and intense competition from established international firms [6][7][15]. - The reliance on a limited number of suppliers for critical components poses a risk to production stability and operational efficiency [11][12].

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing its market image and investor confidence while driving sustainable development and competitiveness in the wireless communication sector [1][12]. Group 1: Business Focus and Product Development - The company specializes in the design of Wi-Fi FEM chips, achieving industry-leading performance in Wi-Fi 5, Wi-Fi 6, and Wi-Fi 7 products, with over 50% of revenue coming from Wi-Fi 7 series products in the first half of 2025 [2][3]. - In Q2 2025, the company reported a revenue of 192.25 million yuan, a year-on-year increase of 35.16% and a quarter-on-quarter increase of 42.04%, with a net profit of 5.47 million yuan, marking a return to profitability [2][3]. - The company is advancing into the Wi-Fi 8 standard and aims to maintain its competitive edge by expanding its product matrix and enhancing brand image [2][3]. Group 2: Innovations in IoT and RF Front-End Technologies - The company has made breakthroughs in RF front-end chips for low-altitude economy applications, securing bulk orders and supporting domestic replacement processes [2][3]. - The company’s industrial IoT products have been successfully integrated into the Wi-Fi Halow platform, facilitating stable communication for long-distance smart control [3]. - The company has become a council member of the International Starry Flash Wireless Short-Distance Communication Alliance, promoting innovations in wireless communication technologies for various applications [3]. Group 3: Research and Development - As of June 30, 2025, the company has obtained 22 invention patents, 13 utility model patents, and 54 other intellectual property rights, emphasizing the importance of continuous R&D investment [3][4]. - The company is focused on enhancing the performance of existing products and diversifying its product offerings through ongoing R&D efforts [3][4]. Group 4: Corporate Governance and Investor Relations - The company is committed to improving its governance structure in compliance with relevant laws and regulations, ensuring stable and healthy development [5][6]. - The company emphasizes effective information disclosure and has conducted 13 investor research meetings in the first half of 2025, engaging with 229 institutions to enhance transparency and communication [8][9]. - The company has proposed a stock repurchase plan, having repurchased 6.004 million shares, which represents 1.41% of the total share capital, to enhance investor confidence and protect shareholder interests [12][13].

Core Viewpoint - Jiangsu Zhaosheng Microelectronics Co., Ltd. is facing challenges in its performance due to industry demand fluctuations, but anticipates a recovery in gross margins in the future as production efficiency improves and new products are introduced [2][3]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 1.703 billion yuan, a year-on-year decrease of 25.42% [2] - The net profit attributable to shareholders was -147 million yuan, a decline of 141.59% compared to the previous year [2] - The gross margin fell to 28.75% due to high costs from initial production phases and increased competition [2] Group 2: Product Development and Market Strategy - The company is focusing on high-end products and expanding into diverse application scenarios, including mobile communication and AI-driven smart devices [3] - New product introductions have made significant progress, including L-PAMiD, WiFi7 modules, low-power Bluetooth chips, and automotive ultra-wideband (UWB) chips [2][3] - The WiFi7 module has achieved large-scale production and stable shipments, primarily for mobile phones, with plans to expand into routers [5] Group 3: Capacity and Patent Situation - The utilization rates of the 6-inch and 12-inch production lines are gradually improving, with future capacity adjustments based on market feedback [4] - The company is involved in patent litigation with Murata, contesting the validity of certain patents and has submitted invalidation requests in South Korea and Shanghai [4] - To ensure stable production, the company has increased raw material reserves due to the diverse types of materials and longer lead times required [4]