睿创微纳 20250927 摘要 瑞创微纳通过两次收购无锡华测，持有其 70%股权，战略性布局射频前 端芯片及模组（TR 组件）领域，该组件是现代雷达和通信系统的核心， 尤其在相控阵雷达向有源化发展趋势下，TR 组件需求显著增加，预计卫 星互联网建设等国家重大项目将带来千亿级市场。 公司在红外成像领域拥有 8 微米超高清正面和 6 微米非制冷红外探测器 正面等全球领先技术，并通过纵向一体化策略，从晶圆生产到整机组件 自主研制，与代工厂合作建立专用 MEMS 晶圆产线，确保产能和供应链， 维持毛利率在 40%-50%高位。 公司持续加大研发投入，研发费用接近营收的 20%，高端创新人才比例 逐年提升。通过可转债募投项目提升产能，预计达产后将带来 45 亿元 营收增量，并实施股权激励计划，以实现与核心骨干的利益绑定，降低 股权激励摊销费用对业绩的影响。 公司在红外探测技术上，主要生产第三代非制冷红外焦平面探测器，应 用于中长波红外波段，依靠热成像原理。军用市场中，非制冷红外逐渐 渗透到智能型红外探测器应用，预计复合增速 10%；民用市场受单机价 格下降推动，手持式热像仪需求旺盛，车载红外热像仪市场复合增速接 近 ...

Core Viewpoint - Shenzhen Feixiang Technology has officially submitted its application for listing on the Hong Kong Stock Exchange, marking its strategic shift from a previous attempt to list on the STAR Market in China due to uncertainties in the A-share listing process [1][3]. Company Overview - Feixiang Technology specializes in the design, research, and sales of RF front-end chips, with applications in mobile smart devices, Wi-Fi products, smart homes, IoT, automotive communication, and satellite communication [3]. - The company covers multiple network standards including 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, and is compatible with mainstream cellular baseband communication platforms and Wi-Fi platforms [3]. Market Position - According to Frost & Sullivan, Feixiang Technology ranks fifth globally in terms of revenue from PA and PA integrated transceiver modules for 2024, and first among Chinese companies. In terms of shipment volume, it ranks first globally [4]. - The Chinese RF front-end chip market is projected to grow from RMB 33.6 billion in 2024 to RMB 53 billion by 2029, with a compound annual growth rate (CAGR) of 12.1% [5]. Financial Performance - Feixiang Technology's revenue has increased from RMB 1.021 billion in 2022 to RMB 1.717 billion in 2023, and is expected to reach RMB 2.458 billion in 2024, reflecting a CAGR of 55.1% [4]. Technological Advancements - The company has developed world-class technologies in the RF sector, including ultra-wideband and high-efficiency PA architectures, multi-band PA integration technology, and low-current LNA technology, achieving excellent performance and cost-effectiveness in 5G, 6G, Wi-Fi 7/8, V2X, and satellite communication [4]. Shareholder Structure - The major shareholders include Shenzhen Xinguangrunze Investment Limited (48%), Shenzhen Kaihua Guoxin Capital Management (20%), and National Technology Co., Ltd. (12%) [8]. - The chairman and general manager, Long Hua, and the deputy general manager, Guo Jiashuai, have previous work experience at National Technology [6][8]. Investment Background - Feixiang Technology has received multiple rounds of financing from various investors, including Shenzhen State-owned Assets, with notable investments from private equity funds such as Yuhua Capital and Kunpeng Yichuang [11].

Core Viewpoint - Yunta Technology has successfully completed a nearly 300 million yuan Series B financing, marking a new phase of accelerated development in the RF chip sector [1][2] Group 1: Financing and Partnerships - The financing round was led by Anhui Guokong Investment Co., Ltd. and Dafu Technology (Anhui) Co., Ltd., indicating strong investor confidence in Yunta Technology's market position [1] - Dafu Technology's chairman emphasized the company's recognition of Yunta Technology's technological rarity and market leadership in RF filters, highlighting future collaboration in emerging fields such as cellular wireless communication and IoT [1] Group 2: Company Overview and Technology - Yunta Technology focuses on the research and development of RF front-end chips, particularly RF filters, and has pioneered three internationally leading filter technologies [2] - The company has launched over 150 filter products and has a strong R&D team composed of graduates from prestigious universities, enhancing its innovative capabilities in the RF filter technology space [2] - Yunta Technology's products are applicable in next-generation communication systems, including AI servers, 6G, and Wi-Fi 8, positioning the company as a significant player in high-frequency, high-speed communication [2]

Core Insights - YOUMAGIC Shuliti held its first Clinical Elite Practice Seminar, focusing on the clinical application and future impact of its monopolar radiofrequency technology in personalized treatments [1][8] - The event gathered leading dermatology experts from public hospitals and medical beauty institutions to discuss the clinical value of YOUMAGIC Shuliti's technology [1][6] Company Developments - The founder and CEO of Weimai Medical, Li Tianmin, emphasized the commitment to serious medical research and clinical standards in consumer medical innovation, aiming to enhance research capabilities and clinical practice outcomes [3] - YOUMAGIC Shuliti leverages Tsinghua energy source radiofrequency technology, introducing six technological advantages, including 100ms pulse technology and multiple cooling adjustment techniques, to meet diverse skin treatment needs [4] Industry Trends - The successful hosting of the Clinical Elite Practice Seminar highlights the significant potential of YOUMAGIC Shuliti's monopolar radiofrequency in clinical applications and provides a platform for dermatology experts to exchange clinical results [8] - The discussions at the seminar expanded academic perspectives and promoted the standardization and precision of radiofrequency technology in practical applications, enhancing the quality of treatment services for consumers [6][8]

报告期内，公司不断推进芯卓"智能质造"资源平台建设，目前，芯卓半导体产业化项目已由前期建设进入中期交付阶段。报告期内，公司射频前端产品陆续 按计划高效地导入芯卓产线，其中射频滤波器、射频开关、射频低噪声放大器及其模组产品均已成功在自有产线上规模量产。基于芯卓项目的深化，公司在 特色工艺、材料、技术、差异化等方面持续拓展，实现从分散的"点状规划"向整合的"面状布局"迈进，力求突破传统晶圆制造特色工艺技术平台限制。 未来，公司将结合产品特点和自建产线的优势，打造完整的射频技术物理资源平台、下游应用拓展延伸的资源平台、集设计、制造、封测一体化的高效智造 平台、特色材料及器件开发平台，力争稳固已有的市场份额的同时在更多的下游应用细分领域进行布局，在市场与客户维度实现双重向上的突破，打造差异 化竞争之路。 x ag op, a BED 5 t is 1737 EST 1 2 fi #15 U 24: t -A 61 2 2 r a e 11 1 1 g 4 3月30日，卓胜微发布2024年年度业绩报告。报告显示，公司全年实现营业收入44.87亿元，同比增长2.48%；归属于上市公司股东的净利润为4.02亿元，同 比下降 ...