国内射频前端公司中，昂瑞微、唯捷创芯、飞骧科技和慧智微以发射端为主，卓胜微产品以射频开关及接收 模组为主。根据年度报告和招股说明书，2024年卓胜微、飞骧科技、唯捷创芯和慧智微的营业收入分别为 44.87亿元、24.58亿元、21.03亿元和5.24亿元，而昂瑞微2024年营业收入为21.01亿元(其中射频前端收入17.90 亿元)，收入规模在以发射端产品为主的国产射频前端厂商中排名前三。 根据国际蓝牙技术联盟数据，2024年全球低功耗蓝牙设备出货量约为18亿台，由于单台蓝牙设备一般搭载单 颗射频蓝牙类SoC芯片，结合公司2024年低功耗蓝牙类SoC芯片出货量0.98亿颗，测算得到公司2024年低功耗 物联网无线连接芯片领域的全球市场份额约为5.4%。 智通财经APP获悉，12月5日，昂瑞微(688790.SH)开启申购，发行价格为83.06元/股，申购上限为0.35万股， 市盈率58.25倍，属于上交所，中信建投为其保荐人。 财务方面，于2022年度、2023年度、2024年度及2025年1-6月，公司实现营业收入分别约为9.23亿元、16.95亿 元、21.01亿元、8.44亿元人民币;同期，公司净利润分 ...

Core Viewpoint - Angrui Micro (688790.SH) has initiated its subscription with an issue price of 83.06 CNY per share and a price-to-earnings ratio of 58.25 times, positioning itself as a key player in the integrated circuit design industry, particularly in the RF and analog sectors [1] Company Overview - Angrui Micro specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, recognized as a national-level "little giant" enterprise focusing on specialized and innovative technologies [1] - The company has achieved significant technological advancements and product iterations through continuous R&D investment, providing high-performance, reliable, low-power, and highly integrated RF and analog chip products [1] Product Lines - The core product lines include a full range of RF front-end chips for smart mobile terminals (covering 5G/4G/3G/2G) and RF SoC chips for IoT applications, such as low-power Bluetooth and 2.4GHz wireless communication chips [2] - Angrui Micro has established a strong customer base, with its RF front-end chips being sold to major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, and Lenovo, while its RF SoC chips are utilized by companies like Alibaba, Pinduoduo, and BYD [2] Technological Innovation - The company has led or participated in six national-level and multiple local major scientific research projects, contributing to the foundational research and industrial application of RF technology in China [3] - Angrui Micro has developed high-integration products like the 5GL-PAMiD, achieving performance levels comparable to international competitors and breaking their monopoly in the L-PAMiD module market [3] Market Position - Among domestic RF front-end companies, Angrui Micro ranks among the top three in revenue, with projected revenues of 2.101 billion CNY for 2024, of which 1.790 billion CNY comes from RF front-end products [3] - The global market for low-power Bluetooth devices is estimated at 1.8 billion units in 2024, with Angrui Micro expected to capture approximately 5.4% of the market share in the IoT wireless connection chip sector, with a projected shipment of 9.8 million units [3] Financial Performance - The company reported revenues of approximately 0.923 billion CNY, 1.695 billion CNY, 2.101 billion CNY, and 0.844 billion CNY for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - Net profits for the same periods were approximately -0.290 billion CNY, -0.450 billion CNY, -0.065 billion CNY, and -0.040 billion CNY, indicating ongoing financial challenges [4] Financial Metrics - As of June 30, 2025, total assets are reported at 1.627 billion CNY, with equity attributable to shareholders at 936.3 million CNY and a debt-to-asset ratio of 39.58% [5] - The company's operating income for 2024 is projected at 2.101 billion CNY, with a net profit of -0.065 billion CNY, reflecting a trend of increasing revenue but persistent losses [5]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, focusing on RF and analog integrated circuit design, with significant contributions to China's RF field and product development [1][2]. Group 1: Company Overview - Angrui Micro was established in 2012 and specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1]. - The company has led or participated in six national and multiple local major scientific research projects, contributing to foundational research and industrial application in the RF field [1]. Group 2: IPO Details - The company plans to publicly issue no more than 24.8829 million shares, raising approximately 2.067 billion RMB [2]. - The raised funds will be allocated as follows: 1.096 billion RMB for 5G RF front-end chip and module R&D and industrial upgrades, 408 million RMB for RF SoC R&D and upgrades, and 563 million RMB for headquarters and R&D center construction [2]. Group 3: Financial Performance - Angrui Micro has been operating at a loss since 2022, with total revenues of 923 million RMB in 2022, projected to reach 2.101 billion RMB in 2024, and 844 million RMB in the first half of 2025 [2]. - The net profits for the same periods are -290 million RMB, -450 million RMB, -64.7092 million RMB, and -40.2995 million RMB, respectively, with cumulative unremedied losses of 1.279 billion RMB by mid-2025 [2]. Group 4: Customer Concentration and Shareholding Structure - The company has a high customer concentration, with the top five customers accounting for 70.44%, 75.84%, 69.52%, and 59.07% of total revenue during the reporting periods [3]. - Major customer A's purchasing amounts were 43.8984 million RMB, 626 million RMB, 707 million RMB, and 169 million RMB, with a year-on-year decline in the first half of 2025 [3]. - The shareholding structure shows that Beijing Xinke holds 9.12%, Nanjing Tongxin 7.28%, Nanjing Chuangxin 7.01%, and Nanjing Ruida 5.97%, with the chairman controlling 21.95% of voting rights directly and 38.91% indirectly [3].