Core Viewpoint - Chengdu Huami has successfully launched a new 4-channel, 12-bit, 40G high-precision RF direct sampling ADC chip, marking a significant technological breakthrough and filling a gap in both domestic and international markets [1][3][4]. Company Summary - Chengdu Huami is a leading company in the domestic special integrated circuit sector, focusing on the research, production, testing, sales, and service of special integrated circuits [5]. - The company’s product range includes digital integrated circuits such as programmable logic devices and microcontrollers, as well as analog integrated circuits like ADC/DAC chips [5]. Product Details - The newly launched HWD12B40GA4 ADC chip supports configurable sampling rates from 24 to 40 GSPS in 4-channel mode and 48 to 80 GSPS in dual-channel mode, with an input analog bandwidth of up to 19 GHz [3][4]. - The chip features low noise spectral density of -152 dBFs/Hz and a spurious-free dynamic range exceeding 54 dB at an input frequency of 18 GHz, making it suitable for various applications including radar and satellite communications [3][4]. Market Outlook - Multiple research institutions indicate that the special integrated circuit industry has reached a bottom and is expected to see upward trends in demand, particularly driven by low-orbit satellite applications [1][7]. - The industry maintains relatively high gross margins, and with rapid revenue growth, net profits are anticipated to be released quickly [8]. Financial Performance - In the first half of 2025, Chengdu Huami reported revenue of 355 million yuan, a year-on-year increase of 26.93%, while net profit attributable to shareholders was 35.72 million yuan, a decline of 51.26% due to intensified competition and reduced product prices [6].