Core Insights - The operational data of four companies in the FPGA industry reveals a clear distinction between "light asset short cycle leaders" and "heavy R&D long cycle pressures" [1][5] Group 1: Operational Efficiency - Xinhenghui leads in operational efficiency with a cycle of 199.94 days, a stock turnover rate of 3.42 times, and a total asset turnover rate of 0.41 times, significantly outperforming its peers [1][3][2] - Fudan Microelectronics and Anlu Technology are experiencing long operational cycles exceeding 800 days, with stock turnover rates below 0.5 times, indicating lower operational efficiency [1][6][2] - Unigroup Guowei is positioned in the middle tier with stable performance across various metrics, reflecting a balanced operational strategy [1][8] Group 2: Business Models and Strategies - Xinhenghui's advantage stems from its focus on light asset business in smart security chip packaging and testing, which requires less capital investment compared to FPGA design firms [3][9] - Fudan Microelectronics and Anlu Technology's long cycles are a result of their commitment to high R&D investments in FPGA chip design, which limits short-term operational efficiency [6][7] - Unigroup Guowei's diversified business model allows it to balance R&D costs and operational efficiency, contributing to its stable performance [8][9] Group 3: Market Dynamics - The FPGA market is undergoing changes, with increased competition in the mid-to-low-end segments and continued dominance by major players in the high-end market, necessitating strategic choices for domestic companies [9] - Companies like Xinhenghui are focusing on niche markets to enhance asset turnover efficiency, while Fudan Microelectronics and Anlu Technology are navigating long cycles as a necessary cost of technological advancement [9]