在2025苹果秋季新品发布会上，苹果首次发布了5G智能手表，包括Apple Watch Series 11和Apple Watch Ultra 3两款产 品，这两款产品均采用了5G RedCap技术，作为全球知名品牌，苹果对RedCap的采用，无疑给RedCap的应用推广提供 了强有力的背书，将撬动和刺激其他相关厂商的采用。不过，在笔者看来，RedCap的规模化应用涵盖行业很广，仅仅 苹果的采用不足以形成整体的、大范围推进力量，还需要更多行业领域的持续突破，寻找各行业类似"苹果"的角色。 苹果一小步，RedCap一大步 公开信息显示，苹果在秋季发布的Apple Watch Series 11和Apple Watch Ultra 3两款产品作为其首次采用5G技术的智能 手表，使用的是联发科的5G RedCap芯片，验证了RedCap在网络质量、功耗等方面适合智能穿戴。当然，RedCap只是 苹果本次发布的智能手表众多亮点中的其中一个，不过，从多个角度来看，苹果走出的这一小步，对于RedCap应用发 展来说却是一大步。 首先，体现苹果对RedCap应用于穿戴设备的坚决态度 虽然苹果并非全球首家在智能穿戴设备上采用 ...

丨证券研究报告丨 联合研究丨公司点评丨翱捷科技-U（688220.SH） [Table_Title] 翱捷科技 2025 中报点评-下游需求旺盛推动增 长，智能手机 SoC+AI ASIC 踏上新阶 报告要点 [Table_Summary] 8 月 27 日，翱捷科技公告 2025 年中期报告，2025H 公司实现营业收入 18.98 亿元，同比 +14.67%，归母净利润亏损 2.45 亿元，同比减亏，如果扣除股份支付影响，2025H 归母净利润 亏损 1.61 亿元，同比减亏幅度显著；其中 2025Q2 公司单季度收入达 9.88 亿元，同比+19.76%， 环比+8.59%。 分析师及联系人 [Table_Author] 杨洋 于海宁 钟智铧 祖圣腾 SAC：S0490517070012 SAC：S0490517110002 SAC：S0490522060001 SAC：S0490523030001 SFC：BUW100 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 翱捷科技-U（688220.SH） cjzqdt11111 [Ta ...

Core Insights - Franklin Access has launched the RG350, a next-generation 5G RedCap mobile hotspot, certified on AT&T's nationwide 5G network, featuring the Qualcomm Snapdragon® X35 5G Modem-RF System [1][4] Product Features - The RG350 is designed for remote professionals, small teams, and IoT deployments, supporting up to 15 simultaneous connections and includes features like remote device management, VPN pass-through, and MAC address filtering [2] - Key features include dual-band Wi-Fi 6, support for 5G NR-Light (RedCap) and fallback to LTE Cat 4, a 3000mAh rechargeable battery, and a password-protected web admin portal [6] Company Overview - Franklin Access is a leader in integrated wireless solutions, offering advanced 4G LTE and 5G technologies, including mobile hotspots, routers, and mobile device management tools [5]

Group 1: Supply Chain and Cost Management - The company is focused on optimizing its supply chain and sourcing alternatives to reduce reliance on imports and enhance cost efficiency [2] - It aims to achieve core component localization through its chip-level development capabilities, which allows for hardware design and development based on baseband and positioning chips [2] - The company plans to increase R&D investment to enhance product value and core competitiveness [2] Group 2: Technological Advancements - The company is actively investing in cutting-edge communication technologies, with dual-network integration products for vehicle applications currently in certification and testing [3] - Products based on high-orbit satellite communication for the livestock industry have been developed and are being promoted in key markets like Australia [3] Group 3: Market Strategy and International Presence - The company has a high proportion of overseas revenue and is closely monitoring geopolitical factors and exchange rate fluctuations to adjust its market strategies [3] - It has expanded its product coverage to over 140 countries and regions, diversifying its sales areas and customer structure to mitigate international risks [3] Group 4: Dividend Policy - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares for the 2024 fiscal year, totaling approximately 100,571,984.04 yuan, which represents over 63% of its net profit [4] - It has consistently implemented cash dividends for eight consecutive years and values shareholder feedback on its dividend plans [4] Group 5: Performance Outlook - The company maintains a stable growth trajectory, with future performance expected to continue growing, although it acknowledges potential impacts from macroeconomic conditions and industry changes [5] - The stock price is influenced by various factors, including macroeconomic conditions and national policies, leading to inherent uncertainties [5] Group 6: Internal Control Measures - The company is revising its governance structure in line with the latest laws and regulations, enhancing internal control management training for its executives and departments [5] - The internal audit department will continue to monitor the execution of internal controls and strengthen oversight with the assistance of external audit firms [5]

Core Viewpoint - The company reported a revenue of 910 million yuan in Q1 2025, showing a year-over-year increase of 9.61% and a quarter-over-quarter increase of 7.55%, while the net profit attributable to shareholders was a loss of 122 million yuan, narrowing the loss by 2.43% year-over-year and 56.43% quarter-over-quarter [1] Group 1: Financial Performance - In Q1 2025, the company's revenue from cellular baseband chips grew by over 20% year-over-year, but overall revenue growth was slightly below 10% due to lower revenue from customized chip projects [1][2] - The gross margin for the chip business improved significantly in Q1 2025, with the overall gross margin rising to 26.35%, an increase of 2.56 percentage points year-over-year and 3.96 percentage points quarter-over-quarter [2] - R&D expenses increased to 357 million yuan in Q1 2025, reflecting a year-over-year increase of 12.88% and a quarter-over-quarter increase of 5.93%, with an R&D expense ratio of 39.26% [2] Group 2: Market Outlook - In 2025, the company aims to focus on new directions such as wearables and smartphones, with a robust order book for customized chips [3] - The company is expected to see growth in demand from sectors like vehicle networking, mobile broadband devices, and mobile payments, with new product launches in the wearable market [3] - The company plans to scale up its 5G RedCap products and has a strong pipeline for its smartphone platforms, indicating significant revenue contributions in 2026 [3] Group 3: Investment Recommendations - The target price is set at 115.7 yuan, maintaining a "buy" rating, with revenue forecasts for 2025, 2026, and 2027 at 4.398 billion yuan, 5.602 billion yuan, and 6.723 billion yuan respectively [4] - The company is expected to strengthen its leading position in the cellular IoT market and achieve breakthroughs in the wearable and smartphone SoC markets [4]

Core Viewpoint - The company, Guangzhou Huizhiwei Electronics Co., Ltd., reported a significant net loss for the fiscal year 2024, primarily due to intense industry competition and asset impairment provisions, while emphasizing its commitment to technological innovation and collaboration with leading brand clients to achieve profitability in the future [3][4][25]. Company Overview - The company specializes in the design, research, and sales of RF front-end chips for smartphones and IoT applications, with a focus on power amplifiers (PA) and other RF components [7][8]. - The company's products are utilized by major smartphone brands such as Samsung, vivo, Xiaomi, OPPO, and Honor, and have entered the supply chains of leading ODM manufacturers [8][25]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 523.99 million yuan and a net loss of 438.42 million yuan, indicating that the company has not yet achieved profitability [3][4]. - The loss was attributed to increased pricing pressure from competition and provisions for asset impairment, which impacted net profit [3][4]. Business Model - The company operates under a Fabless model, focusing on the design and development of RF front-end modules while outsourcing manufacturing to foundries [17][19]. - The sales strategy includes a mix of direct sales and partnerships with distributors, ensuring a broad market reach [18]. Industry Context - The global semiconductor market is projected to reach $626.9 billion in 2024, with a 19% year-on-year growth, driven by the increasing demand for integrated circuits [20][21]. - The RF front-end market is expected to grow significantly, with a forecast of reaching $26.9 billion by 2028, fueled by the proliferation of 5G technology and the rise of IoT applications [22][27]. Technological Developments - The company is focused on enhancing its RF front-end solutions to meet the evolving demands of 5G and beyond, including the development of high-integration modules that are crucial for modern communication devices [27][30]. - The introduction of 5G RedCap technology is anticipated to create new market opportunities, particularly in the IoT sector, by reducing device complexity and costs [30][31]. Future Outlook - The company aims to strengthen its core technological capabilities and accelerate the industrialization of its innovations to achieve profitability and create long-term value for shareholders [3][4][25]. - The ongoing development of new products and enhancements in existing technologies will be critical for maintaining competitiveness in the rapidly evolving RF front-end market [28][29].

Core Insights - The global NAD module market is expected to see a 14% year-on-year increase in shipment volume in 2024, driven by the growing demand for embedded connectivity in passenger vehicles [1][3]. Group 1: Market Growth and Trends - The significant growth in the Chinese market, particularly from companies like BYD, Geely, Chery, and Nio, has led to an expansion exceeding 30% for Quectel and Fibocom [3][6]. - Continental is focusing on developing its own 4G/5G NAD modules based on Qualcomm's platform, which has contributed to its growth by reducing reliance on external suppliers [3][6]. - By 2030, 5G and 5G RedCap technologies are projected to account for nearly 90% of the total global NAD module shipments [3][8]. Group 2: Competitive Landscape - Qualcomm is expected to maintain its leadership in the NAD chipset market through competitive 5G pricing, despite the entry of new players like MediaTek, HiSilicon, and Samsung into the automotive 5G chipset sector [3][8]. - The transition from 4G to 5G is anticipated to be driven by more centralized architectures, digital cockpits, and advanced driver-assistance systems (ADAS L3+) [8].

Core Viewpoint - The article highlights the significant advancements and product launches by Innobase Technologies at the MWC 2025, establishing its position as a leading supplier of 5G baseband chips in the global market [1][3]. Group 1: Product Launches and Innovations - Innobase Technologies showcased six categories of terminal product solutions, including communication modules, smartwatches, low-cost 5G phones, industry terminals, and MIFI&CPE products [1]. - The IM6501 chip platform is designed for cost-effective 5G smartphones, supporting VoNR/VoLTE high-definition voice calls, addressing the surge in demand for 5G/4G smartphones as 2G/3G networks phase out [4]. - The IM2501 chip platform offers high performance, low power consumption, and low cost for IoT applications, supporting various sectors such as smart home devices, wearables, industrial monitoring, and smart logistics [4]. Group 2: Market Position and Collaborations - Innobase Technologies has positioned itself among the top 5 global suppliers and top 3 in mainland China for 5G baseband chips, indicating strong market competitiveness [1]. - The company collaborated with major industry partners like Huawei, ZTE, and Nokia Bell to successfully complete 5G RedCap laboratory and field performance tests [4]. - Multiple companies, including China Mobile's Chip Technology Co., Ltd. and Shenzhen Yisai Communication Technology Co., Ltd., showcased products based on Innobase's 5G/4G dual-mode SoC commercial chip platform at MWC 2025 [2]. Group 3: Regulatory Approvals and Recognition - The data module equipped with Innobase's 5G RedCap chip has passed rigorous testing by China's Ministry of Industry and Information Technology and the National Quality Certification Center, receiving network access approval for large-scale commercial use [5]. - Innobase Technologies was awarded the "Annual Rising Star Award" at the China 2025 Semiconductor Investment Conference, recognizing its technological innovation, rapid productization, and market expansion capabilities [6].