行业主要上市公司：力合微(688589)、乐鑫科技(688018)、博通集成(603068)、全志科技(300458)等。 通信芯片行业产业链全景梳理 通信芯片产业链上游原料及配料供应商主要有中芯国际、中环股份、南大光电、北方华创、芯源微和电 科装备等。中游的芯片制造生产商主要有力合微、乐鑫科技等。产业链下游应用服务商包括阿里云智 能、中移物联网、海尔智能、小米等。 通信芯片产业代表性企业主要投资动向 近年来，中国通信芯片行业产线与项目投资活跃。立昂微50亿元投建海宁基地二期，剑指国内最大微波 射频芯片生产基地;光迅科技斥资67.5亿元建高端光电子及硅光芯片产业化项目，聚焦高速光模块研发; 柠檬光子1亿元启动半导体激光芯片制造项目，分阶段构建产业生态;芯辰半导体8亿元苏州太仓IDM生 产线2024年12月量产，填补国内高端光芯片制造空白。 | 时间 | 投资方 | 具体情况 | | --- | --- | --- | | | | 立昂微海宁基地二期总投资 50 亿元的年产 36 万片 6 英寸微波射频芯片及器件项目 | | 2025年 | 立昂微 | 已入选浙江省"千项万亿"重大项目,主体工程部分投用。该项目 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to consolidate its dual main business advantages in active phased array T/R components and RF integrated circuits, with no significant adverse changes in core competitiveness. Key technological breakthroughs have been achieved in W-band system-level packaging antennas and low-profile broadband millimeter-wave digital arrays, with multiple products delivered in small batches for low-orbit satellites and commercial aerospace [3][9] - The company has completed the industrialization project for RF chips and components, with surplus raised funds of 238 million yuan permanently replenishing cash flow. The second phase of the industrialization project is progressing as planned, with a budget of 698 million yuan and 266 million yuan already invested, expected to be put into production by the end of 2025, further solidifying the company's leading position in high-frequency and high-density components [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.07 billion yuan, a year-on-year decrease of 17.82%, and a net profit attributable to the parent company of 201 million yuan, a year-on-year decrease of 17.66%. The decline in revenue and profit was mainly due to a decrease in orders for the two main products: T/R components and RF modules [1][9] - The sales gross margin remained stable, but the expense ratio increased. As of the end of the first half of 2025, cash and cash equivalents were 1.867 billion yuan, a decrease of 20.74% from the beginning of the year. Accounts receivable increased by 22.87% to 3.228 billion yuan, related to the elongation of military product payment cycles. Inventory increased by 29.82% to 333 million yuan as the company proactively stocked up to meet the delivery peak in the second half of the year [9] - The comprehensive gross margin for the first half of 2025 was 39.05%, an increase of 3.80 percentage points year-on-year, benefiting from a higher proportion of high-margin military products and a decline in raw material prices. The R&D expense ratio was 12.17%, a decrease of 1.64 percentage points due to reduced input as some R&D projects entered the acceptance stage [9] Earnings Forecast and Valuation - The company's performance aligns with market expectations. Considering the uncertainty of orders, the previous profit forecasts have been slightly adjusted downwards. The expected net profits attributable to the parent company for 2025 and 2026 are 533 million yuan and 597 million yuan, respectively, with a new forecast for 2027 at 811 million yuan, corresponding to P/E ratios of 72, 65, and 48 times [10]

Core Viewpoint - The company reported a net loss of 129 million yuan in the first half of 2025, primarily due to the ramp-up of production capacity for new energy vehicle components and a planned provision for liabilities [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 977 million yuan, with a year-on-year growth of 4.21% in main business income [1]. - The automotive components business saw a revenue increase of 7.36% and a gross margin increase of 1.59% year-on-year [2]. - The precision structural components business revenue rose by 12.77% [2]. - The overseas market revenue grew by 6.44% [2]. Strategic Positioning - The company is positioned at a critical juncture in the telecommunications sector, benefiting from the national "anti-involution" policy that encourages technological innovation and value creation [3]. - The company has developed miniaturized and lightweight filter products suitable for 5.5G base stations, successfully securing orders in this area [3]. - The company has established a presence in the Indian market, avoiding domestic homogenized competition and aligning with the differentiated development needs under the "anti-involution" policy [3]. Market Outlook - The global automotive parts market is projected to reach 5.8 trillion USD by 2025, with the Chinese market expected to exceed 2 trillion USD, and new energy vehicle components are anticipated to account for 35% of this market [4]. - The company's automotive components business performance reflects the strong demand in the Chinese automotive parts market [4]. Operational Challenges and Opportunities - The company needs to address historical issues and enhance core business capabilities to facilitate performance recovery [5]. - Cash flow is expected to improve as historical receivables are collected and production capacity for new energy vehicle components stabilizes [6]. - The new energy vehicle components business must overcome production capacity bottlenecks to convert revenue growth into actual profits [6]. Future Focus - The company should concentrate on maintaining stable relationships with existing core customers in the telecommunications sector while exploring product structure optimization once the new energy vehicle components business achieves stable profitability [6][7]. - The ability to resolve historical burdens and enhance production capacity will be crucial for the company's long-term sustainable development [7].

Group 1: 5G and 6G Technology Transition - By 2025, the Chinese network connection device market is expected to reach 120 billion RMB, with an annual growth rate of 15%, and to exceed 210 billion RMB by 2030, with a CAGR of 11.8% [1] - Domestic companies like Huawei and Unisoc have made breakthroughs in 5G baseband and Wi-Fi 6/7 chips, but still rely on imported advanced processes below 7nm [1] - The global market share for domestic companies is projected to reach 30%, with significant advantages in 5G base stations and all-optical networks [1] Group 2: Motorcycle Industry Analysis - The motorcycle industry, while less focused on than automobiles and commercial aircraft, has a market size second only to these sectors, with China holding a significant position [2] - China is the largest motorcycle producer globally, with over 5 million units sold domestically and over 10 million exported annually, accounting for more than 30% of the global market [2] - Domestic motorcycle brands have improved their technology and product quality, particularly in the large-displacement motorcycle market, gradually surpassing joint venture brands [4] Group 3: Windsurf Acquisition and AI Coding Market - Windsurf, initially a GPU virtualization startup, transformed into an AI programming platform in 2022, attracting many developers [3] - OpenAI's planned acquisition of Windsurf for $3 billion in April 2023 faced challenges due to restrictions on access to the Claude model, impacting user experience [3] - The AI programming market is becoming increasingly competitive, with platforms like GitHub Copilot and Cursor still supporting the Claude model, but facing potential limitations due to tensions between OpenAI and Anthropic [3] Group 4: Huawei WATCH 5 Launch - Huawei's upcoming WATCH 5 is set to be the world's first 5G-enabled smartwatch, featuring a new Kirin chip and 5G eSIM communication module for high-speed connectivity [4][5] - The device supports dual-engine computing, offering powerful performance in "full mode" and extended battery life in "power-saving mode" [4] - The WATCH 5 also incorporates advanced features like Star Flash technology for improved connectivity and a smart assistant for precise health monitoring [6][7] Group 5: TSMC 2nm Process Yield - TSMC's 2nm process yield improved from 60% to 90% since risk production began in July 2023, leveraging experience from 3nm production [8] - By the end of 2025, TSMC is expected to produce 50,000 to 80,000 2nm wafers monthly, with demand significantly outpacing that for 5nm [8] - The N2 process offers a 10-15% performance increase at the same power level or a 25-30% power reduction at the same performance level, with a 1.7x increase in transistor density [8]