截至2025年9月30日收盘，卓胜微(300782)报收于83.12元，上涨2.64%，换手率3.32%，成交量14.88万手，成交额12.38亿元。 董秘最新回复 投资者： 请问贵公司领导，据说SAW滤波器门类中，日本村田占有绝对主导优势，SAW滤波器市占率超过90%，请问公司的滤波器产品跟村田家 的滤波器比，性能如何？公司被冠以国内打破垄断的SAW滤波器龙头，请问目前滤波器产品在国内市场占有率有多少呢？希望领导可以抽时间回 复一下。 9月30日主力资金净流入5505.16万元，占总成交额4.45%；游资资金净流出8277.47万元，占总成交额6.69%；散户资金净流入2772.31万元，占总成 交额2.24%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 当日关注点 来自交易信息汇总：9月30日主力资金净流入5505.16万元，占总成交额4.45%。 交易信息汇总资金流向 董秘： 尊敬的投资者，您好！全球射频前端市场较为集中，其中滤波器的设计及制造工艺技术门槛较高，目前其主要市场份额被国外领先大厂所 占据。近些年来，在新技术迭 ...

供应链牵引成为行业共识 今年3.28日昂瑞微科创板IPO申报获得受理，这在射频前端行业是个重大事件， 经过最近几年发 展，昂瑞微业绩发展迅速，2024年销售额赶上唯捷创芯，成功跻身射频前端第一梯队，与唯捷创 芯一道率先推出射频前端中最难的Sub3G L-PAMiD产品，并在头部品牌手机终端客户旗舰机型量 产，填补射频前端最关键的一块短板。据昂瑞微披露资料，其在卫星通信和车载电子等应用的射频 前端市场也有较大进展，5G接收模组也在头部品牌手机终端量产，补齐5G射频前端拼图。 美国打压成就中国射频前端公司迅速发展 昂瑞微近几年发展迅速，离不开美国对中国通信巨头华为、中兴打压带来的第一波国产替代红利。 在2019年之前，国产射频厂家的日子不好过，做出来的芯片得不到大客户的认可，只能在中低端 市场厮杀，没有足够的财务实力并且没有头部品牌客户牵引，产品往往落后海外友商一代以上，竞 争力严重不足。这个情况在2019年以后得到改观，美国的打压让国内头部手机终端客户认识到对 国产供应链的牵引重要性，昂瑞微正是抓住这波机会，紧跟头部大客户牵引，在2023年成功开发 出可以用于高端旗舰手机的射频前端芯片系列，完成华丽转身，跻身国 ...

近几年射频前端市场异常火爆，多家射频前端公司应运而生，其中不乏有卓胜微、唯捷创芯两 家优秀的射频前端公司，并分别于2019年和2022年上市成功。昂瑞微也在今年申报IPO并获 得受理，目前处于二反问询中。2025年开始，射频前端市场出现了一个比较反常的现象，领 头羊卓胜微上市后出现首次亏损，唯捷创芯和慧智微扣非净利润也是负的，三家上市公司业绩 变脸，客观上对于昂瑞微IPO冲关可能会造成一定的压力。借此机会，我们刚好可以分析一下 昂瑞微的增长空间在哪里？ 根据Yole已披露的信息，全球移动设备领域射频前端相关市场，2024年为154亿美元（约1100亿元 人民币），预计到2030年将增长到170亿美元（约1200亿元人民币），如果考虑到汽车、国防等全 部市场，整个射频前端规模在2030年将增长到700亿美元（约5000亿元人民币）左右，市场空间巨 大，目前国内射频前端厂家的销售额都很低，最大一家卓胜微的销售额只有40亿元左右，远远低于 美国的Skyworks、Qorvo、高通及博通公司的销售额，总体成长空间较大。当前射频前端公司未能 大幅盈利的主要原因还是研发投入和设备折旧过大，研发费用率普遍偏高，由于现在手机 ...

Core Viewpoint - Wuhan Fangu announced the termination of its investment in Wuhan Guangju Microelectronics to protect the company's and shareholders' interests and control investment risks [2][3] Group 1: Investment Decision - On March 12, 2025, Wuhan Fangu approved a capital increase plan to invest RMB 100 million in Wuhan Guangju, with RMB 11.2068 million allocated to registered capital and RMB 88.793194 million to capital reserves [2] - The investment aimed to support Wuhan Guangju's business development and capacity expansion [2] Group 2: Challenges Faced by Wuhan Guangju - The operating environment for Wuhan Guangju has significantly changed due to external policy fluctuations and intensified domestic industry competition, leading to increased uncertainty in its medium to long-term development [2] - Supply chain challenges include geopolitical impacts on core raw material supplies, limited procurement channels, and rising material prices, particularly for key materials like photoresist and high-purity electronic gases [2] - Capacity expansion challenges arise from reliance on imported key production equipment, with uncertainties in procurement costs and delivery timelines, despite efforts to localize the supply chain [2] Group 3: Market Competition - The domestic RF front-end market is experiencing intensified competition with severe product homogeneity, leading to irrational price competition in 2025, which has significantly reduced product prices for Wuhan Guangju [3] - The company faces challenges in turning profitable in the short term due to these competitive pressures [3] Group 4: Termination Agreement - Following a reassessment of the investment project, Wuhan Fangu decided to terminate the investment to mitigate uncertainties and enhance capital efficiency [3] - On September 25, 2025, a termination agreement was signed, requiring Wuhan Guangju to refund the RMB 100 million investment and corresponding interest within 30 days [3]

Core Viewpoint - The article discusses the growth and challenges faced by China's RF front-end companies in the context of U.S. sanctions and the competitive landscape dominated by foreign firms, highlighting both opportunities and risks in the industry. Group 1: Market Dynamics - Following U.S. sanctions in 2019, China's RF front-end companies experienced significant growth, with many emerging firms like Zhaoshengwei, Weijiechuangxin, and others contributing to the sector [1] - In 2023, domestic smartphone manufacturers successfully launched flagship models using fully domestic chips, allowing local RF front-end manufacturers to achieve mass production of a full range of RF front-end chips [1] - Despite initial growth, by 2025, many domestic RF front-end companies faced a growth bottleneck, with notable declines in revenue and profitability among key players [1][2] Group 2: Competitive Landscape - The top five global RF front-end companies are predominantly American, with Qualcomm, Broadcom, Skyworks, and Qorvo leading the market, while domestic companies collectively generate less than 20 billion yuan in sales [2] - The new U.S. tariff policies since April 2025 have prompted Chinese smartphone brands to seek domestic RF front-end solutions, creating a second wave of opportunities for local manufacturers [2] - The article anticipates that by 2026, domestic RF front-end companies could overcome current challenges and see revenue growth, particularly in the high-integration module segment [2] Group 3: Technological Challenges - Domestic RF front-end companies face significant hurdles in patent accumulation, particularly in filter and SOI switch technologies, where foreign competitors have a stronghold [3] - The need for customized high-integration modules for different smartphone brands requires substantial R&D investment, posing a challenge for domestic firms [4] - The article emphasizes the importance of innovation and patent accumulation for domestic companies to compete effectively against established foreign players [3][5] Group 4: Future Outlook - The increasing demand for advanced communication technologies, such as 6G and satellite communication, necessitates ongoing investment in RF front-end technology development [5] - The article suggests that while domestic RF front-end companies have made progress, they must remain vigilant and committed to long-term development to close the gap with leading global firms [6]

Group 1 - The domestic RF front-end industry is entering a critical window for domestic substitution due to the increasing penetration of 5G mobile phone upgrades, vehicle networking, and satellite navigation applications in the first half of this year [1] - Kuangda Technology (002516) disclosed in its latest semi-annual report that it holds a 45.63% stake in Chip Investment Microelectronics and is actively increasing its strategic layout in the RF front-end filter field [1] - Chip Investment Microelectronics has a core team with approximately 20 years of industry experience and its subsidiary NSD originates from the SAW filter division of Japan's NDK, possessing multiple core patented technologies including SAW, TC-SAW, and advanced packaging [1] Group 2 - Chip Investment Microelectronics is one of the few companies in China that holds independent TC-SAW structure patents, leveraging its technological and patent advantages to collaborate with several domestic RF front-end module companies [1] - The automotive-grade filter products produced by its subsidiary NSD not only meet the stringent standards of the automotive electronics field but are also widely applicable in satellite navigation systems, further expanding market application space [1]

Core Viewpoint - Kuangda Technology (002516) is strategically investing in Xintou Micro to enter the promising RF front-end sector, laying a solid foundation for its transformation towards high-tech industries [1] Group 1: Company Overview - Kuangda Technology has a long-standing presence in the automotive interior materials sector and is diversifying its business through strategic investments [1] - The company holds a 45.63% stake in Xintou Micro, enhancing its influence and visibility in the capital market [1] Group 2: Xintou Micro's Capabilities - Xintou Micro's subsidiary NSD is part of Japan's NDK SAW filter division, with a core technical team that has approximately 20 years of industry experience [1] - The company possesses multiple international patents covering key areas such as SAW, TC-SAW, and advanced packaging, making it one of the few domestic companies with independent TC-SAW core structure patents [1] Group 3: Market Position and Applications - Xintou Micro leverages its technological and patent advantages to collaborate with several domestic RF front-end module companies, successfully integrating into the supply chains of leading domestic brands [1] - The filter products from Xintou Micro have diverse application scenarios, including automotive electronics and satellite navigation systems, which will help expand its market reach [1]

Core Viewpoint - The article emphasizes the growing importance of radio frequency front-end modules in smartphones, particularly in the context of 5G technology, highlighting China's progress in this high-tech field and the competitive landscape among domestic and international players [1][2][6]. Summary by Sections Radio Frequency Front-End Modules - Radio frequency front-end modules, consisting of components like power amplifiers (PA), low noise amplifiers (LNA), switches, and filters, are critical for signal transmission and reception in smartphones [1]. - The complexity of these modules is increasing due to high integration requirements and the need to support multiple frequency bands, particularly in the Sub3G L-PAMiD category [1][2]. Technical Challenges - The development of high integration modules like Sub3G L-PAMiD faces significant challenges, including high design complexity, fragmented frequency bands, and stringent size and packaging requirements [1]. - The design and packaging of filters and duplexers for these modules require advanced techniques and materials, with a focus on minimizing size while maximizing performance [1][4]. Market Dynamics - Major smartphone manufacturers are increasingly adopting high integration L-PAMiD modules, with Chinese brands achieving significant milestones in domestic production and design capabilities [2][3]. - The market for radio frequency front-end components is evolving, with a shift from lower integration solutions to more complex, high-performance modules [3][6]. Future Trends - The future of radio frequency front-end technology is geared towards higher performance, greater integration, and smaller sizes, driven by the demands of 5G and beyond [4][5]. - Emerging technologies such as ultra-wideband and carrier aggregation are becoming critical for achieving high data rates in 5G, necessitating advancements in linearity and isolation in front-end components [5]. Industry Positioning - China's radio frequency front-end industry is transitioning from a technology follower to a standard setter, with opportunities to capture greater market share in the 5G and 6G eras [6]. - The industry's growth is supported by strong market demand, capital investment, and technological advancements, although challenges remain in certain core materials and high-end manufacturing equipment [6].

Core Viewpoint - The company reported a revenue of 1.703 billion yuan and a net profit attributable to shareholders of -147 million yuan for the first half of 2025, indicating short-term performance pressure due to global economic challenges, but it is focusing on product structure optimization, technological breakthroughs, and production line construction to lay a solid foundation for future profitability recovery [1] Group 1: Revenue and Product Performance - The revenue from RF modules increased to 44.35% of total revenue in the first half of 2025, up from 36.34% in the same period last year, demonstrating the company's enhanced competitiveness in integrated and modular products [2] - The L-PAMiD product, which is the highest integration RF front-end module, has entered mass production and delivery, marking a breakthrough in the company's capabilities in the high-end RF front-end sector [2] - The company has established two new growth areas beyond the traditional mobile phone market: large-scale production of WiFi7 front-end modules and successful client validation of Bluetooth front-end modules and UWB chips, positioning itself in the IoT precise positioning market [2] Group 2: Production and R&D Investment - The company is advancing its production line construction and R&D investment, with a monthly capacity of 5,000 wafers for the 12-inch production line and high product yield rates [3] - R&D investment for the first half of 2025 was 407 million yuan, maintaining a high intensity despite a year-on-year decline, with a total of 200 patents obtained, including 198 domestic patents [3] - The company reported a debt-to-asset ratio of 30% and a net cash flow from operating activities of approximately 257 million yuan, providing strong support for future R&D and capacity expansion [3]

Core Viewpoint - The current state of the RF front-end industry is characterized by a competitive environment that is both challenging and necessary for rational development, as companies face varying degrees of losses and must navigate through market pressures to avoid resource misallocation [1][2]. Competition Landscape - The ODM market and certain Cat1 markets are experiencing intense competition driven by low procurement standards, leading to a situation described as "blood flowing in the streets" [2]. - In contrast, the brand client market is orderly and conducive to rapid industry iteration, with major smartphone manufacturers selecting a limited number of domestic RF front-end suppliers based on comprehensive evaluations rather than just price [2][3]. Market Size and Growth Potential - The global consumer RF front-end market is approximately 1200 billion, with Apple and Google accounting for about half of this market [3]. - The domestic RF front-end market is currently under 200 billion, indicating significant growth potential, as it is expected to double in size [3][4]. Profitability and Business Strategy - A healthy profit margin for the RF front-end industry is estimated to be between 20% and 30%, as evidenced by the financial reports of leading companies like Zhaoshengwei and Weijie Chuangxin [2][3]. - Companies are advised to be cautious in their operational strategies, particularly regarding capacity expansion, to avoid oversupply and intensified competition [2][6]. Opportunities for Domestic Companies - Domestic RF front-end companies need to focus on high-end modules to maintain growth, as the mid-to-high-end module market is currently dominated by Qualcomm and Qorvo [5]. - There are significant opportunities in high-performance modules, Sub6G modules, and automotive-related RF front-ends, which require companies to enhance product development and differentiation [5][6]. Collaboration and Industry Health - Companies are encouraged to strengthen collaboration across the supply chain to avoid excessive capacity building and to ensure a healthy industry ecosystem [6]. - Smaller RF front-end companies should consider differentiated development strategies and manage cash flow effectively to avoid unnecessary losses [6].