格隆汇11月27日丨卓胜微(300782.SZ)在互动平台表示，公司射频前端产品于卫星通信应用如手机终端 等实现出货，且符合NTN标准的产品有少量交付。公司也将持续布局和投资新的前沿技术和应用领 域，并结合公司的技术储备情况，积极拓展符合公司发展规划的业务。 ...

格隆汇11月25日｜有投资者在互动平台向慧智微提问：请问贵公司有考虑跟国内大品牌手机合作么？慧 智微回复称，公司的射频前端产品应用于三星、vivo、小米、OPPO、荣耀等国内外智能手机品牌机 型，并进入华勤通讯和龙旗科技等一线移动终端设备ODM厂商和移远通信、广和通、日海智能（维 权）等头部无线通信模组厂商。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to depreciation, market competition, and changes in product structure [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan, a decrease of 17.77% year-over-year [1][2]. - The net profit attributable to shareholders was -171 million yuan, representing a decline of 140.13% year-over-year [1][2]. - The overall gross margin and net margin for the first three quarters were 26.68% (down 13.84 percentage points year-over-year) and -6.20% (down 18.82 percentage points year-over-year) respectively [2]. Quarterly Insights - In the third quarter of 2025, the company reported revenue of 1.065 billion yuan, a quarter-over-quarter increase of 12.36% [2]. - The net profit attributable to shareholders for the third quarter was -23 million yuan, with a significant reduction in losses by 76.84% quarter-over-quarter [2]. Production and Capacity - Both the 6-inch and 12-inch production lines maintained large-scale delivery, with noticeable improvements in capacity utilization compared to the first half of the year [3]. - The company has achieved high levels of product yield and production line yield, indicating successful transitions from product validation to stable output [3]. Industry Trends - The trend towards integration and modularization in the industry is ongoing, with increasing complexity in RF front-end devices driven by communication protocol upgrades [3]. - The company is expanding its product applications from smartphones to communication base stations, automotive electronics, and Bluetooth headsets [3]. Strategic Developments - The establishment of the self-built chip production line allows the company to engage in integrated processes of chip design, manufacturing, and packaging testing, enhancing its market competitiveness [3]. - The company is positioned as one of the early domestic players to develop a comprehensive range of RF front-end products, which is expected to support its long-term growth [4].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10][14] Core Insights - The company reported a revenue of 2.769 billion yuan for the first three quarters of 2025, a decrease of 17.77% year-over-year, with a net profit attributable to shareholders of -171 million yuan, down 140.13% year-over-year [4][9] - The overall gross margin and net margin for the first three quarters of 2025 were 26.68% (down 13.84 percentage points YoY) and -6.20% (down 18.82 percentage points YoY), respectively, primarily due to depreciation, market competition, and changes in product structure [9][10] - The company has entered the mass production phase for its 12-inch wafers, with significant improvements in capacity utilization for both 6-inch and 12-inch production lines compared to the first half of the year [9][10] - The company is expanding its product offerings in the RF front-end product platform, adapting to the trend of integration and modularization in mobile devices [9][10] Financial Summary - Revenue projections for 2025-2027 are adjusted to -129 million, 506 million, and 774 million yuan, respectively, with corresponding P/E ratios of 79 and 51 for 2026 and 2027 [10][12] - The company’s gross margin is expected to improve as the utilization rate of its production capacity increases, reducing the negative impact of in-house wafer costs on overall gross margin [10][12] - The company’s total assets are projected to be 14.046 billion yuan in 2025, with total liabilities of 3.937 billion yuan [11][12]

人民财讯10月24日电，近日，江苏省工业和信息化厅发布第七批国家级专精特新"小巨人"企业公示名 单，左蓝微电子凭借在射频前端领域的深厚积累、持续的创新能力以及关键核心技术入选。 ...

Core Viewpoint - The upcoming listing review meeting for Beijing Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) on October 15 signifies a significant step towards its potential listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising scrutiny over the rationality of its fundraising efforts [1]. Group 1: Company Overview - Angrui Micro, established in 2012, specializes in RF front-end and wireless communication, offering a diverse range of chip designs including 2G/3G/4G/5G RF front-end chips, wireless connection chips, and analog chips, primarily used in smartphones, automotive electronics, energy storage, industrial applications, high-performance computing, IoT, and wearable technology [2]. Group 2: Fundraising and Investment Projects - The company plans to raise a total of 2.067 billion yuan, with allocations including approximately 1.096 billion yuan for the R&D and industrialization of 5G RF front-end chips and modules, 408 million yuan for RF SoC R&D and industrialization, and 563 million yuan for the construction of its headquarters and R&D center [2]. Group 3: Financial Impact and Profitability - Angrui Micro acknowledges that the implementation of its fundraising projects will lead to an increase in depreciation and amortization expenses; however, the additional annual depreciation will not exceed 1.5% of existing revenue and projected revenue from the fundraising projects, thus having a relatively minor impact on profits [3]. - The company anticipates that the net profit generated from the fundraising projects will be sufficient to offset the impact of the increased depreciation expenses [3]. Group 4: Client Base and Market Position - Major clients for Angrui Micro's RF front-end products include prominent smartphone manufacturers such as Huawei, Xiaomi, Honor, Samsung, and Vivo, while its RF SoC chip products have been adopted by companies like Alibaba, Xiaomi, HP, and others [3]. - The company aims to leverage its established brand advantage and customer base in the RF industry to drive performance growth through the upgrades and introduction of new products [3]. Group 5: R&D Investment Trends - Over recent years, the proportion of R&D investment relative to revenue has shown a declining trend, decreasing from 29.25% in 2022 to 14.94% in 2024, with a slight increase to 16.40% in the first half of 2025 [4]. - The decline in R&D expense ratio is attributed to significant revenue growth, with a year-on-year increase of 83.62% in 2023 and a further 23.98% in 2024, while the absolute scale of R&D investment remains stable when excluding stock payment factors [4].

Core Viewpoint - Company reported a revenue of 8.987 billion yuan in H1 2025, reflecting a year-on-year increase of 17.03%, while net profit attributable to shareholders was 176 million yuan, down 4.24% year-on-year [1][2] Group 1: Revenue and Profit Performance - In H1 2025, the company achieved a revenue of 8.987 billion yuan, up 17.03% year-on-year, and a net profit of 176 million yuan, down 4.24% year-on-year [1][2] - In Q2 2025, the company recorded a revenue of 4.675 billion yuan, representing a year-on-year increase of 13.41% and a quarter-on-quarter increase of 8.43% [2] - The overall gross margin for H1 2025 reached 15.16%, an increase of 3.46 percentage points compared to the same period in 2024, indicating improved profitability driven by product upgrades [2] Group 2: Business Development and Product Strategy - The company is focusing on the compound semiconductor sector, with a 3.97% year-on-year decline in LED epitaxial chip revenue, but a gross margin of 26.03%, up 6.68 percentage points, due to an increase in high-end product proportion and cost reduction measures [3] - Mini LED products have been applied in various fields such as TVs, displays, laptops, and automotive displays, with a steady increase in market share among major international clients [3] - The company has established deep collaborations in the Micro LED segment with leading domestic and international consumer and technology companies, expanding applications in wearables, AR glasses, and high-end displays [3] Group 3: Integrated Circuit and Silicon Carbide Business - The company's integrated circuit product revenue grew by 7.64% year-on-year in H1 2025, benefiting from a recovery in terminal market demand and supply chain shifts [4] - The company has a vertically integrated manufacturing platform for silicon carbide, with significant production capacity for both 6-inch and 8-inch substrates, and has begun small-scale production of 8-inch silicon carbide chips [4] - Collaborations with domestic and international manufacturers in the AI/AR glasses sector have led to successful small-batch deliveries of silicon carbide optical substrate products [4] Group 4: Future Profit Projections - The company projects net profits attributable to shareholders of 838 million yuan, 1.405 billion yuan, and 1.854 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 88, 52, and 40 [5]

Core Viewpoint - The company, Zhaosheng Microelectronics (stock code: 300782), has indicated that its radio frequency front-end products can be applied in satellite communication terminals, aiming to enhance brand influence and market penetration through high-end module layout and promotion [1] Group 1 - The company is actively engaging with investors on interactive platforms to provide insights into its product applications [1] - The focus on satellite communication terminals represents a strategic direction for the company's product development [1] - The company plans to improve its market presence and brand recognition through the development of high-end modules [1]

Core Viewpoint - The company is transitioning from a Fabless to a Fab-Lite business model, aiming to create a complete closed-loop resource platform for resource reconstruction and innovation in the RF front-end market [1][3][10]. Company Overview - The company has been actively engaging with investors, showcasing its strategic shift and long-term vision during a recent investor relations event [1][4]. - The management team, including the chairman and board secretary, provided insights into the company's operational changes and future strategies [1][3]. Industry Trends - The RF front-end industry is experiencing a shift as 5G construction approaches completion, while the development of 6G and non-terrestrial networks (NTN) is still in exploratory phases [6][9]. - There is a growing demand for differentiated, integrated, and high-end RF front-end products, which is driving competition and innovation within the industry [9][10]. Business Outlook - In the short term, the company anticipates some pressure on performance due to seasonal factors and depreciation, but it is confident in its team's progress and technological advancements [5]. - The company has successfully completed the 12-inch production line process and is progressing well with customer certifications, which is expected to enhance its market position [5]. Competitive Landscape - The global RF front-end market is predominantly occupied by foreign companies, but domestic firms are pushing for technological breakthroughs and supply chain independence [2][9]. - The company aims to build a competitive edge through innovation and by leveraging its unique resource platform to meet the evolving demands of the market [8][10]. Patent and Legal Matters - The company has initiated invalidation procedures for certain patents involved in ongoing disputes, asserting that its products do not infringe on core architectures or key processes [6][7]. Technological Innovation - The company is recognized for its pioneering work in RF CMOS technology and has established itself as a leader in the development of high-performance RF components [8]. - Future product development will focus on enhancing high-end, customized, and differentiated capabilities to better meet customer needs [8].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is experiencing a continuous evolution towards integration and modularization in the RF front-end product platform, which is crucial for meeting the demands of mobile smart terminal miniaturization and functionality [8][9]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 756 million yuan (-36.47% YoY) and a net loss of 47 million yuan (-123.57% YoY) [4][8]. - The overall gross margin and net margin for Q1 2025 were 31.01% (-11.77 percentage points YoY) and -6.20% (-22.76 percentage points YoY), respectively, primarily due to increased depreciation and a slowdown in downstream demand [8]. - The company is expanding its product offerings from discrete components to RF modules, with applications extending into communication base stations, automotive electronics, and Bluetooth headsets [9]. Financial Summary - Revenue projections for 2025-2027 are 5.25 billion yuan, 8.91 billion yuan, and 12.68 billion yuan, respectively, with corresponding P/E ratios of 77, 45, and 32 [10]. - The company’s R&D investment as a percentage of revenue is expected to rise from 12.22% in 2022 to 22.22% in 2024, indicating a strong commitment to innovation [9]. - The company has achieved scale production capabilities for various products, including filters and modules, which have been successfully integrated into multiple brand clients [9]. Industry Context - The RF front-end chip market is characterized by high concentration globally and low domestic self-sufficiency, making the adoption of fully domestic solutions critical for reducing external risks and ensuring stable industry development [9]. - The trend towards high integration, cost-effectiveness, and customization in RF front-end solutions is driven by advancements in communication protocols and the increasing complexity of RF front-end devices [9].