Core Viewpoint - Unisoc, as the largest independent mobile chip design company in China, has completed the IPO counseling filing for the Sci-Tech Innovation Board, with a valuation of 71.5 billion yuan, positioning itself to become the "first stock of domestic smartphone chips" [1] Market Performance - In 2024, Unisoc's revenue is expected to reach 14.5 billion yuan, marking a historical high, with global chip delivery volume reaching 1.6 billion units and over 5,000 employees, 85% of whom are R&D personnel [1] - In Q1 2025, Unisoc's global market share for smartphone chips is projected to be 10%, ranking fourth behind MediaTek (36%), Qualcomm (28%), and Apple (17%) [1] Technical Strength and Product Layout - Unisoc is one of the few companies globally that master full-scene communication technology from 2G to 5G, with products covering mobile phones, IoT, and automotive electronics [2] - Key technical highlights include: - 5G technology: One of three companies in the global open market for 5G mobile chips, launching the 6nm EUV process T8300 chip, entering the mid-range 5G smartphone market [2] - R16 features: The V620 platform fully supports 5G R16 standards, including TSN and high-precision positioning [2] - AI capability: The T820 chip's NPU computing power reaches 8 TOPS, a 67% increase from the previous generation [2] - International layout: Products cover over 140 countries, certified by more than 270 operators [2] Core Shortcomings - Dependence on the low-end market: Unisoc's products are almost exclusively used in budget phones within the Xiaomi supply chain, while MediaTek covers models under $400 and Qualcomm occupies 20% of the high-end market [2] - Performance gap: The T8100 processor's performance is only comparable to Snapdragon 765G, indicating a generational gap with flagship chips [3] - Weak profitability: Unisoc has not yet achieved profitability, with expectations to break even by 2025; the high proportion of R&D personnel (85%) indicates a need for improved technology conversion efficiency [4] - Customer concentration risk: The company heavily relies on a few smartphone manufacturers for low-end model orders, resulting in weak risk resistance [5] Peer Comparison Analysis - Comparison of Unisoc with competitors like MediaTek, Qualcomm, Huawei HiSilicon, and Xiaomi's玄戒 shows differences in core products, process levels, market positioning, and technical advantages [6] - Unisoc's core product is the T8300 5G SoC, with a 6nm EUV process, targeting budget phones under $99, while competitors focus on mid to high-end markets [7] Development Prospects and Recommendations - The IPO will provide critical capital support for Unisoc, but it must address several issues: - Product upgrades: Utilize advanced packaging technologies like chiplets to bridge process gaps and penetrate the mid to high-end market [8] - Diversified layout: Increase investment in emerging fields such as IoT and automotive electronics [8] - Technical collaboration: Leverage resources from the new Unisoc Group to strengthen cooperation across the industry chain [8] - As the IPO process advances, Unisoc is expected to accelerate technological breakthroughs, but its ability to escape the "high volume, low price" dilemma and achieve a transition to high-value markets will determine its long-term investment value [8]