Core Viewpoint - Hefei Chip Valley Microelectronics Co., Ltd. has resumed its IPO counseling process after withdrawing its application in April 2024, indicating a renewed focus on public listing and capital raising [1][4]. Group 1: Company Background - Chip Valley Microelectronics was established in 2014 and specializes in the research, design, production, and sales of semiconductor microwave and millimeter-wave chips, microwave modules, and T/R components [4]. - The company primarily offers products based on GaAs and GaN compound semiconductor processes and provides related technical development services [4]. Group 2: IPO and Fundraising Plans - The company previously submitted an application for listing on the Sci-Tech Innovation Board in May 2023, aiming to raise CNY 850 million (approximately USD 130 million) for microwave chip packaging and testing, module industrialization projects, R&D center construction, and working capital [4]. - The current counseling process is structured into four phases, including the development and implementation of a specific counseling plan, financial training, counseling acceptance, and the preparation of a summary report [4]. Group 3: Ownership Structure - The founder and controlling shareholder, Liu Jiabing, directly holds 28.33% of the company's shares and, along with his spouse Zhang Yuanling, controls 43.60% of the voting rights, making them the actual controllers of the company [4].

Core Viewpoint - Hefei Chip Valley Microelectronics Co., Ltd. (referred to as "Chip Valley Micro") is making a renewed attempt to go public after withdrawing its IPO application 19 months ago, indicating a significant move in the semiconductor industry [1] Company Overview - Chip Valley Micro was established in 2014 and focuses on the research, design, production, and sales of semiconductor microwave and millimeter-wave chips, microwave modules, and T/R components [1] - The company provides a range of products based on GaAs and GaN compound semiconductor processes, along with related technical development services [1] - Chip Valley Micro has received several accolades, including "National High-tech Enterprise," "Key Integrated Circuit Design Enterprise Encouraged by the State," and "2021 China Hidden Unicorn Top 500" [1] IPO History - The company previously submitted its IPO application to the China Securities Regulatory Commission (CSRC) in May 2023 for listing on the Sci-Tech Innovation Board [1] - Less than a year later, Chip Valley Micro voluntarily withdrew its IPO application, and in April 2024, the Shanghai Stock Exchange announced the termination of the review for its IPO [1]

Core Viewpoint - The delivery cycle for T/R chips has been extended to 12-18 months, reflecting overall industry demand growth and current supply chain conditions [1] Group 1: Company Updates - The company has six products that can be applied to T/R components, with some already starting small batch orders [1] - The company will continue to optimize capacity layout and supply chain management to ensure order delivery [1]

Investment Rating - The report maintains an "Outperform" rating for Guobo Electronics (688375) [1] Core Views - Short-term performance is impacted by demand fluctuations, but new product mass production is expected to drive future high growth [7] - The company reported a revenue of 1.569 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.5%, and a net profit of 247 million yuan, down 19.4% year-on-year [4] - Q3 2025 revenue was 498 million yuan, a decline of 2.5% year-on-year, with a net profit of 46 million yuan, down 26.0% year-on-year [4] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2.806 billion yuan, with a year-on-year growth rate of 8.3% [6] - Net profit for 2025 is projected at 502 million yuan, with a year-on-year growth rate of 3.6% [6] - The company’s gross margin for Q1-Q3 2025 was 38.12%, an increase of 1.73 percentage points year-on-year [7] - The return on equity (ROE) for 2025 is estimated at 8.2% [6] Company Analysis - The cyclical fluctuations in downstream demand are affecting the main business, but new product mass production is expected to restore revenue growth [7] - The company is expanding its application fields for T/R components and has begun delivering multiple products for low-orbit satellites and commercial aerospace [7] - The company has successfully mass-produced silicon-based gallium nitride power amplifier chips in collaboration with leading domestic terminal manufacturers, with over 1 million units delivered [7] - Inventory and accounts payable remain high, indicating strong downstream demand and industry prosperity [7] - The company benefits from its strong technical background and dual-market strategy, with military and civilian products expected to see rapid growth as demand increases [7]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating pressure on performance due to reduced income from T/R components and RF modules [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.569 billion yuan, a year-on-year decrease of 13.51% [1]. - The net profit attributable to shareholders was 247 million yuan, down 19.35% year-on-year, while the net profit excluding non-recurring items was 243 million yuan, a decrease of 18.93% [1]. - In Q3 2025, revenue was 500 million yuan, a decline of 2.5% year-on-year, with net profit of 46 million yuan, down 26.0% year-on-year [2]. - The gross margin for Q3 2025 decreased by 3.6 percentage points to 36.0%, and the net margin fell by 2.9 percentage points to 9.2% [2]. Credit Impairment Losses - The company reported credit impairment losses of 51.94 million yuan for the first three quarters, an increase of 65 million yuan compared to the same period last year, impacting current profits [2]. Product Development - The company has achieved mass production of over 1 million silicon-based gallium nitride power amplifier chips, addressing challenges related to lattice defect ratios in materials [2]. - The new product is expected to replace traditional gallium arsenide power amplifiers and promote applications across all frequency bands and scenarios in the terminal RF power amplifier field, representing a second growth curve for the company [2]. Cash Flow and Working Capital - As of the end of Q3 2025, accounts receivable increased by 8.9% to 3.56 billion yuan, and inventory rose by 39.0% compared to the end of Q2 2025 [3]. - The net cash flow from operating activities for the first three quarters was -35 million yuan, compared to 147 million yuan in the same period last year, indicating a need for improvement [3]. Investment Outlook - The company is projected to achieve net profits of 513 million yuan, 702 million yuan, and 898 million yuan for the years 2025, 2026, and 2027, with growth rates of 5.87%, 36.77%, and 27.96% respectively [4]. - Given the company's leading position in active phased array T/R components and RF modules, along with long-term growth potential in commercial aerospace and semiconductor industries, a 12-month target price of 82.42 yuan is set, maintaining a buy-A investment rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company's revenue for Q1-Q3 2025 was 1.57 billion, a year-on-year decrease of 13.5%, with a net profit of 250 million, down 19.4% year-on-year. In Q3 2025, revenue was 500 million, a decrease of 2.5% year-on-year and 30.9% quarter-on-quarter, with a net profit of 46 million, down 26.0% year-on-year and 68.2% quarter-on-quarter [2][3]. - The main business is under pressure, with revenue from T/R components and RF modules declining. The company recorded an asset and credit impairment loss of 47.14 million, impacting net profit [3]. - Despite the decline in profitability, the company maintains a gross margin of 36.0% in Q3 2025, which is within a reasonable range [3]. - The company is actively increasing production capacity, with inventory rising to 460 million, up 39.1% from Q2 2025, and construction in progress at 300 million, up 12.2% from Q2 2025 [3]. - The company has successfully mass-produced over 1 million silicon-based gallium nitride power amplifier chips, which are expected to provide a second growth curve by replacing existing products in the RF power amplifier market [3]. Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenue of 1.57 billion, a decrease of 13.5% year-on-year, and a net profit of 250 million, down 19.4% year-on-year. In Q3 2025, revenue was 500 million, a decrease of 2.5% year-on-year and 30.9% quarter-on-quarter, with a net profit of 46 million, down 26.0% year-on-year and 68.2% quarter-on-quarter [2]. Operational Analysis - The main business is facing temporary pressure, with revenue from T/R components and RF modules decreasing. The company recorded an asset and credit impairment loss of 47.14 million, impacting net profit. The gross margin for Q3 2025 was 36.0%, down 3.6 percentage points year-on-year, while the net profit margin was 9.2%, down 2.9 percentage points year-on-year [3]. - The company is actively preparing for production and accelerating capacity expansion, with inventory at 460 million, up 39.1% from Q2 2025, and construction in progress at 300 million, up 12.2% from Q2 2025 [3]. - The company has achieved mass production of over 1 million silicon-based gallium nitride power amplifier chips, which are expected to enhance data transmission rates and reduce energy consumption in terminal applications [3]. Profit Forecast, Valuation, and Rating - The company is a leading domestic player in T/R components and RF modules, with a comprehensive product line and ongoing expansion and R&D investments expected to drive performance growth. The forecasted net profit for 2025-2027 is 504 million, 697 million, and 988 million, representing year-on-year growth of 4%, 38%, and 42%, respectively, with corresponding P/E ratios of 81, 59, and 41 [4].

Core Viewpoint - 雷电微力 and 国博电子 have distinct product offerings and technological focuses, with 雷电微力 specializing in T/R components and array antennas, while 国博电子 focuses on active phased array T/R components, RF modules, and RF amplification chips [2]. Company Summary - 雷电微力's product lineup includes T/R components and array antennas, indicating a focus on specific components within the telecommunications sector [2]. - 国博电子's main products consist of active phased array T/R components, RF modules, and RF amplification chips, showcasing a different technological approach and application area compared to 雷电微力 [2]. Industry Summary - The differences in core technologies, product forms, and application fields between 雷电微力 and 国博电子 highlight the diverse landscape within the telecommunications component industry [2].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 90.00 CNY, while the current price is 76.10 CNY [5]. Core Insights - The company experienced a decline in performance in the first half of 2025 due to delays in revenue recognition in traditional sectors, but achieved significant growth in Q2, with a notable increase in gross and net profit margins. The company has made substantial progress in the low Earth orbit satellite and commercial aerospace sectors, with multiple T/R component products beginning to be delivered to customers [2][11]. Financial Summary - Total revenue for 2023 is projected at 3.6 billion CNY, with a decrease to 2.6 billion CNY in 2024, followed by a recovery to 2.8 billion CNY in 2025, and further growth to 3.2 billion CNY in 2026 and 3.7 billion CNY in 2027. The net profit attributable to the parent company is expected to be 600 million CNY in 2025, increasing to 800 million CNY by 2027 [4][12]. - The gross profit margin for the first half of 2025 is reported at 39.11%, an increase of 3.97 percentage points year-on-year, while the net profit margin is at 18.81%, showing a slight increase of 0.04 percentage points year-on-year [11]. Segment Performance - In the first half of 2025, the T/R component segment saw a year-on-year decline of 19.27%, while the RF chip business revenue was 91 million CNY, reflecting a year-on-year increase of 3.72%. Other chip business revenue was 22 million CNY, down 18.42% year-on-year [11]. Market Position and Growth Drivers - The company is positioned as a leader in the active phased array T/R component sector, focusing on high-frequency and high-density applications. It has successfully expanded its market presence in low Earth orbit satellites and commercial aerospace, with several products already delivered to customers, marking a new growth point for the company [11]. - The company has also made significant advancements in RF integrated circuits, achieving large-scale supply in the domestic 4G and 5G mobile communication sectors, and is beginning to establish a comprehensive product line for satellite communication and sensing systems [11]. Valuation and Comparables - The report suggests a valuation based on a 90 times price-to-earnings ratio for 2025, aligning with the average valuation of comparable companies in the industry [11][13].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, particularly in military and consumer electronics sectors, leading to a maintained "buy" rating [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.07 billion yuan, down 17.82% year-on-year, and a net profit of 201 million yuan, down 17.66% year-on-year [1]. - Q2 2025 revenue was 720 million yuan, up 18.23% year-on-year and up 105.84% quarter-on-quarter, with net profit of 144 million yuan, up 16.20% year-on-year and up 150.01% quarter-on-quarter [1]. Business Segments - The T/R component and RF module business generated revenue of 944 million yuan in H1 2025, down 19.27% year-on-year, while the RF chip business saw revenue of 91 million yuan, up 3.72% year-on-year [2]. - The company is actively expanding T/R component applications in low Earth orbit satellites and commercial aerospace, with several products already delivered to customers [2]. Profitability and Cost Management - The overall gross margin for H1 2025 was 39.11%, an increase of 3.97 percentage points year-on-year, attributed to a higher proportion of self-developed chips and effective cost control [3]. - The company’s R&D expenditure reached 130 million yuan, focusing on new products in T/R components and mobile communication RF chips [3]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 529 million yuan, 670 million yuan, and 821 million yuan, respectively, with a target price of 69.24 yuan per share based on a 78x PE ratio for 2025 [4].

Core Viewpoint - The company has shown signs of recovery in revenue and net profit in Q2 2025, with a focus on improving management and operational efficiency [2][4]. Financial Performance - In Q2 2025, the company achieved revenue of 720 million yuan, a year-on-year increase of 18.23%, and a net profit attributable to shareholders of 144 million yuan, up 16.20% year-on-year [2]. - For the first half of 2025, the company's T/R components and RF module business generated revenue of 944 million yuan, a decrease of 19.27% year-on-year, while the RF chip business saw revenue of 91 million yuan, an increase of 3.72% year-on-year [2]. - The company's total liabilities decreased by 19.25% year-on-year to 1.472 billion yuan, while cash and cash equivalents fell by 32.99% to 1.867 billion yuan [1]. Product Development and Market Position - The company is a leading domestic provider of active phased array T/R components, with increasing demand in radar communication technology [3]. - The company is expanding its application fields for T/R components into low Earth orbit satellites and commercial aerospace, with multiple products already delivered to customers [3]. - In the RF integrated circuit sector, the company has achieved large-scale supply of RF integrated circuits and modules for domestic 4G and 5G mobile communication, with potential growth in 5G-A and 6G technologies [3]. Investment Outlook - The company is projected to have EPS of 0.96, 1.22, and 1.56 for 2025-2027, with corresponding PE ratios of 67.5, 53.1, and 41.4 based on the closing price of 64.72 yuan on August 28 [4].