A-share subscription | Angweimicro (688790.SH) starts subscription, ranking among the top three in revenue scale among domestic RF front-end manufacturers in 2024.

On December 5, Angere Micro (688790.SH) began subscription, with an issue price of 83.06 yuan per share, a subscription limit of 0.35 million shares, a P/E ratio of 58.25 times, listed on the Shanghai Stock Exchange, with China Securities Co.,Ltd. as its sponsor. According to the prospectus, the company is an integrated circuit design enterprise focusing on the RF and analog fields, and is a national-level "Small Giant" enterprise specializing in new and key technologies. The company is mainly engaged in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips. Since its establishment, the company has continuously invested in research and development and accumulated technology, constantly iterating products efficiently to provide customers with high-performance, reliable, low-power, and highly integrated RF and analog chip products. During the reporting period, the company's core product line mainly includes a full range of RF front-end chips for intelligent mobile terminals for 5G/4G/3G/2G (including RF front-end modules, power amplifiers, RF switches, LNAs, etc.) and RF SoC chip products for the IoT (including low-power Bluetooth and 2.4GHz proprietary protocol wireless communication chips). With excellent technical strength, product performance, and customer service capabilities, the company has accumulated abundant customer resources and established a good reputation in the market. The company's RF front-end chip products have been sold in volume to well-known brand terminals such as Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo (moto), Transsion, realme, and others. Meanwhile, the RF SoC chip products have been adopted by Alibaba, Pinduoduo, Xiaomi, Lenovo, Customer C, Customer D, BYD Company Limited, Jiuhao, Tailg, Hansoh, Sannuo Medical, Kedi Shi, Guangzhou Wahlap Technology Corporation, HP, Customer G, RemoteSolution, and other well-known industrial, medical, and IoT customers. With rich technological accumulation and outstanding technological innovation capabilities, as of the end of the reporting period, the company has led or participated in 6 national-level and numerous local-level important scientific research projects, actively promoting the basic research and industrial application of RF in China while developing high-integration products such as 5GL-PAMiD. The technical solutions and performance of this product have reached the level of international manufacturers and have been mass-produced and applied in flagship models of mainstream brands, breaking the monopoly of international manufacturers on L-PAMiD module products. Among domestic RF front-end companies, Angere Micro, Vanchip, Feixiang Technology, and Huizhi Micro mainly focus on the transmission end, while Maxscend Microelectronics products mainly focus on RF switches and receiver modules. According to annual reports and prospectuses, the operating revenues of Maxscend Microelectronics, Feixiang Technology, Vanchip, and Huizhi Micro in 2024 were 4.487 billion yuan, 2.458 billion yuan, 2.103 billion yuan, and 524 million yuan respectively, while the operating revenue of Angere Micro in 2024 was 2.101 billion yuan (with RF front-end revenue of 1.79 billion yuan), ranking in the top three among domestic RF front-end manufacturers mainly focusing on the transmission end. According to data from the International Bluetooth Technology Alliance, the global shipment of low-power Bluetooth devices in 2024 was approximately 1.8 billion units. Since a single Bluetooth device generally uses a single RF Bluetooth SoC chip, combined with the company's shipment of 98 million low-power Bluetooth SoC chips in 2024, it is estimated that the company's global market share in the field of low-power IoT wireless connection chips in 2024 is approximately 5.4%. In terms of finances, in the fiscal years 2022, 2023, 2024, and January-June 2025, the company achieved operating revenues of approximately 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan respectively; during the same period, the net profit of the company was approximately -290 million yuan, -450 million yuan, -64.7092 million yuan, and -40.2995 million yuan respectively.