国博电子：终端类射频芯片产品获客户认可，目前正批量供货

Core Viewpoint - The company has established a strong position in the terminal RF chip market, with recognized supply chain resilience and quality control, and is currently supplying multiple well-known terminal manufacturers [2] Group 1: Product and Supply Chain - The company's terminal RF chip products include RF switches, antenna tuners, WiFi modules, and terminal modules, which are being supplied in bulk to several industry-leading terminal manufacturers [2] - New products based on advanced semiconductor processes, such as mobile PAs, are gradually being supplied to customers [2] Group 2: Financial Performance - The gross margin for Q4 2024 and Q1 2025 is expected to exceed 40%, attributed to cost control measures including process optimization, automation, and self-developed chip applications [2] - Revenue in Q1 experienced a decline due to weak industry demand and delivery pace affecting T/R component and RF module business [2] Group 3: Inventory Management and Production Capacity - The company emphasizes a "sales-driven production" model to ensure supply chain safety, with the increase in inventory in Q1 being a normal production reserve [2] - Current production capacity utilization is good, and completed fundraising projects have enhanced R&D and manufacturing capabilities in the RF chip and component sectors [2] Group 4: Future Outlook - The company aims to consolidate its market position in radar and 5G base stations while expanding into emerging fields such as satellite communication and low-altitude economy [3] - T/R components, as core components for low-orbit satellites, have been delivered in bulk, and RF chips for 5G-A sensing base stations and drone terminals are being applied on a large scale [3] - Continuous development of high-frequency, high-density T/R components and RF microsystem technology is planned to enhance product integration and spectrum range [3]