电子行业深度报告：射频前端：终端厂商重启拉货，高端模组国产已突破

Industry Overview - The RF front-end market is expected to grow from $19.2 billion in 2022 to$26.9 billion by 2028, with a CAGR of 5.78% [2] - 5G adoption is driving the modularization of RF front-end components, increasing the value per device from $18 to$25 [2] - The top 5 global RF front-end manufacturers (Skyworks, Qorvo, Broadcom, Qualcomm, Murata) hold 80% of the market share [2] - Domestic Chinese manufacturers have made significant breakthroughs in high-integration modules, particularly in 5G new frequency bands [2] Key Companies Maxscend Microelectronics - Leading domestic RF switch and LNA manufacturer, gradually expanding into module products [2] - Established its own filter production line to achieve high-end module autonomy [2] - MAX-SAW filters have achieved stable mass production, with over 160 million integrated filters shipped in H1 2023 [36] - Actively developing 5G PA modules, with L-PAMiF products increasing client penetration [36] Vanchip Technologies - Domestic leader in 4G RF PA, ranking first in domestic 4G RF power amplifier shipments [37] - Successfully mass-produced L-PAMiD modules in Q3 2023, with ongoing client project introductions [39] - Introduced low-voltage L-PAMiF products to reduce overall client solution costs [39] - Major shareholders include MediaTek, OPPO, Vivo, and Xiaomi, enhancing client relationships [37] Smarter Micro - Emerging domestic PA module manufacturer, ranking second in domestic 5G new frequency band L-PAMiF shipments [40] - Pioneered innovative reconfigurable RF front-end architecture, offering performance and cost advantages [43] - Achieved small-scale production of 5G low and mid-high frequency L-PAMiD modules, currently in client promotion phase [44] - Leading market share in 4G IoT RF front-end modules, with 17.4% market share in non-mobile 4G MMMB PAM [44] Market Trends - 5G smartphone penetration is expected to increase from 49.06% in 2022 to 82.06% by 2028 [15] - PA modules account for the largest market share at 45.31%, with a projected CAGR of 5.80% from 2022-2028 [19] - The modularization trend in RF front-end is driven by 5G's increased frequency bands and technical complexity [14] - Domestic manufacturers have narrowed the gap with international players, particularly in 5G Sub-3GHz frequency bands [25]