申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 5月18日，江苏卓胜微电子股份有限公司（股票代码：300782，以下简称"卓胜微"）发布公告称，公司 实际控制人及其一致行动人许志翰、FENGCHENHUI（冯晨晖）、YIGEBING（易戈兵）计划通过集中 竞价及/或大宗交易方式合计减持不超过534.55万股，占公司总股本的1%，减持原因均为个人资金需 求。 根据公告，本次减持将在披露之日起15个交易日后的3个月内实施，股份来源包括首发前持有及转增股 本取得的股份，以及易戈兵通过离婚财产分割获得的股份。值得注意的是，易戈兵的股份来源于2023年 与公司原实控人之一TANGZHUANG（唐壮）的财产分割，当时唐壮将其持有的3275.75万股转让给易 戈兵，该事项曾引发市场对"离婚规避减持限制"的关注。对此，公告明确表示，此次减持符合证监会关 于"不得以离婚等方式规避减持限制"的监管要求。 三位股东在公告中承诺将严格履行此前作出的股份流通限制及减持承诺，包括锁定期、减持比例及价格 下限等条款。公司特别强调，本次减持不会导致控制权变更，也不会影响持续经营。 截至5月16日收盘，卓胜微股价为73.40元/股， ...

上述担保在公司已审批的担保额度范围内。 三、被担保人基本情况 一、担保情况概述 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开 第三届董事会第十次会议，审议通过了《关于拟为全资子公司向银行申请授信并 提供担保的议案》，同意公司为全资子公司无锡芯卓湖光半导体有限公司（以下 简称"芯卓湖光"）向银行及其他金融机构申请总额不超过人民币 20 亿元的综合 授信额度，并为其提供相应的担保。本次担保额度的有效期为自董事会审议通过 之日起 12 个月，具体内容详见公司在巨潮资讯网披露的《关于拟为全资子公司 向银行申请授信并提供担保的公告》（公告编号：2025-022）。 二、担保进展情况 近日，公司签订了以下对外担保合同： 1、公司与江苏银行股份有限公司无锡分行签订《最高额保证合同》，为该 行因向芯卓湖光发放授信而发生的一系列债权提供最高额连带责任保证担保，债 权本金限额为人民币 3.00 亿元。 证券代码：300782 证券简称：卓胜微 公告编号：2025-045 江苏卓胜微电子股份有限公司 2、公司与交银金融租赁有限责任公司签订了《保证合同》，约定为芯卓湖 光与交银金融租赁有限责任 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 继上市公司唯捷创芯、慧智微、康希通信2024财年亏损之后，"明星选手"卓胜微在2025 年一季度 交出了一份"血亏"成绩单——营收7.56亿元，同比暴跌36.47%，归母净利润直接狂泻至-4662.3 万元。 "雪崩的时候，没有一片雪花是无辜的。" 这句话出自于法国著名的思想家伏尔泰，意思是，在雪 崩的时候，没有一片雪花想要承认自己是雪崩的罪魁祸首，但如果没有雪花，何来雪崩呢？当射频 前端头部企业都亏损时，说明企业面临多方面的困境和挑战，过度竞争加剧市场内卷是导致企业亏 损的最重要原因。 国产射频前端，曾是国产替代的佼佼者，却"天塌下来"般地陷入了前所未有的困境，这一波惨烈的 亏损潮到底会持续多久？ 卓胜微 为了找到答案，先从三家国产手机PA上市公司来进行分析。黑暗是暂时的，光明一定会到来的， 只有不畏惧风雨的洗礼，未来才会灿烂如花。 卓胜微作为国内射频前端芯片领域的龙头企业，凭借射频开关、低噪声放大器（LNA）等产品占 据市场优势地位，其产品已进入三星、华为、小米等头部终端厂商供应链，并逐步向滤波器、功率 放大器（PA）及集成模组等高端领域拓展。 为了技术突破与创新 ...

Group 1 - Jiangsu Zhaosheng Microelectronics Co., Ltd. applied for a patent titled "Manufacturing Method of Filter, Filter, and Communication Equipment," with publication number CN119891992A, and the application date is December 2024 [1] - The patent application reveals a manufacturing method for a surface acoustic wave filter, which includes setting an antenna terminal for receiving multiple signals and multiple second IDTs [1] - The first IDT replaces at least one second IDT, with the area of the first IDT being larger than that of the second IDT, while maintaining equivalent functionality [1] Group 2 - Jiangsu Zhaosheng Microelectronics Co., Ltd. was established in 2012 and is located in Wuxi City, focusing primarily on research and experimental development [2] - The company has a registered capital of 5,345.47532 million RMB and has invested in five enterprises [2] - The company has participated in 53 bidding projects, holds 27 trademark information records, and has 253 patent records, along with 40 administrative licenses [2]

Summary of the Conference Call for 卓胜微 (Zhuosheng Microelectronics) Company Overview - **Company**: 卓胜微 (Zhuosheng Microelectronics) - **Industry**: Semiconductor, specifically focusing on wireless communication and short-range communication chips Key Points and Arguments Financial Performance - In Q1 2025, the company reported revenue of 756 million yuan, a year-on-year decrease of 36.47% [3] - Net profit attributable to shareholders was a loss of 46.62 million yuan, a decline of 124% year-on-year [3] - The gross margin for the period was 31%, down 11.76% year-on-year and 34% quarter-on-quarter [3] - The company expects significant performance improvement in the second half of the year, projecting full-year results to exceed the previous year [2][9] R&D and Production Capacity - R&D expenses in Q1 2025 were 178 million yuan, a decrease of 33.94% year-on-year, primarily due to reduced costs after the 12-inch production line reached mass production [4] - The 12-inch wafer utilization rate has reached over 80%, with expectations to approach full capacity by year-end [4][12] - The company has initiated expansion projects and is in the process of increasing equipment to enhance production capacity [13] Product Development and Market Position - The AlphaMiner series has achieved a fully domestic supply chain and is expected to see mass shipments in 2025 [7] - WiFi 7 products have begun large-scale shipments, with expectations for significant year-on-year growth [7] - The company is actively expanding into IoT applications, including smart home and automotive electronics [7] Competitive Landscape and Challenges - The company faces intense market competition and has noted that the recent tariff policy changes have created psychological impacts on the industry [11] - Competitors like Skyworks and CONVANO are expected to struggle in the Chinese market, while 卓胜微 has competitive advantages in PA modules [11] - The company is addressing patent issues with a major Korean client, which has affected product shipments but is confident in resolving these disputes [27][29] Strategic Focus and Future Directions - The company is focusing on enhancing its manufacturing capabilities and integrating advanced technology platforms to improve efficiency and product offerings [8] - Plans to expand into AI robotics, smart driving, and other intelligent device sectors are underway [8] - The company aims to maintain a strong R&D investment to ensure long-term competitiveness in the semiconductor industry [10] Market Outlook - The company anticipates that the revenue from its key product lines, including LPM and WiFi 7, will contribute significantly to growth in 2025 [26] - The overall market for video and communication technologies is expected to evolve, with potential consolidation among major operators in China similar to the U.S. market [18] Miscellaneous - The company maintains a strong focus on technology innovation and collaboration with clients to enhance product differentiation and market competitiveness [17] - Despite short-term fluctuations in financial performance, the company believes in the long-term value of its technology and strategic positioning [30] This summary encapsulates the essential insights from the conference call, highlighting the company's current status, challenges, and future strategies in the semiconductor industry.

Core Viewpoint - The article highlights the active cash dividend distribution by listed companies in the 2024 fiscal year, with a total of 3,669 companies announcing distribution plans, reflecting a strong emphasis on cash dividends encouraged by regulatory bodies [1][2]. Summary by Category Dividend Distribution - A total of 3,664 companies included cash dividends in their distribution plans for 2024, with a cumulative cash payout amounting to 1.64 trillion yuan [1]. - There are 346 companies that included stock transfers in their distribution plans for 2024 [1]. Key Dates for Investors - Important dates for investors focusing on dividends are the ex-dividend date and the record date. Currently, 119 companies have implemented their distribution plans, and investors should monitor whether these companies' stock prices can achieve a "filling rights" trend [1]. - For companies yet to implement their rights, investors may consider "抢权" (grabbing rights) before the record date, which is the last trading day for this dividend [1]. Notable Companies and Performance - Among the companies with a record date today, 9 out of 10 have a cash dividend of 1 yuan (tax included) or more per 10 shares. 雅艺科技 (Yayi Technology) has the highest payout of 5.00 yuan per 10 shares, followed by 九强生物 (Jiuqiang Biology) and 中润光学 (Zhongrun Optics) with payouts of 4.00 yuan and 3.50 yuan, respectively [1][2]. - The highest stock transfer ratio among the companies with a record date today is also from 雅艺科技, which has a distribution plan of 10 shares for every 3 shares transferred, along with a cash payout of 5 yuan [2]. - In terms of stock performance, 香山股份 (Xiangshan Co.) has seen the largest increase over the past five days, with a rise of 12.14%, followed by 三利谱 (Sanlipu) and 雅艺科技 (Yayi Technology) [2]. Summary of Upcoming Dividend Companies - A table lists companies with their respective cash payouts, stock transfer ratios, latest closing prices, and five-day price changes, indicating the financial health and market performance of these companies [2].

Core Viewpoint - The financial performance of 卓胜微 in Q1 2025 shows a significant decline, with revenue dropping by 36.47% year-on-year to 756 million yuan and a net loss of 46.62 million yuan, contrasting sharply with its 2024 performance of 4.487 billion yuan in revenue and 402 million yuan in net profit [1] Group 1: Financial Performance - In Q1 2025, 卓胜微 reported revenue of 756 million yuan, a decrease of 36.47% compared to the previous year [1] - The company experienced a net loss of 46.62 million yuan in Q1 2025, marking a stark contrast to its 2024 performance where it achieved a net profit of 402 million yuan [1] - The revenue for 卓胜微 in 2024 was 4.487 billion yuan, with a quarterly breakdown showing a steady decline in net profit leading to a loss in Q4 2024 [1] Group 2: Strategic Transition - 卓胜微 is undergoing a strategic transition from a Fabless model to an IDM model, which has resulted in a significant increase in fixed assets and depreciation pressure [2][3] - The company's fixed assets and construction in progress surged from 1.15 million yuan in 2020 to 82.38 million yuan in 2024, an increase of over 70 times [3] - The depreciation amounts for fixed assets increased from 9 million yuan in 2022 to 55.4 million yuan in 2024, reflecting the growing burden of fixed asset investments [3] Group 3: Market Dependency and Challenges - 卓胜微's revenue is heavily reliant on a concentrated customer base, with the top five customers accounting for over 70% of sales, primarily from Android smartphone manufacturers [6] - The global smartphone market has faced downturns, with IDC reporting a decline in shipments from 2022 to 2023, impacting 卓胜微's performance [6] - The company's revenue fell from 4.634 billion yuan in 2021 to 3.677 billion yuan in 2022, with a gradual recovery to over 4 billion yuan in 2023 and 2024, but still below 2021 levels [6] Group 4: Legal Issues - 卓胜微 is currently involved in patent disputes with Murata Manufacturing, facing lawsuits in both South Korea and Shanghai [7] - The company asserts that the products involved in the litigation represent a small portion of its revenue and does not anticipate significant financial impact from these lawsuits [7] Group 5: Future Outlook - 卓胜微's commitment to its transformation is evident through its planned investment of 4.182 billion yuan in expanding its manufacturing capabilities for RF chips [4][5] - The company aims to enhance its production capacity and further develop the domestic RF chip industry ecosystem, indicating a strong belief in its long-term strategy despite current challenges [5]

证券研究报告 卓胜微 (300782 CH) 1Q25：毛利率受折旧影响进一步下降 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 半导体 | 维持公司 25-27 年归母净利预测 4.36/9.13/13.91 亿元，公司 12 寸产线产 能爬坡进展顺利，且 WiFi7、LPAMiD 等发射端模组产品陆续量产，给予 10x 25 年 PS（可比估值 7.7x），维持目标价 93.4 元，给予"买入"评级。 风险提示：智能手机需求不及预期，新品研发进度不及预期，价格竞争加剧。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 4,378 | 4,487 | 4,995 | 5,851 | 6,739 | | +/-% | 19.05 | 2.48 | 11.32 | 17.13 | 15.18 | | 归属母公司净利润 (人民币百万) | ...

证券研究报告 卓胜微 (300782 CH) 1Q25：毛利率受折旧影响进一步下降 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 半导体 | 公司 1Q25 实现营收 7.56 亿元（yoy：-36.47%，qoq：-32.49%），归母净 亏损 0.47 亿元（yoy：-123.57%，qoq：-97.62%），扣非归母净利润亏损 0.54 亿元（yoy：-128.00%，qoq：-7.12%）。1Q25 公司营收同比有所下滑， 除受上年行业季节性较弱带来的高基数影响外，主要由于手机市场需求较为 平淡，客户拉货动能亦有所下降。此外，由于去年芯卓 12 寸产线量产后稼 动率处于爬坡阶段，短期折旧对毛利率影响较大，导致公司连续两个季度出 现亏损。我们预计随着 L-PAMID 等新产品实现批量出货，25 年公司收入有 望逐季度提升，下半年有望实现扭亏。我们看好公司通过自建产线实现差异 化产品布局，筑牢接收端竞争优势的同时，不断完善发射端产品布局，进一 步打开在射频芯片市场的成长空间，目标价 93.4 元，维持" ...

IDM 战略稳步推进，新品放量可期。1Q2025，芯卓6 寸及12 寸产线均稳定运行并规模量产，相关产品 均按计划顺利量产并出货，技术研发与产品迭代工作也在有序推进，为后续产品迭代和成本优化奠定基 础。公司依托芯卓"智能质造"资源的持续深化整合与建设，一方面加速特色工艺平台技术矩阵的布局， 另一方面推动更多产品导入，预计产能利用率将稳步提升。 投资建议：我们预计公司2025/2026/2027 年收入分别为49.83/57.32/63.75 亿元，2025/2026/2027 年归母 净利润分别为4.76/7.54/11.20 亿元，对应PE 分别为81.62/51.52/34.72 倍，维持"增持"评级。 风险提示：新产品进度不及预期、行业竞争加剧、宏观需求不及预期、地缘政治风险、汇率波动风险、 限售股解禁风险。 事件：2025 年4 月28 日公司发布1Q2025 业绩报告，1Q2025 公司实现营业收入7.56 亿元，同 比-36.47%；实现归母净利润-0.47 亿元，扣非归母净利润-0.54 亿元，同比均由盈转亏。 营收同比下滑主要系去年同期基数较高及客户拉货节奏影响。我们认为，公司收入同比下滑，主 ...