Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [3]. Core Insights - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.55%. However, the net profit attributable to shareholders decreased by 48.05% to 425 million yuan, indicating overall performance pressure [1][2]. - In Q3 2024, the company achieved a revenue of 1.083 billion yuan, down 23.13% year-on-year and 1.13% quarter-on-quarter, primarily due to seasonal industry fluctuations. The gross margin for Q3 2024 was 37.14%, a decline of 9.43 percentage points year-on-year [2]. - The company has invested in building its own production lines, which is expected to enhance its long-term competitiveness. As of Q3 2024, fixed assets reached 5.054 billion yuan, an increase of over 109% compared to the end of 2023 [3]. Financial Forecast - The company is projected to achieve revenues of 4.378 billion yuan in 2024, with a growth rate of 19.05%. The net profit attributable to shareholders is expected to be 560 million yuan, reflecting a significant decrease of 50.08% [4]. - The report forecasts a gradual recovery in net profit, estimating 910 million yuan in 2025 and 1.398 billion yuan in 2026, with corresponding price-to-earnings ratios of 53.62x and 34.90x [3][4]. Company Positioning - The company is recognized as a leading domestic manufacturer of RF chips, with a strong focus on developing a comprehensive product line to enhance its market penetration in high-end products [3]. - The establishment of the IDM platform through its semiconductor production line is expected to support the company's competitive edge in the RF chip market [3].

Investment Rating - The stock is downgraded to HOLD with an adjusted target price of RMB86, based on 45x 2025E P/E [1] Core Views - Maxscend's 3Q24 revenue declined by 23% YoY and 1% QoQ to RMB1.1bn, driven by weak smartphone demand [1] - Net profit dropped by 84% YoY and 55% QoQ to RMB71mn, mainly due to GPM erosion, higher R&D costs, and asset impairment loss [1] - The company is undergoing a business model transformation from fabless to fab-lite, which is expected to weigh on short-term profitability [1] - Long-term growth prospects remain intact, but the stock is downgraded due to short-term challenges [1] Revenue and Profit Analysis - Quarterly sales were flat sequentially (-1%) in 3Q24, showing weak market demand compared to pre-pandemic growth of 40% QoQ in 3Q18/19 and 48% QoQ in 3Q23 [1] - 2024/25E revenue forecasts are revised down by 8%/7%, with FY24/25E revenue growth adjusted to 4.7%/23% YoY [1] - Gross profit margin (GPM) is expected to recover to 40%+ in 2H25, but challenges are expected in the next 2-3 quarters due to capacity ramp-up and slow demand recovery [1] Module Business - Module revenue contribution increased to 43% of sales in 9M24, up from 36% in 2023, and is expected to further increase to 49%/55% in 2024/25E [1] - The modulization trend in the RFFE industry is seen as a key driver of future growth, providing more integrated solutions [1] Financial Projections - 2024E revenue is projected at RMB4,582mn, with a YoY growth of 4.7%, while 2025E revenue is expected to grow by 23% to RMB5,639mn [2] - Net profit for 2024E is estimated at RMB558mn, with a significant recovery expected in 2025E to RMB1,019mn [2] - Gross margin is expected to improve from 40.0% in 2024E to 44.4% in 2026E [2] Valuation and Peers Comparison - The target price of RMB86 corresponds to 45x 2025E P/E, close to the peers' average of ~41x 2025E P/E [1] - Maxscend's 2024E P/E is 87.2x, higher than domestic peers like Vanchip (45.6x) and GigaDevice (51.9x) [10] Industry Trends - The RFFE industry is moving towards modulization, which is expected to benefit companies like Maxscend that are increasing their module business share [1]

非常感谢与各位投资人参加本次交流首先我向各位汇报一下我们前三季度的一个经营的基本情况那么前三季度我们仍然是对新左的产业化的战略布局积极去推进我们的建设那么持续向Fiberlight这种经营模式的一个转型并且强化我们在研发工艺相结合的这方面的一些能力 那么前三季度我们实现了营收33.67亿元那么较去年同期是增长了9.55%那么归属于上次公司股东的净利润是4.25亿元较去年同期是减少了48%那么第三季度我们的营收是实现了10.83亿元那么归属于上次公司股东的净利润是0.71亿元较二季度的环比下降了55% 那么这里主要是受到新左持续的投入所导致的研发费用的增长以及资产减值和毛利率变化带来的影响那么从分产品来看我们前三季度分利器件实现的营收是18.66亿元同比是减少了6.42%那么模组类的产品实现营收是14.37亿元 同比是增加了38.8%那么目前模组的整体占比是达到了43%那预计后续随着我们模组产品的持续市场化推进那么模组的占比仍是有机会继续去提升那么截止我们在截止三季度末我们的整体的毛利率是40.52%那么第三季度的毛利呢 是37.14%那么环比是下降了4.26%主要还是受到我们前期对于新卓投入带来的折旧那么以及 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company reported a revenue growth of 10% year-on-year for the first three quarters of 2024, with total revenue reaching 3.367 billion yuan, while the net profit attributable to shareholders decreased by 48% to 425 million yuan [1][2]. - The gross margin for the first three quarters of 2024 was 40.52%, a decline of 7.4 percentage points compared to the same period last year, with the third quarter gross margin at 37.14%, down 9.4 percentage points year-on-year [1]. - The company is facing increased depreciation pressure in the short term due to the industrialization of its Chip Zha Semiconductor segment, which is expected to enhance its competitive edge in the long term [1]. Financial Performance Summary - Revenue for 2024 is projected at 4.491 billion yuan, with a slight increase of 2.6% from 2023, while net profit is expected to decrease to 702 million yuan, a drop of 37.4% [2][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.31 yuan, with a PE ratio of 71.6 [2][10]. - The gross margin is expected to decline to 40% in 2024, with an EBIT margin of 15.8% [10]. Cost Structure and Expenses - Research and development expenses increased by 83.5% to 753 million yuan in the first three quarters of 2024, with a research expense ratio of 22.35% [1][10]. - The total expense ratio increased by 16.2 percentage points year-on-year, driven by higher R&D and financial expenses [1]. Market Position and Future Outlook - The company has established a platform for RF front-end products, maintaining its "Outperform the Market" rating despite a weak recovery in mobile demand and increased R&D investments [1][3]. - The company is transitioning to mass production of its 12-inch IPD platform, which is expected to enhance its resource platform advantages and competitive position in the market [1].

证券代码：300782 证券简称：卓胜微 江苏卓胜微电子股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |----------------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for Q3 2024 was ¥1,082,733,819, a decrease of 23.13% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥71,051,607, down 84.29% year-on-year, while the net profit after deducting non-recurring items was ¥60,387,964.83, a decrease of 86.51%[3]. - Total operating revenue for Q3 2024 reached CNY 3,367,437,377.09, an increase from CNY 3,073,805,012.16 in the same period last year, representing a growth of approximately 9.55%[17]. - Net profit for the period was CNY 362,136,812.27, a decrease from CNY 844,245,121.53 year-over-year, indicating a decline of about 57.16%[17]. - The total profit for Q3 2024 was approximately ¥358.06 million, a decrease of 57.3% compared to ¥838.68 million in Q3 2023[18]. - Net profit attributable to shareholders was approximately ¥425.42 million, down 48.0% from ¥818.95 million in the same period last year[18]. - The company’s total comprehensive income for Q3 2024 was approximately ¥453.68 million, a decrease of 46.0% from ¥840.35 million in Q3 2023[18]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥366,270,295.42, a decline of 127.53% compared to the same period last year[6]. - The company reported a net cash outflow from operating activities of approximately ¥366.27 million, compared to a net inflow of ¥1.33 billion in Q3 2023[19]. - Cash received from sales of goods and services was approximately ¥3.38 billion, an increase of 6.8% from ¥3.17 billion in the previous year[19]. - The company’s cash and cash equivalents at the end of Q3 2024 amounted to approximately ¥796.52 million, a decrease from ¥1.22 billion at the end of Q3 2023[21]. - The company reported a cash balance of approximately RMB 895.90 million as of September 30, 2024, down from RMB 1,008.33 million at the beginning of the period, indicating a decrease of about 11.1%[14]. - Cash flow from financing activities showed a net inflow of approximately ¥2.01 billion, compared to a net outflow of ¥94.86 million in the same period last year[21]. Assets and Liabilities - The total assets at the end of the reporting period reached ¥13,674,237,312.10, representing a 24.79% increase from the end of the previous year[3]. - Total assets increased to CNY 13,674,237,312.10 from CNY 10,957,700,894.90, marking a growth of approximately 24.77%[16]. - Current liabilities rose to CNY 2,959,337,320.19, compared to CNY 880,574,329.73, showing an increase of about 235.06%[16]. - Non-current assets totaled CNY 8,973,143,514.41, up from CNY 7,688,966,283.68, representing an increase of approximately 16.71%[16]. - The total equity attributable to shareholders increased by 4.15% to ¥10,209,758,056.99 compared to the end of the previous year[3]. - The total equity attributable to shareholders reached CNY 10,209,758,056.99, up from CNY 9,802,924,940.55, indicating an increase of approximately 4.14%[16]. Investment and R&D - Research and development expenses increased by 83.50% year-on-year, totaling ¥752,751,818.20, reflecting the company's commitment to enhancing R&D investment[6]. - R&D expenses surged to CNY 752,751,818.20, compared to CNY 410,221,992.85 in the previous year, reflecting an increase of approximately 83.38%[17]. Shareholder Information - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder, Wuxi Huizhi United Investment, holding 61,289,013 shares[9]. - The company has a total of 88,998,636 restricted shares, with 2,040,458 shares released during the reporting period[12]. - The company’s major shareholders include Feng Chenhui and Xu Zhihan, who are identified as acting in concert, holding substantial stakes in the company[9]. - The company has not reported any changes in the participation of major shareholders in margin trading activities[11]. Government Support and Subsidies - The company received government subsidies amounting to ¥12,790,772.35 during the reporting period, contributing positively to its financials[4]. Market Strategy - The company is actively exploring market expansion opportunities and new product developments as part of its strategic initiatives[13].

证券代码：300782 证券简称：卓胜微 公告编号：2024-064 江苏卓胜微电子股份有限公司 2020 年限制性股票激励计划首次授予部分 第三个归属期归属条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 重要内容提示： 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开第三届董事会第八次会议及第三届监事会第八次会议，审议通过了《关于公司 2020 年限制性股票激励计划首次授予部分第三个归属期归属条件成就的议案》， 董事会认为公司 2020 年限制性股票激励计划（以下简称"本次激励计划"）首次 授予部分第三个归属期规定的归属条件已经成就，同意公司按规定为符合条件的 31 名激励对象办理 3.4762 万股第二类限制性股票归属相关事宜，现将有关事项 说明如下： 一、本次激励计划实施情况概要 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 公司《2020 年限制性股票激励计划（草案）》（以下简称《" 激励计划（草案）》"） 及其摘要已经公司第二届董事会第三次会议、第二届监事会第三次会议及 ...

上海兰迪律师事务所 关于江苏卓胜微电子股份有限公司 2020 年限制性股票激励计划调整授予价格与作废部分限制 性股票暨首次授予部分第三个归属期归属条件成就 的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于江苏卓胜微电子股份有限公司 2020 年限制性股票激励计划调整授予价格与作废部分限制性股 票暨首次授予部分第三个归属期归属条件成就的 法律意见书 致:江苏卓胜微电子股份有限公司 上海兰迪律师事务所接受江苏卓胜微电子股份有限公司(以下简称"卓胜 微"或"公司"，证券代码 300782）的委托，为公司实施 2020 年限制性股票激 励计划(以下简称"本激励计划"）所涉及的相关事宜出具法律意见书。 本所律 ...

关于调整公司 2020 年限制性股票激励计划授予价格及作废 处理部分限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 江苏卓胜微电子股份有限公司（下称 "公司"）于 2024 年 10 月 28 日召开第 三届董事会第八次会议和第三届监事会第八次会议，审议通过了《关于调整公司 2020 年限制性股票激励计划授予价格的议案》《关于作废 2020 年限制性股票激 励计划首次授予部分已授予尚未归属的限制性股票的议案》，现将有关事项说明 如下： 证券代码：300782 证券简称：卓胜微 公告编号：2024-063 江苏卓胜微电子股份有限公司 一、公司 2020 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2020 年 11 月 28 日，公司召开了第二届董事会第三次会议，审议并通过 《关于公司<2020 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2020 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理 2020 年限制性股票激励计划相关事宜的议案》，公司独立董事对本 次股权激励计划的相关 ...

江苏卓胜微电子股份有限公司 关于为全资子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 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 2024 年 10 月 28 日召 开第三届董事会第八次会议，审议通过了《关于为全资子公司提供担保的议案》， 为促进公司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"）的 业务开展，公司拟为芯卓湖光提供连带责任保证担保，担保额度合计不超过人民 币 9,000 万元，本次担保额度自董事会审议通过之日起 3 年内有效，公司董事会 授权董事长或其指定的授权代理人签署本次担保事宜的相关法律文件。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性文件及 《江苏卓胜微电子股份有限公司章程》的规定，本次担保事项在公司董事会审批 权限范围内，无需提交公司股东大会审议。 | 担保方 | 被担保方 | 担保方持 | 被担保方最近一 | 截至目前 担保余额 | 本次新增 担保额度 | 担保额度占上市 公司最近一期 ...