Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is showing improvement quarter by quarter, with a significant increase in capacity utilization [1] - Despite a decline in revenue year-on-year due to seasonal demand weakness in the mobile phone sector, the company is experiencing a sequential increase in revenue and net profit from Q1 to Q3 2025, driven by rising industry sentiment and continuous ramp-up of self-owned production capacity [7][8] - The company has successfully increased its market share in high-end RF module products, with the revenue share of RF front-end modules reaching 44.35% in the first half of 2025 [7] - The company is expected to see continued improvement in performance in Q4 2025, supported by the ramp-up of production capacity and product structure adjustments [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan (down 17.77% year-on-year) and a net profit attributable to shareholders of -171 million yuan (down 140.13% year-on-year) [7] - In Q3 2025, the company reported revenue of 1.065 billion yuan (down 1.62% year-on-year, up 12.36% quarter-on-quarter) and a net profit of -23 million yuan (down 132.84% year-on-year, up 76.84% quarter-on-quarter) [7] - The overall gross margin for Q3 2025 was 23.37%, a decrease of 13.77 percentage points year-on-year and a decrease of 3.58 percentage points quarter-on-quarter [7] Production Capacity and Utilization - The company is experiencing a gradual increase in production capacity utilization, with the impact of depreciation from the chip production line gradually diminishing [7] - The 12-inch RF chip production line has reached a capacity scale of 5,000 wafers per month, and the 6-inch filter production line has achieved comprehensive layout and scale production capabilities [7] Revenue and Profit Forecast - The company forecasts revenues of 4.015 billion yuan, 4.974 billion yuan, and 5.784 billion yuan for 2025, 2026, and 2027 respectively [8] - The expected net profits for the same years are -150 million yuan, 307 million yuan, and 705 million yuan respectively [8] - The current market capitalization corresponds to a PE ratio of 130 and 57 times for 2026 and 2027 respectively [7][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90.20 RMB [4][6]. Core Insights - The company reported a revenue of 2.769 billion RMB for the first three quarters, a year-over-year decrease of 17.77%, and a net profit attributable to shareholders of -171 million RMB, a year-over-year decline of 140.13% [1][4]. - In Q3 2025, the company achieved a revenue of 1.065 billion RMB, a year-over-year decrease of 1.62% but a quarter-over-quarter increase of 12.36%. The net profit attributable to shareholders was -23 million RMB, with a year-over-year increase in losses of 94 million RMB but a quarter-over-quarter decrease in losses of 77 million RMB [1][2]. - The company's gross margin in Q3 2025 was 23.37%, down 13.77 percentage points year-over-year and down 3.58 percentage points quarter-over-quarter, primarily due to production line depreciation and market price competition [2][3]. Summary by Sections Financial Performance - The company’s revenue for the first three quarters was 2.769 billion RMB, with a net profit of -171 million RMB. Q3 revenue was 1.065 billion RMB, with a net profit of -23 million RMB [1][4]. - The gross margin for Q3 2025 was 23.37%, reflecting a decline due to various factors including production line depreciation [2][3]. Product and Market Outlook - The company is expected to see improved operating performance in Q4 2025, driven by increased shipments of L-PAMiD and WiFi 7 modules. The gross margin is anticipated to gradually recover as production capacity utilization improves [3][4]. - The company is focusing on differentiated product layouts through self-built production lines, enhancing its competitive advantage in the RF chip market [1][3]. Revenue and Profit Forecast - The revenue forecasts for 2025, 2026, and 2027 are adjusted to 4.020 billion RMB, 4.795 billion RMB, and 5.650 billion RMB, respectively. The gross margin estimates are revised to 27.0%, 30.8%, and 36.4% for the same years [4][11]. - The net profit attributable to shareholders is projected to be -129 million RMB in 2025, with subsequent profits of 177 million RMB and 666 million RMB in 2026 and 2027, respectively [4][11].

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Key Insights - The external environment continues to improve, with market risk appetite steadily increasing. The Hong Kong stock market experienced adjustments in October, but there has been significant progress in US-China trade negotiations, with both sides reaching a "basic consensus" on key issues such as tariffs and export controls [1] - The Federal Reserve lowered interest rates by 25 basis points in October and announced a pause in balance sheet reduction in December, confirming further easing signals. Meanwhile, mainland China's policies remain consistent and stable, with the Fourth Plenary Session of the Communist Party formally approving the "14th Five-Year Plan," providing policy anchoring for the fundamentals of the Hong Kong stock market [1][2] Monthly Stock Picks - The report highlights three major variables to watch in November: 1) The pace of Federal Reserve rate cuts, with Powell's latest statement indicating that a December cut is "far from a done deal," leading to potential market volatility; 2) Progress in US-China relations and the specifics of the framework agreement; 3) Developments in mainland China's growth stabilization policies [2] - The report emphasizes a focus on "technology growth + defensive stability," balancing offensive and defensive strategies in industry allocation [3] Company-Specific Insights - Futu Holdings (FUTU US), Prosperity Industrial Trust (778 HK), and Alibaba (BABA US/9988 HK) are among the highlighted stocks for November, indicating a focus on quality targets in the technology and defensive sectors [3] - Nvidia (NVDA US) announced numerous collaboration projects at the GTC conference, projecting a market opportunity of $500 billion over the next two years, with a target price raised to $240, indicating a potential upside of 15.9% [5][6] - Longyuan Power (916 HK) reported a net profit decline of 19.8% year-on-year for the first three quarters, but the recovery of subsidy amounts exceeded expectations, with a total new installed capacity of 2.27 GW [16] Industry Trends - The report notes that the healthcare sector's performance has been mixed, with the Hang Seng Healthcare Index declining by 0.9%. However, there is a positive outlook for innovative drugs and CXO companies, with recommendations for specific stocks like 3SBio and WuXi AppTec [17][18] - The report highlights that the beer market in mainland China is expected to take time to recover, but long-term confidence in Budweiser APAC's premiumization strategy remains strong [13][14]

Core Viewpoint - The company plans to raise up to 347.5 million yuan through a private placement of A-shares to specific investors, aimed at expanding its RF chip manufacturing capacity and supplementing working capital [3][4]. Summary by Sections Fundraising Details - The total amount to be raised is capped at 347,500,000 yuan, which will be used for RF chip manufacturing expansion and working capital [3]. - The issuance will involve no more than 35 qualified investors, including various financial institutions and qualified foreign institutional investors [3]. - The pricing benchmark for the issuance will be set on the first day of the issuance period, with the issue price not lower than 80% of the average trading price over the previous 20 trading days [3]. Issuance Quantity - The number of shares to be issued will be determined by dividing the total fundraising amount by the issue price, with a maximum limit of 30% of the company's total share capital prior to the issuance [4]. - Based on current calculations, the maximum number of shares to be issued is approximately 160,482,959 shares [4]. Shareholder Structure - Shares issued in this round will be restricted from transfer for six months post-issuance [5]. - As of June 30, 2025, the company's total share capital is 53,485,890 shares, with the actual controller holding 32.40% of the shares [5]. - If the maximum number of shares is issued, the total share capital will increase to 69,542,620 shares, with the actual controller's shareholding reducing to 24.54%, ensuring no change in control [5]. Sponsorship - The lead underwriter for this issuance is China International Capital Corporation, with representatives Zhang Linji and Cao Jun [6].

Summary of the Conference Call for 卓胜微 (Zhuosheng Micro) Company Overview - **Company**: 卓胜微 (Zhuosheng Micro) - **Industry**: Semiconductor, specifically focusing on RF (Radio Frequency) components and modules Key Financial Metrics - **Revenue**: - For the first three quarters of 2025, revenue was 2.769 billion CNY, a decrease of 17.77% year-on-year [1] - Third quarter revenue was 1.065 billion CNY, an increase of 12.36% quarter-on-quarter [1] - **Net Profit**: - Net loss for the first three quarters was 171 million CNY, a decline of 140.13% year-on-year [1] - Third quarter net loss was 23.34 million CNY, a significant reduction of 76.84% quarter-on-quarter [1] - **Gross Margin**: - Overall gross margin was 26.68%, down 13.84% year-on-year [1] - Improvement in gross margin expected as production capacity utilization increases [1] Operational Insights - **Product Segmentation**: - RF discrete devices accounted for approximately 53% of revenue, while RF modules accounted for about 44% [1] - **R&D and Depreciation**: - R&D investment for the first three quarters was 644 million CNY, with depreciation amounting to 485 million CNY [2] - Full-year depreciation expected to be between 700 million to 750 million CNY [2] - **Inventory Management**: - Inventory stood at 3.016 billion CNY, a 19.64% increase year-on-year, to support production ramp-up and supply chain security [2] Industry Dynamics - **Market Competition**: - The merger of Skyworks and Corning is expected to impact the RF market, potentially reducing the number of major suppliers and creating opportunities for Zhuosheng Micro [8][9] - Concerns about over-competition and excess capacity in the domestic RF market were raised, with many companies competing for market share [17] - **Technological Advancements**: - Zhuosheng Micro is focusing on enhancing its technology capabilities in high-performance RF components and modules [5][6] - The company is also investing in special processes for 6-inch and 12-inch wafers to improve product offerings [6][7] Future Outlook - **Market Opportunities**: - The company anticipates growth in the fourth quarter due to improved product delivery and market demand [5][10] - There is a focus on developing customized products to meet client needs, particularly in the smartphone sector [49] - **Challenges**: - The company faces challenges related to high depreciation costs and competition from other domestic RF manufacturers [10][26] - The impact of AI on raw material supply chains continues to be a concern, affecting production capabilities [33] Additional Insights - **Patent Issues**: - The company is involved in patent disputes but believes its patents are robust and innovative [3] - **Customer Relationships**: - Strong relationships with major clients are crucial, and the company is working to enhance its product offerings to meet evolving customer demands [49] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, operational strategies, industry dynamics, and future outlook for Zhuosheng Micro.

证券代码：300782 证券简称：卓胜微 公告编号：2025-085 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 江苏卓胜微电子股份有限公司 董事会 上市审核中心审核通过的公告 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。 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日收 到深圳证券交易所（以下简称"深交所"）出具的《关于江苏卓胜微电子股份有限 公司申请向特定对象发行股票的审核中心意见告知函》。深交所上市审核中心对公 司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、上市条 件和信息披露要求，后续深交所将按规定报中国证券监督管理委员会（以下简称 "中国证监会"）履行相关注册程序。 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实施， 最终能否获得中国证监会作出同意注册的决定及其时间尚存在不确定性。 江苏卓胜微电子股份有限公司 关于向特定对象发行股票申请获得深圳证券交易所 2025 年 10 月 31 日 ...

Investment Rating - The report maintains a Neutral rating for the company with a target price adjusted to RMB 76.00, reflecting a potential upside of 0.9% from the current closing price of RMB 75.31 [1][10][8]. Core Insights - The company reported a revenue of RMB 1.07 billion in Q3 2025, showing a year-on-year decline of 1.6% but a quarter-on-quarter increase of 12%. The net profit attributable to shareholders was a loss of RMB 0.23 billion, which is a significant improvement from a loss of RMB 1.01 billion in Q2 2025 [8]. - The L-PAMiD product has begun mass production, leveraging the company's technological advantages in filters to penetrate key customer markets. The 6-inch production line is nearing full capacity, and the 12-inch line has started large-scale shipments [8]. - Recent consolidation in the overseas RF front-end market, particularly the merger between Qorvo and Skyworks, indicates a phase of capacity integration and efficiency improvement in the industry. This could benefit domestic manufacturers in gaining market share [8]. - The report highlights that the RF front-end industry may see significant changes following the implementation of new mobile communication network standards, with recent product launches and upgrades driving performance [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 have been revised down to RMB 39.2 billion, RMB 49.7 billion, and RMB 57.7 billion, respectively, from previous estimates of RMB 41.8 billion, RMB 51.7 billion, and RMB 61.2 billion [8][9]. - Net profit estimates for 2025, 2026, and 2027 have also been adjusted to losses of RMB 1.32 billion, and profits of RMB 3.67 billion and RMB 5.81 billion, respectively, down from previous forecasts [8][9]. - The report anticipates that depreciation will remain relatively high in 2026, impacting profitability [8].

Core Insights - The company reported a robust recovery in its third-quarter performance, with significant improvements in revenue and cash flow, indicating a positive business recovery trend [2][3] Financial Performance - In Q3 2025, the company achieved a revenue of 1.065 billion yuan, representing a quarter-on-quarter growth of 12.34% from 948 million yuan in Q2 [2] - The net cash flow from operating activities for the first three quarters reached 55.6467 million yuan, a substantial year-on-year increase of 115.19%, reflecting improved cash management and efficiency [2] - Total assets increased to 14.726 billion yuan, up 3.46% from the beginning of the year, indicating a healthy financial structure [2] Strategic Development - The company has invested 644 million yuan in R&D over the first three quarters, emphasizing its commitment to technological innovation and product iteration [3] - The proportion of high-end products in the company's portfolio has been steadily increasing, with RF module revenue accounting for 44.35% in the first half of 2025 [3] - The company is advancing its production capacity with significant improvements in utilization rates for its 6-inch and 12-inch production lines, achieving high yield rates [3] Market Expansion - The company plans to expand its business into IoT, smart home, health monitoring, and automotive electronics, aiming for a strategic upgrade from "core terminal" to "full scene coverage" [4] - Future initiatives will include increasing R&D investment, optimizing product structure, and enhancing operational efficiency to strengthen overall capabilities and deliver stable long-term returns to shareholders [4]

Core Viewpoint - 卓胜微 is a leading company in the domestic RF front-end chip industry, with a comprehensive capability from chip design to wafer manufacturing, primarily serving the smartphone sector [1] Group 1: Business Performance - In Q3 2025, 卓胜微 reported revenue of 2.769 billion yuan, ranking 4th in the industry, surpassing the industry average of 1.135 billion yuan but below the top competitors [2] - The main business revenue composition shows that product sales accounted for 99.08% of total revenue, while net profit for the same period was -172 million yuan, ranking 32nd in the industry [2] - The asset-liability ratio was 31.97%, higher than the industry average of 16.92%, indicating a relatively high level of debt [3] Group 2: Profitability and Market Position - The gross profit margin for Q3 2025 was 26.68%, significantly lower than the previous year's margin of 40.52% and below the industry average of 36.44% [3] - The company is experiencing pressure on profitability in the first half of 2025, but cost reduction points are emerging [6] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.08%, while the average number of shares held per shareholder increased by 2.12% [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [5] Group 4: Future Outlook - The global RF front-end market is expected to exceed $30 billion by 2025, with China accounting for over 40% of the demand [6] - 卓胜微's L-PAMID product has entered mass production, and the company is working on expanding its product range [6] - Revenue forecasts for 2025-2027 have been adjusted, with expected revenues of 4.599 billion yuan in 2025 and 6.349 billion yuan in 2027 [6]