Core Viewpoint - The company, ZTE Microelectronics, is positioning itself as a leader in the domestic RF front-end chip industry by investing heavily in its own wafer fabrication plant, which is seen as a critical technological foundation for future growth [1][2]. Group 1: Investment in Wafer Fabrication - The establishment of a wafer fabrication plant is crucial for the RF front-end industry, as major international players like Skyworks and Qorvo own their own facilities, while most domestic firms operate on a fabless model [2]. - The trend towards modularization in the RF front-end industry increases the barriers to entry, as higher integration levels are required for RF module products [2][3]. - The company believes that the fabless model is inefficient for RF front-end due to the non-standardized processes involved, making in-house fabrication essential for maintaining competitive advantage [2]. Group 2: Market Changes and Technological Evolution - The company has identified significant market changes, such as the transition from 3G to 4G and then to 5G, as key drivers for its rapid growth [3]. - Current technological advancements necessitate new application forms that traditional RF front-end definitions cannot accommodate, leading to a need for innovative manufacturing resources [3]. Group 3: Patent Dispute with Murata - The company is currently involved in a patent dispute with Japan's Murata, with five patents in question, primarily related to structural and parameter aspects that do not affect the core architecture of its products [4][5]. - The company has initiated a strategy to counter the patent claims and has previously filed for the invalidation of a Murata patent, which was deemed non-innovative by the National Intellectual Property Administration [5]. - The company emphasizes its commitment to fair competition and robust intellectual property management, investing significant resources in legal partnerships to safeguard its innovations [6].

Group 1 - The implementation of the "Private Economy Promotion Law" on May 20 is a significant boost for private enterprises in China, marking a milestone in the development of the private economy [2] - The law is expected to instill confidence in private entrepreneurs, encouraging them to engage in innovation and entrepreneurship [2] - As a representative of Jiangsu's private enterprises, the company Zhuoshengwei (300782) participated in a face-to-face event organized by the National Development and Reform Commission [2] Group 2 - Zhuoshengwei is focused on technological innovation in the RF chip sector, aiming to provide high-performance and differentiated products and services [2] - The company has reported smooth progress in ramping up its 12-inch production line capacity, with cost pressures easing and product performance advantages becoming evident [3] - The L-PAMiD product, developed by the company, is the first domestically produced supply chain product in the industry, entering the verification and small batch delivery phase, with expectations for significant growth in the second half of the year [3] Group 3 - The second-generation SOI process development is progressing well, with WiFi7 modules already achieving scale shipments in the smartphone sector [3] - The company is committed to building a self-controlled RF front-end chip industry chain and accelerating the construction of an industrial ecosystem under the support of the new law [3] - The legal and policy support from the "Private Economy Promotion Law" provides the company with more confidence to deepen its core technology development [3]

Core Viewpoint - The actual controllers of Zhaosheng Microelectronics (300782.SZ) are planning to reduce their holdings due to personal financial needs, despite the company's declining performance in recent years [1][2]. Group 1: Shareholding and Reduction Plans - The actual controllers, Xu Zhihan, Feng Chenhui, and Yi Gebing, hold 35.37 million shares (6.62%), 40.49 million shares (7.57%), and 32.76 million shares (6.13%) respectively [1]. - They plan to reduce their holdings by up to 5.35 million shares (1% of total share capital) within three months after the announcement [1]. - The potential cash-out from the maximum reduction could amount to approximately 400 million yuan based on the closing price of 73.40 yuan per share on May 16 [1]. Group 2: Company Performance and Financials - Zhaosheng Microelectronics has faced operational pressure, with net profits declining from 21.35 million yuan in 2021 to projected figures of 10.69 million yuan in 2022, 11.22 million yuan in 2023, and 4.02 million yuan in 2024 [2][3]. - The company reported a net loss of 46.62 million yuan in the first quarter of this year, marking its first loss since 2018 [4]. - Since the peak on June 30, 2021, the company's stock price has dropped by approximately 80% [5]. Group 3: Company Background - Zhaosheng Microelectronics specializes in the research, development, production, and sales of radio frequency integrated circuits, providing solutions for various RF components and low-power Bluetooth microcontroller chips [2].

Core Viewpoint - The actual controllers of Zhaosheng Microelectronics (卓胜微) plan to reduce their shareholding by up to 5.35 million shares, representing 1% of the total share capital, between June 10, 2025, and September 9, 2025 [1][2]. Shareholding Reduction Plan - The shareholding reduction will be executed through block trading or competitive bidding methods [1][2]. - The reduction period is set for three months following the announcement, starting fifteen trading days after the disclosure [2]. Shareholder Information - The actual controllers, Xu Zhihan (许志翰), Feng Chenhui (冯晨晖), and Tang Zhuang (唐壮), collectively control 32.92% of the voting rights of the company [2][3]. - Yi Gebing (易戈兵) has delegated all voting rights associated with his 6.13% shareholding to Tang Zhuang [3]. Company Background - Zhaosheng Microelectronics was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 18, 2019, with an initial public offering of 25 million shares at a price of 35.29 yuan per share [3]. - The total funds raised from the IPO amounted to 882.25 million yuan, with a net amount of 828.86 million yuan after deducting issuance costs [3]. Recent Fundraising Activities - In February 2021, the company raised 3.00 billion yuan through a private placement of shares at a price of 565.85 yuan per share, with a net amount of approximately 2.97 billion yuan after expenses [4]. - The total fundraising from the two public offerings since listing amounts to approximately 3.89 billion yuan [4]. Future Fundraising Plans - The company has announced a plan to raise up to 3.50 billion yuan through a new issuance of A-shares, intended for expansion of RF chip manufacturing and to supplement working capital [4][5].

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 ...

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 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" ...