Maxscend Microelectronics Company Limited(300782)

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卓胜微(300782) - 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问询函的回复(2025年半年报更新)
2025-09-26 12:48
证券代码:300782 证券简称:卓胜微 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 审核问询函的回复 保荐机构(主承销商) (北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层) 二〇二五年九月 | 问题一 4 | | --- | | 问题二 65 | | 其他问题(一) 104 | | 其他问题(二) 105 | 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问询函的回复 深圳证券交易所: 根据贵所于 2025 年 5 月 15 日出具的《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问询函》(审核函〔2025〕020023 号),江苏卓胜 微电子股份有限公司(以下简称"卓胜微"、"公司"、"发行人"或"申请人")与保 荐机构中国国际金融股份有限公司(以下简称"保荐机构")、北京市天元律师事 务所(以下简称"律师")、立信会计师事务所(特殊普通合伙)(以下简称"会计 师")对问询函所涉及的问题认真进行了逐项核查和落实,现回复如下,请予审 核。 如无特别说明,本回复报告中的简称与《江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票 ...
卓胜微(300782) - 北京市天元律师事务所关于江苏卓胜微电子股份有限公司2025年度向特定对象发行A股股票的补充法律意见书(二)
2025-09-26 12:48
补充法律意见书(二) 京天股字(2025)第 084-3 号 致:江苏卓胜微电子股份有限公司 北京市天元律师事务所(以下简称"本所")接受江苏卓胜微电子股份有限 公司(以下简称"发行人"或"公司")委托,担任发行人申请 2025 年度向特 定对象发行 A 股股票并在深圳证券交易所上市(下称"本次发行")的专项法 律顾问并出具法律意见书。 本所已依据《中华人民共和国公司法》《中华人民共和国证券法》《律师事务 所从事证券法律业务管理办法》等相关法律法规、规章及其他规范性文件的规定 为公司本次发行出具了京天股字(2025)第 084 号《北京市天元律师事务所关于 江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》 (下称"《法律意见书》")、京天股字(2025)第 084-1 号《北京市天元律师 事务所关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票的 律师工作报告》(下称"《律师工作报告》")、京天股字(2025)第 084-2 号《北 京市天元律师事务所关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发 行 A 股股票的补充法律意见书(一)》(下称 ...
卓胜微(300782) - 关于向特定对象发行股票募集说明书及审核问询函回复等申请文件更新的提示性公告
2025-09-26 12:48
江苏卓胜微电子股份有限公司 关于向特定对象发行股票募集说明书及审核 问询函回复等申请文件更新的提示性公告 证券代码:300782 证券简称:卓胜微 公告编号:2025-078 董事会 2025 年 9 月 26 日 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 5 月 15 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问询函》(审核函〔2025〕020023 号)(以下简 称"问询函")。公司按照问询函的要求,会同相关中介机构对问询函所列问题已 经进行了逐项落实并作出回复及修订,具体内容详见公司在巨潮资讯网 (http://www.cninfo.com.cn)披露的相关公告。 鉴于公司 2025 年半年度报告已公开披露,公司会同相关中介机构对募集说明 书、问询函回复等申请文件中涉及的财务数据等内容进行了相应的更新,具体内 容详见与本公告同日披露的相关公告。 公司本次向特定对象发行股票事项尚需通过深交所审核,并获得中国证券监 督管 ...
卓胜微(300782) - 立信会计师事务所(特殊普通合伙)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问询函的回复(2025年半年报更新)
2025-09-26 12:48
立信会计师事务所(特殊普通合伙) 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问询函的回复 信会师函字[2025]第 ZA430 号 深圳证券交易所: 本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"或"发行人") 的委托,对卓胜微包括 2022 年 12 月 31 日、2023 年 12 月 31 日和 2024 年 12 月 31 日 的资产负债表和合并资产负债表, 2022 年度、2023 年度和 2024 年度的利润表和合并 利润表、现金流量表和合并现金流量表、所有者权益变动表和合并所有者权益变动表 以及其他相关财务资料进行审计(核)。卓胜微的责任是提供真实、合法、有效、完 整的相关资料,本所的责任是依据《中国注册会计师审计准则》的有关规定进行相关 的审计(核),并已出具了相应的审计(核)报告。 根据贵所《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问 询函》(审核函〔2025〕020023 号)(以下简称"审核问询函")的要求,本所对贵 所要求申报会计师核查的问题进行了审慎核查,现答复如下: 注:本所没有接受委托审计或审阅发行人 2025 年 1 月至 ...
卓胜微(300782) - 2025年度向特定对象发行股票募集说明书(修订稿)(2025年半年报更新)
2025-09-26 12:48
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 Maxscend Microelectronics Company Limited (江苏省无锡市滨湖区建筑西路 777 号 A3 幢 11 层) 2025 年度向特定对象发行 A 股股票 募集说明书 (修订稿) 保荐机构(主承销商) (北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层) 二〇二五年九月 江苏卓胜微电子股份有限公司 募集说明书 公司声明 本公司及全体董事、高级管理人员承诺募集说明书不存在任何虚假记载、误导性陈 述或重大遗漏,并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)保证本募集 说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定,均不表明其对公司 所发行证券的价值或投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定,证券依法发行后,公司经营与收益的变化,由公司自行负 责,由此变化引致的投资风险,由投资者自行负责。 1-1-1 江苏卓胜微电子股份有限公司 募集说明书 ...
卓胜微涨2.14%,成交额1.89亿元,主力资金净流入1055.89万元
Xin Lang Cai Jing· 2025-09-26 01:54
Core Viewpoint - The stock of Zhaosheng Microelectronics has shown fluctuations with a recent increase, but the company has faced a significant decline in revenue and profit in the first half of 2025 compared to the previous year [2][3]. Group 1: Stock Performance - On September 26, Zhaosheng Microelectronics' stock rose by 2.14%, reaching 83.93 CNY per share, with a trading volume of 1.89 billion CNY and a turnover rate of 0.51%, resulting in a total market capitalization of 448.98 billion CNY [1]. - Year-to-date, the stock price has decreased by 6.33%, but it has increased by 6.58% over the last five trading days, 1.38% over the last 20 days, and 18.56% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to June 2025, Zhaosheng Microelectronics reported a revenue of 1.704 billion CNY, representing a year-on-year decrease of 25.42%, and a net profit attributable to shareholders of -147 million CNY, a decline of 141.59% year-on-year [2]. - The company has distributed a total of 884 million CNY in dividends since its A-share listing, with 265 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders of Zhaosheng Microelectronics was 81,100, an increase of 2.77% from the previous period, with an average of 5,527 circulating shares per person, a decrease of 2.70% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 9.1102 million shares, a decrease of 278,400 shares from the previous period, while Huatai-PB CSI 300 ETF increased its holdings by 561,000 shares to 6.6318 million shares [3].
研报掘金丨东吴证券:维持卓胜微“买入”评级,看好公司作为行业领军者未来的增长潜力
Ge Long Hui· 2025-09-25 06:26
Core Viewpoint - The report from Dongwu Securities highlights the growth potential of L-PAMiD's domestic supply chain and performance iteration, which is expected to drive new growth opportunities for Zhaosheng Microelectronics as it enters mass production delivery [1] Group 1: Product Development - Zhaosheng Microelectronics' L-PAMiD product has successfully passed validation from several mainstream customers and has entered the mass production delivery phase [1] - L-PAMiD is a flagship product that integrates various RF components, marking the industry's first series of products with a fully domestic supply chain [1] - The product is currently being delivered in small batches to some customers, with expectations to ramp up production in the second half of the year, potentially opening new growth avenues for the company [1] Group 2: Financial Performance - The utilization rate of the 6/12 inch production line has improved, and cost optimization is expected to enhance profitability, stabilizing and recovering the gross margin for Zhaosheng Microelectronics [1] - Due to a seasonal decline in overall market demand for RF front-end chips, the company's revenue forecasts for 2025-2026 have been revised down to 4.599 billion and 5.450 billion yuan respectively, from previous estimates of 5.775 billion and 6.694 billion yuan [1] - The net profit forecasts for 2025-2026 have also been reduced to 303 million and 723 million yuan, down from earlier projections of 1.007 billion and 1.349 billion yuan, with a new revenue forecast of 6.349 billion yuan for 2027 and a net profit forecast of 1.117 billion yuan for the same year [1] Group 3: Market Position - The company is viewed as a leader in the industry, with strong growth potential anticipated in the future, leading to a maintained "buy" rating [1]
东吴证券:维持卓胜微“买入”评级,看好公司作为行业领军者未来的增长潜力
Xin Lang Cai Jing· 2025-09-25 06:21
东吴证券研报指出,L-PAMiD全链国产与性能迭代注入增长潜力,推动卓胜微量产交付拓新空间。卓 胜微的L-PAMiD产品已经成功通过部分主流客户的产品验证,进入量产交付阶段。L-PAMiD是承载公 司未来营收增长的明珠型产品,主集收发模组,集成射频低噪声放大器、射频功率放大器、射频开关、 双工器/四工器等器件的射频前端模组,是目前业界首次实现全国产供应链的系列产品。该产品目前在部 分客户开始小批量交付,预计下半年将进入起量阶段,有望为公司打开新的增长空间。另外,6/12英寸 产线稼动率提升与成本优化注入盈利动能,助力卓胜微毛利率企稳回升。基于公司公告,射频前端芯片 产业链整体市场需求呈现淡季,下调公司2025-2026年营业收入至45.99/54.50亿元(前值:57.75/66.94亿 元),新增2027年营收预测为63.49亿元,下调公司2025-2026年归母净利润至3.03/7.23亿元(前值: 10.07/13.49亿元),新增2027年归母净利润预测为11.17亿元,看好公司作为行业领军者未来的增长潜 力,维持"买入"评级。 ...
刚刚!全线大爆发
Ge Long Hui· 2025-09-24 08:45
Core Viewpoint - Despite warnings from the Federal Reserve about high stock valuations, the Chinese technology sector, particularly semiconductor stocks, continues to perform well in the market [1][2]. Group 1: Semiconductor Sector Performance - The semiconductor sector is leading the market, with significant gains in stocks such as Changchuan Technology and Jiangfeng Electronics, which hit the daily limit up of 20%, and Huahai Qingshi and Nanda Optoelectronics rising over 12% [2]. - The semiconductor equipment ETF, E Fund (159558), reached a closing increase of 9.44%, with a nearly 31% rise over the past ten days, indicating strong investor interest [2]. - The overall semiconductor and components index has outperformed the broader market since September, showcasing a clear trend of leading stocks driving the entire sector [13][15]. Group 2: Positive Catalysts - Major technological advancements have been reported, including new developments in advanced packaging equipment and significant awards at industry exhibitions [4][6]. - Alibaba's CEO announced a substantial investment of 380 billion in AI infrastructure, which is expected to drive demand for AI chips, further benefiting the semiconductor sector [5][6]. - Domestic semiconductor companies are experiencing growth in orders and market share, particularly in key areas like AI GPUs and semiconductor equipment, with several new AI chips set to launch in the coming years [7]. Group 3: Financial Performance - The financial data from key semiconductor companies show robust growth, with companies like Zhongwei Company and Beifang Huachuang reporting significant revenue increases [17]. - The visibility of future earnings is strong, with many companies' orders extending into 2026 and beyond, providing a buffer against macroeconomic fluctuations [17]. Group 4: Valuation Dynamics - The current market valuation of domestic semiconductors has surpassed traditional cyclical industry frameworks, driven by high growth expectations, strategic importance, and improved earnings visibility [20][22]. - The semiconductor market in China is now driven by both market demand and supply chain security, making domestic semiconductor companies essential for many downstream enterprises [22]. - The favorable macroeconomic environment, including expectations of a shift to looser monetary policy by the Federal Reserve, is likely to enhance the valuation of long-duration assets like semiconductors [28]. Group 5: Investment Outlook - The recent performance of the domestic semiconductor sector is attributed to multiple factors, including policy support, technological breakthroughs, and favorable liquidity conditions [31]. - The investment value of domestic semiconductors is expected to deepen as the AI revolution progresses and China transitions from a manufacturing powerhouse to a technology leader [35].
趋势研判!2025年中国射频模组行业产业链全景、市场规模、竞争格局及未来趋势分析:消费电子稳盘托底,工业物联网等新兴场景增量领跑[图]
Chan Ye Xin Xi Wang· 2025-09-23 01:07
Core Viewpoint - The RF module industry is experiencing robust growth driven by the proliferation of 5G, ongoing 6G research, and emerging market demands, with the market size expected to reach 33 billion yuan in 2024 and exceed 37 billion yuan in 2025 [1][8]. Industry Overview - RF modules are essential components for wireless communication, integrating RF front-end circuits and modems to facilitate signal transmission and reception, forming the basis for data exchange in devices like smartphones, IoT, and automotive electronics [1][2]. - The industry is categorized by various integration methods, functionalities, application scenarios, and frequency ranges, indicating a diverse landscape [3]. Industry Chain - The RF module industry chain in China consists of upstream raw materials and core component supply, midstream module manufacturing, and downstream terminal applications, with a focus on collaboration across these segments [4][5]. - The downstream market is diversifying, with smartphones maintaining a core position but facing saturation, while automotive electronics and industrial IoT are emerging as new growth drivers [5][6]. Market Dynamics - The smartphone market, while still significant, is experiencing a slowdown in growth due to saturation, with a projected shipment of 1.41 billion units in the first half of 2025, down 3.9% year-on-year [6]. - Industrial IoT is expected to see a surge in demand, with connections projected to exceed 2.8 billion units in 2024, driving the industrial-grade RF module market to surpass 20 billion yuan by 2027 [6][7]. Competitive Landscape - The RF module market is highly concentrated, with over 70% of the market share held by international giants like Qualcomm and Broadcom, particularly in high-end modules and millimeter-wave communication [9][10]. - Domestic companies such as Zhaoxin Micro and Weijie Chuangxin are making significant strides through vertical integration and technological innovation, aiming to increase the domestic market share from 8% in 2020 to 32% by 2024 [10][11]. Development Trends - The industry is evolving towards high-frequency and intelligent solutions, with automotive electronics and industrial IoT becoming key growth engines [12]. - The trend of domestic substitution is accelerating, with leading companies actively participating in global supply chains and standard-setting, transitioning China from a technology follower to a standard leader [12][14].