证券研究报告 非金融公司|公司点评|卓胜微（300782） 2024 年半年报点评： 射频模组成长迅速，着力发展高端市场 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月11日 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年公司实现营业收入 22.85 亿元，同比+37.20%；归 母净利润 3.54 亿元，同比-3.32%；基本每股收益 0.66 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月11日 卓胜微(300782) 2024 年半年报点评： 射频模组成长迅速，着力发展高端市场 | --- | --- | |----------------------------|--------------| | | | | 行 业： | 电子/半导体 | | 投资评级： | 买入（维持） | | 当前价格： | 62.62 元 | | 基本数据 | | | 总股本/流通股本(百万股 ) | ...

证券研究报告：电子 | 公司点评报告 2024 年 9 月 9 日 公司基本情况 最新收盘价（元） 63.07 总股本/流通股本（亿股）5.35 / 4.48 总市值/流通市值（亿元）337 / 282 52 周内最高/最低价 150.70 / 63.07 资产负债率(%) 10.5% 市盈率 30.00 第一大股东无锡汇智联合投资企业 (有限合伙) 研究所 股票投资评级 买入|维持 个股表现 -49% -42% -35% -28% -21% -14% -7% 0% 7% 14% 2023-09 2023-11 2024-02 2024-04 2024-06 2024-09 卓胜微 电子 资料来源：聚源，中邮证券研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 卓胜微(300782) L-PAMiD 带来新增量 ⚫ 事件 8 月 29 日，公司披露 2024 年半年度报告。 公司 2024 年上半年度实现营业收入 22.85 亿元，较去年同期 增长 37.20%，归属于上市公司股东的净利润 3.54 亿元，较去年同 期减少 3.32%。 ...

Investment Rating - The report maintains a BUY rating for Maxscend with an adjusted target price (TP) of RMB100, down from the previous TP of RMB174, indicating a potential upside of 50.7% from the current price of RMB66.35 [2][4]. Core Insights - Maxscend's revenue grew by 37% year-over-year (YoY) to RMB2.3 billion in 1H24, primarily driven by clients' restocking behavior, although gross profit margin (GPM) declined to 42.1%, down 6.9 percentage points from 1H23 due to an unfavorable revenue mix and intensified competition [2]. - The discrete products revenue increased by 15% YoY in 1H24, while module products surged by 81% YoY, with module revenue contribution rising from 29% in 2022 to 45% in 1H24 [2]. - Future growth is expected to be driven by the modulization trend in the RFFE sector, with projected module sales growth of 37% and 30% YoY for 2024 and 2025, respectively [2]. - Despite a challenging market environment, Maxscend is anticipated to benefit from the semiconductor localization trend in China, with its fabrication capabilities serving as a cornerstone for long-term development [2]. Financial Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB5,002 million, RMB6,069 million, and RMB7,154 million, respectively, reflecting a decrease of 6% and 8% from previous estimates for FY25E and FY26E [5][6]. - Gross profit for FY24E is estimated at RMB2,094 million, with a gross margin of 41.9%, while net profit is projected at RMB818 million, translating to an EPS of RMB1.53 [5][6]. - The report indicates a significant reduction in earnings forecasts for 2024 and 2025, with cuts of 31% and 27% due to GPM pressures from a prolonged price war [2][5].

公 司 研 究 电 子 [数据日期 Table_cominfo] 2024/09/02 收盘价 63.15 总股本(万股) 53,439 流通A股/B股(万股) 44,743/0 资产负债率(%) 23.05% 市净率(倍) 3.34 净资产收益率(加权) 3.55 12个月内最高/最低价 152.49/61.77 卓胜微 沪深300 [Table_Reportdate] 2024年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn [table_main] 投资要点 [Table_QuotePic] -63% -50% -36% -22% -8% 6% 20% 34% 23-09 23-12 24-03 24-06 [相关研究 Table_Report] 1.卓胜微（300782.SZ）：十年磨剑成 就射频龙头，自主可控构建强大内核 ——公司深度报告 2.5G主推射频前端高速发展，国内厂 商产品升级扶摇直上——半导体行 业深度报告（七） [卓胜 ...

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Viewpoints - The company, a leading domestic RF front-end chip manufacturer, has seen its market value drop nearly 80% from its peak in 2021 [1][2] - The company has experienced rapid revenue growth over the past 5 years, with a CAGR of 51% from 2018 to 2023, reaching 4.38 billion yuan in 2023 [4] - The company is transitioning towards higher-end products, such as RF modules, to improve profitability and competitiveness [7][8][9] Company Overview - The company, established in 2010, is the largest and most profitable RF front-end device manufacturer in the domestic market [3] - Its products are primarily used in smartphones, smart wearables, communication base stations, automotive electronics, and Bluetooth earphones [3] - The company initially focused on RF switches and low-noise amplifiers, avoiding the more challenging RF filters and power amplifiers markets [3] Revenue and Growth - Revenue grew 170% in 2019 due to accelerated domestic substitution and increased demand for RF front-end components in 5G devices [4] - Revenue declined 20.6% in 2022 due to weak smartphone market demand, with global smartphone shipments dropping by approximately 10% [4] - Q1 2024 revenue increased by 67.2%, indicating a recovery in the industry cycle [4] Industry Trends - The global RF front-end market is dominated by five major players, accounting for approximately 80% of the market share in 2022 [3] - The RF front-end industry is cyclical, influenced by macroeconomic fluctuations, technological advancements, and inventory changes [5] - The industry is moving towards integrated modularization, with RF modules expected to account for 72% of the market by 2026 [8] Product Development - The company has shifted its focus to RF filters, power amplifiers, and RF modules, investing heavily in these areas [9][10] - It has achieved breakthroughs in high-end RF modules, such as L-PAMiD, which is currently in the engineering sample stage [14] - The company has transitioned to a Fab-Lite model, combining in-house manufacturing with outsourcing to improve supply chain autonomy [13] Financial Performance - The company's gross and net profit margins have been declining since 2022, primarily due to increased competition and lower-margin products [17][18] - In Q1 2024, the company's gross margin was 42.77%, with a net margin of 16.56%, slightly lower than its competitor Skyworks [18][19] - The company's R&D expenses reached 630 million yuan in 2023, accounting for 14% of revenue, with a further increase to 22.6% in Q1 2024 [14][15] Competitive Landscape - The company faces intense competition from both international players like Skyworks and domestic rivals [18] - Domestic competitors such as Vanchip and Maxscend have also made progress in high-end RF modules, increasing market pressure [14] Future Outlook - The company's future growth depends on its ability to successfully transition to higher-end products and improve profitability [17][18] - The company is expected to benefit from the ongoing recovery in the smartphone market and the increasing demand for 5G devices [4][5]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance in the near term [4][8]. Core Insights - The company reported a revenue of 2.285 billion yuan for the first half of 2024, representing a year-on-year growth of 37.20%. However, the net profit attributable to shareholders decreased by 3.32% to 354 million yuan [4][6]. - The rapid growth in the RF module business has become a significant driver of revenue, with sales reaching 966 million yuan in the first half of 2024, up 81.41% year-on-year [6][8]. - The company is transitioning to a Fab-Lite operating model, enhancing its competitive edge through in-house production capabilities and reducing reliance on external suppliers [6][8]. Financial Summary - The company achieved a gross margin of 42.12% in the first half of 2024, down 6.94 percentage points from the previous year, primarily due to increased depreciation from new production lines [8]. - The report projects revenues for 2024 to be 5.102 billion yuan, with net profits expected to be 899 million yuan, reflecting a decrease from previous estimates [8][10]. - The company's earnings per share (EPS) for 2024 is projected to be 1.68 yuan, with a price-to-earnings (P/E) ratio of 39.5 times based on the closing price on August 30 [8][10]. Market Dynamics - The domestic market shows a significant recovery, with sales increasing by 132% year-on-year to 952 million yuan, while the overseas market remains relatively weak, growing only 6.22% [6][8]. - The competitive landscape is intensifying, leading to increased pressure on profitability, particularly due to rising costs associated with new production facilities [6][8]. Future Outlook - The company is expected to benefit from the ramp-up of its self-built filter production lines and the introduction of high-end products, which could enhance its market position and profitability in the long term [8]. - Despite short-term challenges, the report expresses optimism about the company's future growth potential, maintaining a positive investment stance [8].

卓胜微（300782.SZ） 优于大市 L-PAMiD 已在部分品牌客户验证通过，短期利润承压 上半年收入同比增长 37%，毛利率承压。公司 2024 上半年实现收入 22.85 亿元（YoY +37.20%），归母净利润 3.54 亿元（YoY -3.32%），扣非归母净 利润 3.54 亿元(YoY -3.43%)，毛利率同比下降 6.9pct 至 42.12%，研发费用 同比增长 94%至 4.93 亿元，研发费率同比提高 6.3pct 至 21.58%。其中 2Q24 营收 10.95 亿元(YoY +14.8%，QoQ -7.9%)，归母净利润 1.57 亿元(YoY -37%， QoQ -21%)，扣非归母净利润 1.60 亿元(YoY -36%，QoQ -18%)，毛利率 41.40%(YoY -7.8pct，QoQ -1.4pct)。 上半年射频模组收入同比增长 81%，占比提高到 42%。分产品线来看，上半 年公司射频分立器件收入 12.66 亿元（YoY +14.74%），占比 55%，毛利率同 比下降 6.4pct 至 43.25%；射频模组收入 9.66 亿元（YoY +81.41%） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2024 reached 2.3 billion yuan, a year-on-year increase of 37%, while the net profit attributable to shareholders was 350 million yuan, a year-on-year decrease of 3% [3] - The company is a leading player in the RF industry, with its L-PAMiD product having passed customer validation, indicating strong market positioning and product development capabilities [3] - The product matrix is expanding, enhancing the company's core technological barriers and allowing for diversification into broader market applications, including communication base stations and automotive electronics [3] Financial Forecast and Valuation - The company's net profit forecast for 2024-2025 has been revised down from 1.4 billion yuan and 1.7 billion yuan to 800 million yuan and 1 billion yuan, respectively, with an expected net profit of 1.3 billion yuan in 2026 [4] - Revenue projections show a growth trajectory, with total revenue expected to reach 5.023 billion yuan in 2024, 5.775 billion yuan in 2025, and 6.694 billion yuan in 2026, reflecting a compound annual growth rate [2][4] - The latest diluted EPS is projected to be 1.55 yuan per share in 2024, with a P/E ratio of 40.92 based on the current price [2][4]

江苏卓胜微电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | ...

证券代码：300782 证券简称：卓胜微 公告编号：2024-050 江苏卓胜微电子股份有限公司 第三届董事会第七次会议决议公告 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。 根据相关法律、法规及《公司章程》的规定，公司《2024 年半年度报告》全 文及其摘要真实、公允地反映了公司 2024 年半年度的财务状况、经营成果和现金 流量，不存在虚假记载、误导性陈述或重大遗漏。 上述议案中的财务报告部分已经董事会审计委员会审议通过。 《2024 年半年度报告》《2024 年半年度报告摘要》详见巨潮资讯网。《2024 年半年度报告摘要》同时刊登在公司指定信息披露报刊《证券时报》《中国证券报》。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 （二）审议通过《关于 2024 年半年度募集资金存放与使用情况的专项报告的 议案》 公司按照相关法律、法规、规范性文件的要求使用募集资金，并对募集资金使 一、董事会会议召开情况 江苏卓胜微电子股份有限公司（以下简称"公司"）第三届董事会第七次会议 于 2024 年 8 月 27 日在公司会议室以现场结合通讯的方式召开。会议 ...