证券代码：300782 证券简称：卓胜微 公告编号：2025-037 江苏卓胜微电子股份有限公司 第三届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 江苏卓胜微电子股份有限公司（以下简称"公司"）第三届监事会第十一次会议 通知于 2025 年 4 月 18 日通过电子邮件形式发出，于 2025 年 4 月 25 日在公司会 议室以现场结合通讯的方式召开。会议由监事会主席陈碧女士召集并主持，本次会 议应参会监事 3 人，实际参会监事 3 人。本次会议的召集、召开符合《中华人民共和 国公司法》和《江苏卓胜微电子股份有限公司章程》的有关规定。 二、监事会会议审议情况 与会监事对本次会议审议的议案进行讨论，并以表决票表决的方式进行了审 议表决： （一）审议通过《关于 2025 年第一季度报告的议案》 经审议，监事会认为：公司《2025 年第一季度报告》的编制符合法律、行政 法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 2025 年第一 季度经营的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 ...

第三届董事会第十一次会议决议公告 二、董事会会议审议情况 与会董事对本次会议审议的议案进行讨论，并以表决票表决的方式进行了审 议表决： 证券代码：300782 证券简称：卓胜微 公告编号：2025-036 江苏卓胜微电子股份有限公司 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、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"）第三届董事会第十一次会议 于 2025 年 4 月 25 日在公司会议室以现场结合通讯的方式召开。会议通知于 2025 年 4 月 18 日通过电子邮件方式送达全体董事。会议应参会董事 7 人，实际参会董 事 7 人。本次会议由董事长许志翰先生召集并主持，公司监事和高级管理人员列席 了会议。本次会议的召集、召开符合《中华人民共和国公司法》和《江苏卓胜微电子股份 有限公司章程》（以下简称"《公司章程》"）的有关规定，会议合法有效。 （一）审议通过《关于 2025 年第一季度报告的议案》 根据相关法律、法规及《公司章程》的规定，公司《2025 年第一季度报告》 真实、公允地反映了公司 2025 年第一季度的财务状况、经 ...

Financial Performance - The company's revenue for Q1 2025 was ¥755,815,261.90, a decrease of 36.47% compared to ¥1,189,624,929.96 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥46,622,964.42, representing a decline of 123.57% from a profit of ¥197,772,186.73 in the previous year[5] - The net profit after deducting non-recurring gains and losses was a loss of ¥54,445,509.43, down 128.00% from ¥194,474,016.16 year-on-year[5] - Total operating revenue for the current period is ¥755,815,261.90, a decrease of 36.4% compared to ¥1,189,624,929.96 in the previous period[17] - Net profit for the current period is a loss of ¥46,851,720.70, compared to a profit of ¥197,027,381.25 in the previous period[18] - Basic earnings per share for the current period is -0.0872, compared to 0.3705 in the previous period[19] Cash Flow and Assets - The company's cash flow from operating activities was ¥77,039,076.00, an increase of 1.29% compared to ¥76,058,099.51 in the same period last year[5] - Cash flow from operating activities generated a net cash inflow of ¥77,039,076.00, slightly up from ¥76,058,099.51 in the previous period[21] - Cash flow from investing activities resulted in a net outflow of ¥163,503,899.51, compared to a net outflow of ¥511,760,475.13 in the previous period[22] - Cash flow from financing activities generated a net inflow of ¥51,086,138.14, down from ¥574,935,016.45 in the previous period[22] - The ending cash and cash equivalents balance is ¥1,362,567,485.84, compared to ¥853,514,204.31 in the previous period[22] - The total current assets decreased from CNY 5,016,425,768.98 to CNY 4,930,305,223.54, reflecting a reduction of approximately 1.7%[13] - The company's cash and cash equivalents slightly decreased from CNY 1,410,841,303.52 to CNY 1,402,329,772.37, a decline of about 0.6%[13] - Accounts receivable decreased from CNY 578,978,664.35 to CNY 489,060,687.70, representing a decrease of approximately 15.5%[13] Expenses and Liabilities - Research and development expenses decreased by 33.94% to ¥177,561,389.72 from ¥268,791,466.08 in the previous year, attributed to the optimization of resources[7] - Financial expenses surged by 327.05% to ¥5,459,990.49, primarily due to increased borrowing costs[7] - Total operating costs for the current period are ¥756,956,841.13, down 25% from ¥1,008,190,985.59 in the previous period[17] - The total liabilities decreased from CNY 4,032,035,044.03 to CNY 3,947,926,333.69, a reduction of about 2.1%[15] - The company reported a decrease in short-term borrowings from CNY 1,895,490,700.18 to CNY 1,614,444,503.86, a reduction of about 14.8%[15] Operational Highlights - The company reported a stable operation of its 6-inch and 12-inch wafer production lines, maintaining large-scale production with all products successfully entering mass production and shipment as planned[12] - The company is implementing cost control measures and efficiency improvements, including the application of AI tools to enhance operational efficiency[12] - The company is focused on integrating and enhancing its "smart manufacturing" resources to improve production capacity utilization[11] - The company aims to expand high-end products and strengthen its industrial foundation in response to international political uncertainties[12] Other Information - The total assets at the end of the reporting period were ¥14,102,585,407.78, a decrease of 0.92% from ¥14,232,842,014.49 at the end of the previous year[5] - The weighted average return on net assets was -0.46%, down 2.46% from 2.00% in the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 87,831[9] - The non-current assets slightly decreased from CNY 9,216,416,245.51 to CNY 9,172,280,184.24, a decline of approximately 0.5%[14] - The company has not undergone an audit for the first quarter report[23]

证券代码：300782 证券简称：卓胜微 公告编号：2025-034 江苏卓胜微电子股份有限公司 2024年年度权益分派实施公告 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。 公司2024年年度权益分派方案已获2025年4月21日召开的2024年度股东大会 审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案 1、股东大会审议通过的公司 2024 年年度权益分派方案为：以公司现有总股 本 534,547,532 股为基数，向全体股东每 10 股派发现金红利 1.02 元（含税），共计 54,523,848.26 元（含税）, 不送红股，不以资本公积金转增股本。实施利润分配时， 如确定的股权登记日的公司股本总数发生变动的，则以现金分红总额固定不变的原 则按公司最新总股本对分配比例进行调整。 3、本次实施的权益分派方案与股东大会审议通过的权益分派方案一致。 4、本次实施的权益分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 534,547,532 股为基 数 ...

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 2024年度股东大会的法律意见 京天股字(2025)第112号 致:江苏卓胜微电子股份有限公司 江苏卓胜微电子股份有限公司(以下简称"公司")2024 年度股东大会(以下 简称"本次股东大会")采取现场投票与网络投票相结合的方式,现场会议于 2025 年 4 月 21 日下午 14:00 在江苏省无锡市滨湖区胡埭工业园刘闾路 29 号(无 锡芯卓湖光半导体有限公司)一层会议室召开。北京市天元律师事务所(以下简 称"本所")接受公司聘任,指派本所律师参加本次股东大会现场会议进行见 证,并根据《中华人民共和国公司法》《中华人民共和国证券法》(以下简称 "《证券法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）以 及《江苏卓胜微电子股份有限公司章程》(以下简称"《公司章程》")等有关 规定,就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资 格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《江苏卓胜微电子股份有限公司第三届 董事会第十次会议决议公告》《江苏卓胜微电子股份有限公司第三届监事会第十 次会议决议 ...

证券代码：300782 证券简称：卓胜微 公告编号：2025-033 江苏卓胜微电子股份有限公司 2024年度股东大会决议公告 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。 特别提示： 一、会议召开和出席情况 （一）会议召开情况 1、股东大会召开时间： （1）现场会议时间：2025 年 4 月 21 日（星期一）下午 14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2025 年 4 月 21 日（星期一）上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通 过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 4 月 21 日（星期 一）9:15-15:00 期间的任意时间。 2、股东大会召开地点：江苏省无锡市滨湖区胡埭工业园刘闾路29号（无锡 芯卓湖光半导体有限公司）一层会议室 3、召开方式：现场投票与网络投票相结合的方式 4、召集人：江苏卓胜微电子股份有限公司（以下简称"公司"）董事会 1、本次股东大会无否决提案的情况； 2、本次股东大会无变更以往股东大会决议的情况。 5、主持人：公司 ...

Investment Rating - The report maintains a "Buy" rating for AccoTest and a "Hold" rating for SG Micro and Maxscend [4][8][56]. Core Insights - The latest import tariff regulations on US semiconductors are expected to create a supply shortage, price hikes, and import substitution, particularly benefiting domestic analog and RF markets [8][10]. - The localization trend in the semiconductor industry is anticipated to accelerate due to China-US tensions, enhancing the bargaining power of domestic companies [11][22]. - The report highlights that analog (over 20%) and RF (approximately 50%) segments will benefit significantly from higher tariffs on US suppliers, while memory and advanced logic categories are less affected [3][10]. Summary by Sections Company Ratings and Estimates - AccoTest is projected to have a target price of RMB 182.50, reflecting an 18% upside from its current price [5][56]. - SG Micro's target price is adjusted to RMB 100.60, indicating a 10% downside from its current price, maintaining a Hold rating due to tariff tensions [4][34]. - Maxscend's target price is revised to RMB 79.70, also maintaining a Hold rating, with a 4% downside from the current price [41][45]. Market Dynamics - The report indicates that the localization ratio for analog ICs was 24% in 2024, with expectations for further increases due to tariff impacts [11][22]. - Domestic suppliers are expected to gain market share in the RF segment, particularly in mid- to high-tier smartphone models, as tariffs incentivize localization [15][16]. - The report notes that while discrete and power semiconductors have achieved high localization rates, further upside in these areas is limited compared to analog and RF segments [22][24]. Financial Projections - SG Micro's revenue estimates for 2025 are increased by 2% to RMB 4,101 million, with net profit estimates raised by 7% to RMB 706 million [30][31]. - Maxscend's revenue estimates for 2025 are lowered by 2% to RMB 5,340 million, with net profit estimates reduced by 18% to RMB 551 million [41][44]. - AccoTest's revenue is projected to reach RMB 1,186 million in 2025, with a net profit of RMB 471 million [57].

Summary of the Conference Call for 卓胜微 (Zhuosheng Micro) Company Overview - **Company Name**: 卓胜微 (Zhuosheng Micro) - **Stock Code**: 300782.SZ - **Current Rating**: Downgraded to "Reduce" [1][30] Key Points and Arguments 1. **Long-term Outlook**: The company is expected to solidify its market and technological leadership due to its vertical integration strategy, which aims to provide an attractive cost structure and advanced module products [1][16]. 2. **Short-term Challenges**: Short-term profit pressures are anticipated to continue for several quarters due to rising costs from self-owned capacity ramp-up and price competition, particularly in low-end discrete products [1][30]. 3. **Market Demand**: Demand for Android smartphones is weaker than expected, which poses a risk to the company's valuation [1][30]. 4. **Intellectual Property Issues**: Potential intellectual property disputes with Murata are also seen as a negative factor for short-term valuation [1][30]. 5. **Earnings Forecast**: Adjusted earnings per share (EPS) for 2025 is projected at 0.64 yuan, down from a previous estimate of 3.23 yuan, and for 2026 at 2.17 yuan, down from 3.88 yuan [3][11]. 6. **Revenue Projections**: Revenue for 2025 is expected to be 5.284 billion yuan, a decrease of 21% from previous estimates, and for 2026 at 6.355 billion yuan, a decrease of 15% [22][23]. 7. **Profit Margin Expectations**: The gross margin is expected to recover slowly, with projections of 36.8% for 2025 and 37.0% for 2026, reflecting increased depreciation and competitive pricing pressures [22][23]. 8. **Target Price**: The target price has been set at 56.00 yuan, based on a 22x forward P/E ratio, which is a 25% discount to the historical average [1][30]. 9. **Future Review**: A recommendation to reassess the company in the second half of 2025 is suggested, as profitability may improve and the share of advanced RF modules in flagship smartphones is expected to rise [1][30]. Additional Important Information 1. **Sales Performance**: In Q4 2024, the company reported revenue of 1.1 billion yuan, with a stable gross margin of 36%, despite high depreciation costs from new capacity [7][30]. 2. **Losses Reported**: The company reported an operating loss of 7 million yuan and a net loss of 24 million yuan, primarily due to increased costs associated with new capacity ramp-up and technology-related expenses [7][30]. 3. **Market Competition**: Increased competition among domestic RF front-end manufacturers is noted, particularly in low-end products, while high-end modules remain less affected [16][30]. 4. **Long-term Growth Drivers**: The company is expected to benefit from integrated solutions that optimize performance, a better cost structure from self-supplied components, and flexible capacity allocation [1][16]. 5. **Investment Risks**: Risks include stronger-than-expected smartphone shipments, better-than-expected 5G penetration in overseas markets, and faster market share gains from new products. Conversely, risks also include intensified price competition and slower-than-expected launches of new RF front-end modules [41][30]. This summary encapsulates the critical insights from the conference call regarding 卓胜微, highlighting both the challenges and potential growth avenues for the company in the context of the current market environment.

证券研究报告 | 行业动态点评 2025 年 04 月 14 日 电子 美国电子产品关税豁免，贸易战缓和信号？ | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002475.SZ | 立讯精密 | 买入 | 1.9 | 2.38 | 16.94 | 13.52 | | 300782.SZ | 卓胜微 | 增持 | 0.83 | 1.59 | 102.92 | 53.72 | | 301308.SZ | 江波龙 | 增持 | 1.2 | 2.37 | 66.37 | 33.6 | | 688300.SH | 联瑞新材 | 增持 | 1.35 | 1.8 | 41.61 | 31.21 | 资料来源：长城证券产业金融研究院，注：卓胜微、江波龙、联瑞新材 2024 年 EPS为实际值。 事件：据美国海关与边境保护局公告，特朗普政府于 4 月 12 日宣布将智能手 机、电脑等 20 类电子产品排除在互惠关税 ...