每经记者 朱成祥 每经编辑 马子卿 4月11日晚间，卓胜微（SZ300782，股价85.42元，市值456.6亿元）披露公告称，公司于近日收到韩国 首尔中央地方法院送达的《民事起诉状》等诉讼相关材料，日本村田就相关专利起诉卓胜微。相关案件 律师费等合理开支暂计人民币170.4万元及诉讼费用。 据了解，村田为全球SAW（声表面波滤波器）龙头企业。滤波器作为射频前端一个至关重要的器件， 具有广阔的市场前景。卓胜微为国内射频前端龙头企业，其搭建的6英寸滤波器产线，产品品类已实现 全面布局，自有产线已具备良好的规模量产能力，滤波器等产品已自主生产并持续放量。 另据卓胜微4月9日披露的投资者关系活动记录表，公司目前6英寸滤波器产线的产品品类已实现全面布 局，具备双工器/四工器、单芯片多频段滤波器等分立器件的规模量产能力，现已实现第一期1万片/月 的产能目标，第二期产能规划增加至1.6万片/月。集成自产滤波器模组等产品成功导入多家品牌客户并 持续放量。据卓胜微提供的资料，当前"专利围剿"与贸易摩擦加剧，卓胜微通过"设计+制造"全链条布 局强化核心竞争力。 此外，在今年1月23日，国家知识产权局曾就卓胜微对日本村田的"弹性 ...

证券代码：300782 证券简称：卓胜微 公告编号：2025-032 江苏卓胜微电子股份有限公司 关于公司涉及诉讼的公告 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。 重要内容提示： 1.案件所处的诉讼阶段：已立案受理，尚未开庭。 2.公司所处的当事人地位：江苏卓胜微电子股份有限公司（以下简称"公司"） 为被告一。 3.涉案的金额：相关案件律师费等合理开支暂计人民币 170.4 万元及诉讼费用。 4.对上市公司损益产生的影响：公司产品均为自主研发，对原告主张不予认可， 并将积极应诉。公司产品系列及产品型号众多，本次专利诉讼仅涉及两款具体型号 的滤波器产品，其占公司主营业务收入比例较低。本次诉讼事项对公司本期利润或 期后利润的影响较小，最终实际影响以法院判决为准。 一、 涉及诉讼的基本情况 （一）公司于近日收到韩国首尔中央地方法院送达的《民事起诉状》等诉讼相关 材料。诉讼材料反映的基本情况如下（以下内容参考韩国首尔中央地方法院《民事起 诉状》）： 案号：2024GA-HAP112662 号 原告：株式会社村田制作所（Murata Manufacturing C ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][16]. Core Views - The company is experiencing short-term profit pressure but is anticipated to see growth in the high-end market [1][6]. - In 2024, the company achieved revenue of 4.487 billion yuan, a year-on-year increase of 2.48%, while the net profit attributable to shareholders decreased by 64.20% to 402 million yuan [4][5]. - The revenue from RF front-end modules has significantly increased, with the sales proportion rising from 36.34% in the previous year to 42.05% in 2024 [5][6]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 4.487 billion yuan - 2025 Revenue: 4.903 billion yuan (growth rate: 9.28%) - 2026 Revenue: 5.873 billion yuan (growth rate: 19.79%) - 2027 Revenue: 6.835 billion yuan (growth rate: 16.37%) - 2024 Net Profit: 402 million yuan - 2025 Net Profit: 543 million yuan (growth rate: 35.24%) - 2026 Net Profit: 926 million yuan (growth rate: 70.35%) - 2027 Net Profit: 1.354 billion yuan (growth rate: 46.30%) [7][8]. - **Profitability Metrics**: - Gross margin for 2024 was 36.27%, a decrease of 9.50 percentage points year-on-year [5]. - The company’s R&D expenses increased to 9.97 billion yuan, representing 22.22% of revenue, reflecting a strategic push towards industrialization [5][6]. - **Market Position and Strategy**: - The company has established a strong resource platform and is expanding in the high-end market, with significant advancements in its 6-inch filter production line and 12-inch IPD platform [6][7]. - The company aims to enhance its product matrix with high-value products, ensuring a strategic product closure [6][7]. Stock Data Summary - Total shares: 5.35 billion, circulating shares: 4.48 billion - Total market value: 38.648 billion yuan, circulating market value: 32.361 billion yuan - 12-month high/low price: 131 yuan / 58.61 yuan [3].

"公司依托自建产线的产品在品牌客户端逐步放量，市场占有率持续提升，自有资源平台的优势日益凸 显。同时公司正加速高端模组产品的市场推广进程，将成为未来'向上'突围、实现从点到面发展的关键 驱动力。"4月9日，在江苏卓胜微（300782）电子股份有限公司(以下简称"卓胜微")召开的业绩说明会 上，公司董事长、总经理许志翰在回答《证券日报》记者提问时如是说。 记者注意到，通过芯卓半导体产业化项目，卓胜微将打造射频"智能质造"资源平台。2022年，卓胜微通 过芯卓半导体产业化项目建设，构建关键产品和工艺的智能制造能力，推动经营模式转变。公司已通过 自建滤波器生产制造能力，使公司拥有芯片设计、工艺制造和封装测试的全产业链供应能力。 目前，卓胜微6英寸滤波器产线产品品类已实现全面布局，具备双工器/四工器、单芯片多频段滤波器等 分立器件的规模量产能力，现已实现第一期1万片/月的产能目标，第二期产能规划增加至1.6万片/月。 12英寸晶圆生产线方面，公司12英寸IPD平台正式进入规模量产阶段，L-PAMiF、LFEM等相关模组产 品已全部采用自产IPD滤波器。12英寸射频开关和射频低噪声放大器的第一代工艺生产线已实现工艺通 ...

Investment Rating - The report rates SG Micro as a "Buy" with a target price of Rmb115, reflecting a positive outlook for the company amid ongoing market dynamics [32][45]. Core Insights - The report identifies China's mature semiconductors, particularly analog, as defensive investments due to the recent 34% retaliatory tariff on US imports, which is expected to enhance local supply and reduce competition from US firms [1][3][14]. - SG Micro is highlighted as the top beneficiary of the tariff, with expectations of improved earnings and market share gains as US competitors face cost disadvantages [5][21]. - The report anticipates that the tariff will accelerate the localization of semiconductor supply in China, benefiting companies like SG Micro, Will Semi, and Maxscend [3][14][21]. Summary by Sections Market Overview - The US tariffs have limited direct impact on Chinese semiconductors, as most are shipped to ODM/EMS outside the US and are not subject to tariffs. However, there is an indirect effect on demand due to increased selling prices [2][11]. Company Analysis - SG Micro is projected to expand its market share as the cost advantage of Texas Instruments is eliminated by the tariff. The company is expected to benefit from an ongoing recovery in the analog segment and tariff protection against US competitors [4][5][21]. - Will Semi is also rated as a "Buy," with expectations of strong growth driven by its CMOS Image Sensors (CIS) business, particularly in the automotive sector [48][49]. - Maxscend is rated as a "Sell" due to concerns over rising investment costs and potential profitability pressures despite its leadership in the RFFE market [39][40]. Financial Projections - SG Micro's revenue forecasts for 2024E and 2025E have been adjusted to Rmb3,301 million and Rmb4,188 million respectively, reflecting a year-on-year growth of 26% and 27% [22]. - The report indicates that SG Micro's gross profit margin is expected to stabilize around 51.3% in 2025, with net profit projected to reach Rmb828 million [22][32]. Valuation - The target price for SG Micro is based on a forward P/E of 65x for 2025E EPS, justified by the anticipated recovery in the analog semiconductor market and reduced foreign competition due to tariffs [45][46].

Core Insights - The company reported a revenue of 4.487 billion yuan for 2024, representing a year-on-year increase of 2.48% [3] - The net profit attributable to shareholders was 402 million yuan, showing a significant decline of 64.20% year-on-year [3] - The basic earnings per share stood at 0.75 yuan [3] Financial Performance - In Q4 2024, the company achieved a revenue of 1.119 billion yuan, which is a year-on-year decrease of 14.18% but a quarter-on-quarter increase of 3.40% [4] - The net loss attributable to shareholders in Q4 was 23.59 million yuan, a year-on-year decline of 107.78% and a quarter-on-quarter decline of 133.20% [4] - The gross margin for 2024 was 39.49%, down 6.96 percentage points year-on-year, while the net margin was 8.97%, down 16.59 percentage points year-on-year [4] Cost and Expenses - Total operating expenses for 2024 amounted to 1.256 billion yuan, an increase of 470 million yuan year-on-year, with an expense ratio of 27.99%, up 10.03 percentage points year-on-year [4] - Sales expenses increased by 21.52%, management expenses rose by 16.99%, R&D expenses surged by 58.53%, and financial expenses skyrocketed by 148.77% [4] Company Background - The company was established on August 10, 2012, and went public on June 18, 2019, focusing on the research, development, production, and sales of radio frequency integrated circuits [4]

Group 1: Company Overview - The report highlights that 卓胜微 (300782) achieved a revenue of 4.487 billion yuan in 2024, representing a year-over-year increase of 2.48%, while the net profit attributable to shareholders was 402 million yuan, a decrease of 64.20% year-over-year [8][9] - The company's revenue from RF modules reached 1.887 billion yuan, up 18.58% year-over-year, increasing its share of total revenue from 36.34% in 2023 to 42.05% in 2024 [9] - The report indicates that the company faced significant depreciation costs and intense market competition, which pressured its gross margin and net profit [9][10] Group 2: Industry Insights - The report notes a growing supply-demand imbalance in the silicon wafer market, exacerbated by a recent earthquake in Myanmar, which is expected to lead to a slight increase in silicon wafer prices [15][17] - The wind power sector is experiencing a surge in bidding and project initiation, with approximately 4980 MW of onshore wind power units tendered and 130 MW opened for bidding as of March 28, 2025 [17][18] - The report suggests that the wind power industry may see improved profitability as bidding prices stabilize and demand for core components remains strong [17][19]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to experience a revenue growth of 2.48% year-on-year in 2024, reaching 4.487 billion yuan, but faces significant pressure on profitability with a projected net profit decline of 64.20% to 402 million yuan [2][4]. - The company plans to raise up to 3.5 billion yuan through a private placement to expand its RF chip manufacturing capacity and supplement working capital, addressing capacity bottlenecks and enhancing customization capabilities [4][6]. - The RF module revenue is projected to grow by 18.58% year-on-year in 2024, increasing its share to 42% of total revenue, while the RF discrete device revenue is expected to decline by 7.57% [3][4]. Financial Summary - Revenue and Profit Forecasts: - 2023: Revenue of 4.378 billion yuan, net profit of 1.122 billion yuan - 2024: Revenue of 4.487 billion yuan, net profit of 402 million yuan - 2025E: Revenue of 5.356 billion yuan, net profit of 709 million yuan - 2026E: Revenue of 6.644 billion yuan, net profit of 1.048 billion yuan - 2027E: Revenue of 7.875 billion yuan, net profit of 1.276 billion yuan [5][26]. - Key Financial Ratios: - Earnings per Share (EPS) for 2024 is projected at 0.75 yuan, with a PE ratio of 106.6 [5][26]. - The EBIT margin is expected to be 11.6% in 2024, improving to 18.8% by 2027 [5][26]. - Research and Development: - R&D expenses are projected to increase by 58.53% year-on-year to 999 million yuan in 2024, with an R&D expense ratio of 22.22% [2][5].

Investment Rating - The report maintains a HOLD rating for Maxscend, with a target price adjusted downward to RMB82.00 from RMB86.00, reflecting a potential upside of 2.3% from the current price of RMB80.15 [1][3]. Core Insights - Maxscend's FY24 revenue increased by 2.5% YoY to RMB4.5 billion, which was below CMBI estimates and Bloomberg consensus by 2% and 1% respectively. However, net profit saw a significant decline of 64.2% YoY to RMB402 million, missing estimates by 28% and 21% [1][2]. - The gross profit margin (GPM) and net profit margin (NPM) decreased by 7.0 percentage points and 16.7 percentage points respectively, attributed to margin pressure from the subsidiary Xinzhuo's ramp-up as the company shifts from a fabless model to a fab-lite strategy [1][2]. - Despite the near-term margin pressures, the long-term growth prospects for Maxscend remain positive as it develops platform-level manufacturing capabilities and strategic supply chain independence [1]. Financial Performance Summary - FY24 revenue was RMB4,487 million, with a YoY growth of 2.5%, while FY25 revenue is estimated to grow by 16.3% to RMB5,219 million [2][8]. - The gross margin for FY24 was reported at 39.5%, down from 46.4% in FY23, with expectations of a slight recovery to 40.2% in FY25 [2][8]. - Net profit for FY24 was RMB401.9 million, with a forecasted recovery to RMB587.3 million in FY25, reflecting a growth of 46.1% [2][8]. Market Position and Future Outlook - Module sales, which account for 42% of total revenue, grew by 18.6% YoY in FY24, while discrete sales declined by 7.6% YoY. The module business is expected to be a key growth driver, projected to grow by 25% YoY in FY25 [7][8]. - The report indicates that Maxscend will continue to face margin headwinds, particularly in the first half of FY25, but anticipates a gradual recovery in the second half due to seasonality and emerging demand from AI edge devices [7][8]. - The target price of RMB82.00 is based on a rolled-over 45x 2026E P/E, which is 10% higher than the average of peers at 40.7x, considering Maxscend's leading position in the RFFE market and its role in semiconductor localization [1][8].