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 ...

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].