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].

交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | --- | | 人民币 | | 80.15 | 人民币 | 86.00↓ | +7.3% | | | 卓胜微 (300782 CH) | | | | | | | 利润压力高于预期，下调至中性；期待 2H25 后利润回升 个股评级 中性↓ 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 -50% -40% -30% -20% -10% 0% 10% 20% 30% 300782 CH 深证成指 股份资料 | 52周高位 (人民币) | 117.29 | | --- | --- | | 52周低位 (人民币) | 59.10 | | 市值 (百万人民币) | 42,844.18 | | 日均成交量 (百万) | 5.13 | | 年初至今变化 (%) | (10.65) | | 200天平均价 (人民币) | 89.92 | | 资料来源 : FactSet | | 王大卫, PhD, CFA ...

Investment Rating - The report downgrades the investment rating of the company to "Neutral" from "Buy" due to higher-than-expected profit pressure and competitive challenges in the RF front-end market [7][12][13]. Core Views - The company is experiencing significant profit pressure, particularly from its new chip production line, which has led to a forecasted decline in net profit for 2024 and 2025. The management anticipates a recovery in profits in the second half of 2025 as production stabilizes [7][8]. - The report highlights opportunities in low-power short-range communication products driven by generative AI and the upcoming WiFi-7 standard, although competition remains a concern [7][8]. - Revenue and EPS forecasts for 2025 and 2026 have been revised downwards, reflecting the increased cost pressures and competitive landscape [7][9]. Financial Overview - The company’s revenue for 2023 is projected at 4,378 million RMB, with a growth rate of 19.1%. However, growth is expected to slow significantly in 2024 to 2.5% [6][14]. - Net profit is expected to decline sharply to 402 million RMB in 2024, down from 1,122 million RMB in 2023, with further declines to 348 million RMB in 2025 [6][14]. - The report provides a detailed financial outlook, including projected revenues of 4,862 million RMB for 2025 and 6,019 million RMB for 2026, with corresponding EPS estimates of 0.65 RMB and 1.86 RMB [6][9][14]. Market Performance - The stock price closed at 80.15 RMB with a target price of 86.00 RMB, indicating a potential upside of 7.3% [1][12]. - The company has faced a significant drop in stock performance, with a year-to-date change of -10.65% [4][8]. Competitive Landscape - The management acknowledges challenges from both international and domestic competitors, particularly in the RF front-end market, which is impacting the company's market share and pricing power [7][8]. - The report emphasizes the importance of product diversification and the potential for new product lines to maintain production capacity and competitiveness [7][8].

Summary of the Conference Call for 卓胜微 Company Overview - The conference call discusses 卓胜微, a company focused on integrated design, research and development, processes, devices, and materials in the semiconductor industry, particularly in the RF front-end market [3][4]. Key Financial Performance - In 2024, 卓胜微 achieved total revenue of 4.487 billion yuan, representing a year-on-year increase of 2.48% [3][4]. - Net profit decreased by 64.2% to 402 million yuan, with a gross margin of 39.49%, down approximately seven percentage points year-on-year [4]. - The decline in net profit is attributed to increased investment in the 新洲 project and intense market competition [3][4]. Research and Development - R&D investment for 2024 was 999 million yuan, accounting for about 22% of revenue, with 142 new patents granted, primarily in RF filter products [3][5]. - Fixed assets increased by 3.375 billion yuan, with depreciation changing by 569 million yuan, and depreciation is expected to continue rising in 2025 due to new production lines coming online [5]. Production Capacity and Projects - The 新洲 project includes both 6-inch and 12-inch production lines, both of which have achieved stable mass production capabilities [6]. - The 6-inch line produces RF devices such as duplexers and quadplexers, while the 12-inch line has begun mass production of IPD process products, RF switches, and low-noise amplifiers, with a monthly capacity of 5,000 wafers [6][13]. Advanced Packaging and Product Development - The advanced packaging production line focuses on heterogeneous integration modular solutions, utilizing 3D stacking technology, with some products already validated by customers [7]. - The PMO series products have entered mass production, and the WiFi 7 module products are expected to perform well in sales in 2025 [8]. Future Directions and Market Trends - 卓胜微 is actively expanding into MCU and UWB short-range communication chips, aiming to create a SOC chip technology system for short-range communication [9][10]. - The company anticipates a wave of upgrades driven by AI technology in the smartphone market in the second half of the year [18]. - The impact of low Earth orbit satellites on RF demand is recognized, with the company prepared to leverage its high-frequency millimeter-wave technology [19]. Challenges and Strategic Responses - The company faces challenges from patent harassment primarily from overseas companies, particularly from Japan and the US, and is taking measures to mitigate litigation risks [25][26]. - The potential impact of US sanctions on Chinese companies is acknowledged, with 卓胜微 preparing for possible supply chain disruptions [20]. Conclusion - 卓胜微 is positioned to capitalize on emerging trends in AI and communication technologies while navigating competitive and regulatory challenges in the semiconductor industry. The focus on R&D, production capacity expansion, and strategic partnerships will be crucial for future growth and market positioning [3][10][22].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.4 RMB [7]. Core Views - The company achieved a revenue of 4.487 billion RMB in 2024, a year-on-year increase of 2.5%, but the net profit attributable to shareholders decreased by 64.2% to 402 million RMB due to increased module revenue share, production line depreciation, and market competition [1][2]. - The company is expected to benefit from an increase in market share for filter modules and the ramp-up of LPAMiD products in 2025, although gross margins may continue to be pressured by production line depreciation [1][3]. Summary by Sections Financial Performance - In 2024, the company's revenue was 4.487 billion RMB, slightly below the expected 4.564 billion RMB, with a gross margin of 39.49%, down 6.96 percentage points year-on-year [1][2]. - The fourth quarter of 2024 saw a revenue of 1.119 billion RMB, a year-on-year decrease of 14.2% and a quarter-on-quarter increase of 3.4%, with a net loss of 24 million RMB [1][2]. Market Outlook - For 2025, the company is projected to see revenue growth driven by increased market share in filter modules and the mass production of LPAMiD products, with the global Android smartphone shipment expected to grow by 2.5% [3][4]. - The company’s self-developed RF switches and low-noise amplifiers have entered mass production, enhancing its competitive advantage [3]. Investment Recommendations - The target price is set at 93.4 RMB, reflecting a 10x price-to-sales ratio based on 2025 estimates, with expected revenues of 4.995 billion RMB in 2025, 5.851 billion RMB in 2026, and 6.739 billion RMB in 2027 [4][6]. - The report indicates that the company remains a leader in the domestic RF industry, with a solid foundation in receiving end products and a gradually improving layout in the transmitting end [4].

去年四季度卓胜微创下上市以来单季度净利润首次亏损。 整体来看，卓胜微的射频模组收入增长，填补了射频分立器件的收入下滑，维持全年营业收入微增，但 这两项业务的毛利率均同比下滑，导致净利润承压。报告期内，卓胜微的射频分立器件实现营收25.09 亿元，同比减少7.57%，射频模组实现营收18.87亿元，同比增长18.58%；其他业务收入为9132.08万 元。 半导体周期回暖之际，卓胜微（300782.SZ）的业绩表现仍差强人意，去年公司的毛利率持续下滑，净 利润创下上市以来最低。 近日，卓胜微发布2024年年报，报告期内，公司实现营业收入44.87亿元，同比增长2.48%；归母净利润 4.02亿元，同比减少64.2%，利润规模与同比增速均为上市以来最低值，同时公司四季度净利润亏损， 系上市后首亏。 卓胜微的业绩与智能手机出货量关系密切，创新性不足的智能手机2024年以来呈现弱复苏，消费者换机 意愿较低。弱复苏背景下，卓胜微全年营业收入实现微幅增长，射频前端分立器件与射频模组的毛利率 下滑是净利润下滑的原因之一，射频模组销售占比有一定提升。 目前，射频前端领域的大部分市场份额由海外大厂占据，国产厂商主要集中在中低端 ...

江苏卓胜微电子股份有限公司 审计报告及财务报表 二〇二四年度 江苏卓胜微电子股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-100 | 审计报告 信会师报字[2025]第 ZA10441 号 江苏卓胜微电子股份有限公司全体股东： 一、 审计意见 我们审计了江苏卓胜微电子股份有限公司（以下简称卓胜微）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编 ...