Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 75.90 CNY from a previous forecast of 116.19 CNY [4][7]. Core Insights - The company is experiencing short-term pressure on performance due to weak mobile phone demand, with H1 2024 results falling below expectations. However, the RF module segment is entering a growth phase [3][7]. - The company focuses on high-end module product development and is advancing its complete ecosystem construction [7]. - Revenue for H1 2024 reached 2.285 billion CNY, a year-on-year increase of 37.20%, while net profit attributable to shareholders was 354 million CNY, up 3.32% year-on-year [7][8]. Financial Summary - H1 2024 revenue from RF discrete devices was 1.266 billion CNY, a year-on-year increase of 14.74%, while RF module revenue was 966 million CNY, up 81.41% year-on-year [7]. - The gross margin for H1 2024 was 42.12%, down 6.94 percentage points from the same period in 2023, reflecting pressure from increased competition and price declines in the RF front-end chip market [7][8]. - The company has adjusted its EPS forecasts for 2024-2026 to 1.38 CNY, 1.97 CNY, and 2.50 CNY, respectively, down from previous estimates of 2.24 CNY, 2.91 CNY, and 3.47 CNY [7][8]. Market Position and Growth Potential - The company is recognized as a leading domestic RF chip manufacturer, with significant growth potential in its RF module products and innovations in AI mobile technology [7]. - The company has successfully optimized and iterated its MAX-SAW L-PAMiD product line, achieving industry-leading performance levels, and has entered mass production of its 12-inch IPD platform [7][8].

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].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved significant growth in revenue and is positioned as a leader in the RF front-end market, with a focus on self-sufficiency and strong core capabilities [6][8] - The company reported a revenue of 1.095 billion yuan in Q2 2024, reflecting a year-over-year increase of 14.84%, but a quarter-over-quarter decrease of 7.95% [8] - The gross profit margin for the first half of 2024 was 42.12%, down 6.94 percentage points year-over-year, attributed to increased competition and a higher proportion of lower-margin RF module sales [8] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 2.285 billion yuan, a year-over-year increase of 37.20%, with a net profit of 354 million yuan, down 3.32% year-over-year [8] - The gross profit margin for the first half of 2024 was 42.12%, down from the previous year [8] Product Development and Market Position - The company is enhancing its Fab-Lite production model, with 6-inch and 12-inch production lines ramping up capacity [9] - The proportion of self-produced filters in products has reached a high level, contributing to a competitive edge [9] - The L-PAMiD module series has passed validation with several brand clients, showcasing the company's capability for high-end product development [9] Future Outlook - The company is expected to benefit from scale effects as production lines mature, leading to cost reductions for mature products and breakthroughs in high-end product localization [9] - Revenue forecasts for 2024, 2025, and 2026 are set at 5.259 billion, 6.254 billion, and 7.333 billion yuan respectively, with net profits projected at 839 million, 1.083 billion, and 1.455 billion yuan [9][11]

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 | ...