Core Viewpoint - The company,卓胜微, anticipates a slight revenue growth for 2024, with a focus on expanding its market share in the RF front-end chip industry while facing challenges from external factors [1][2]. Financial Performance - The projected revenue for 2024 is 4.491 billion yuan, representing an approximate 2.59% increase compared to the previous year [1]. - The net profit attributable to shareholders is expected to be between 380 million yuan and 493 million yuan, with a net profit excluding non-recurring gains and losses estimated between 368 million yuan and 478 million yuan [1]. Market Dynamics - The RF front-end chip industry is currently in a phase of seeking inventory levels that align with stable market demand, with signs of seasonality in the market being less pronounced [1]. - Downstream demand is becoming more conservative, and terminal inventory strategies are stabilizing, impacting market dynamics [1]. Strategic Initiatives - The company is actively expanding its market presence in RF module products and enhancing its filter product coverage to counter external pressures [1]. -卓胜微 is transitioning from a product-based company to a platform-based company, focusing on building an integrated "smart manufacturing" resource platform that encompasses design, R&D, and manufacturing [2]. Production Capacity and Innovation - The company has achieved comprehensive layout for its 6-inch filter production line, with products like DiFEM and GPS modules being successfully introduced to multiple brand clients [2]. - The 12-inch IPD platform has entered mass production, with a high adoption rate of self-produced IPD filters in related module products [2][3]. Product Development -卓胜微 has made innovative investments in 3D stacking packaging to achieve breakthroughs in area, cost, and performance [3]. - The first-generation process production line for 12-inch RF switches and low-noise amplifiers is set to enter mass production in Q2 2024, with output gradually increasing in Q3 [3]. Competitive Positioning - The company has launched the L-PAMiD module, a significant product in the RF front-end field, which has passed validation from several brand clients [4]. - The product represents the first series of fully domestically supplied solutions in the industry, showcasing the company's capability to provide comprehensive RF front-end solutions [4]. - With the growing demand for domestic substitution and self-controllable supply chains in the context of 5G and emerging technologies,卓胜微 is positioned to capitalize on unprecedented growth opportunities [4].

Financial Performance - The company expects a net profit attributable to shareholders of approximately 380 million to 493 million yuan, representing a decrease of 66.14% to 56.07% compared to the same period last year [3]. - The expected operating revenue for the reporting period is 4.491 billion yuan, an increase of about 2.59% year-on-year [5]. - Non-recurring gains and losses are expected to impact the net profit attributable to shareholders by approximately 16.06 million yuan [6]. - The financial data in the earnings forecast has not been audited by the accounting firm [4]. - Investors are advised to make cautious decisions and be aware of investment risks as detailed financial data will be disclosed in the annual report [7]. Research and Development - Research and development expenses have increased year-on-year due to the company's strategy to enhance R&D investment and talent acquisition [6]. Market Strategy - The company is actively expanding its market presence in RF module products while consolidating its existing market share in core products [5]. - The company aims to enhance the market coverage of its filter products to counter external pressures [5]. Industry Trends - The RF front-end chip industry is currently experiencing fluctuations in inventory levels and market demand [5]. Profitability Outlook - The company anticipates that the gross profit margin in the fourth quarter will remain stable compared to the third quarter [6].

证券代码：300782 证券简称：卓胜微 公告编号：2025-001 江苏卓胜微电子股份有限公司 关于 2020 年限制性股票激励计划首次授予部分第三个归属期 归属结果暨股份上市的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1、本次归属限制性股票数量：1.8821万股，占归属前公司总股本的0.0035%。 2、本次归属限制性股票人数：17 人。 3、本次归属限制性股票的上市流通日：2025 年 1 月 10 日，本次归属的限 制性股票不设限售期。 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开第三届董事会第八次会议、第三届监事会第八次会议，审议通过了《关于公司 2020 年限制性股票激励计划首次授予部分第三个归属期归属条件成就的议案》 近日，公司办理了 2020 年限制性股票激励计划首次授予部分第三个归属期 归属股份的登记工作，现将有关事项说明如下： 一、 本次激励计划简述及已履行的相关审批程序 （一）2020 年限制性股票激励计划简述 2021 年 1 月 8 日，公司 2021 年第一次 ...

证券代码：300782 证券简称：卓胜微 公告编号：2024-068 江苏卓胜微电子股份有限公司 关于持股5%以上股东减持股份计划完成的公告 持股 5%以上股东无锡汇智联合投资企业（有限合伙）保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2024 年 11 月 11 日 在巨潮资讯网披露了《关于持股 5%以上股东减持股份的预披露公告》（公告编 号：2024-066）。公司持股 5%以上股东无锡汇智联合投资企业（有限合伙）（以 下简称"汇智投资"）计划自该减持公告之日起十五个交易日后的三个月内以大 宗交易方式合计减持公司股份不超过 2,080,000 股（占本公司总股本比例 0.39%）。 公司于近日收到持股 5%以上股东汇智投资出具的《股份减持计划完成告知 函》，获悉汇智投资本次减持计划已实施完成，现将有关情况公告如下： 一、股东减持股份情况 1、股东减持股份情况 | 股东名称 | 减持方式 | | 减持期间 | | | 减持均价 | 减持价格区间 | 减 ...

证券代码：300782 证券简称：卓胜微 公告编号：2024-067 江苏卓胜微电子股份有限公司 关于 2020 年度向特定对象发行股票募集资金使用完毕 及注销募集资金专项账户的公告 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、误导性陈述或者重大遗漏。 江苏卓胜微电子股份有限公司（以下简称"公司"）2020 年度向特定对象发 行股票募集资金已使用完毕，对应募集资金专项账户已办理完成注销手续，现将 有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2020]3601号《关于同意江苏卓胜微电 子股份有限公司向特定对象发行股票注册的批复》，公司向特定对象发行人民币 普通股（A股）股票5,311,544股，每股发行价格为565.85元，募集资金总额 300,553.72万元。扣除各项发行费用（不含增值税）人民币3,506.28万元，实际募 集资金净额为人民币297,047.44万元。以上募集资金已由立信会计师事务所（特 殊普通合伙）于2021年1月25日审验并出具信会师报字[2021]第ZA10068号《验资 报告》确认。 二、募集资金存放和管理情况 为了规范募 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has completed the iteration of L-PAMiD, and while short-term depreciation impacts performance, the long-term outlook remains positive [2][10] - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.55%, but a net profit decline of 48.05% [8][10] - The gross margin for Q3 2024 was 37.14%, down 4.26 percentage points quarter-on-quarter and 9.43 percentage points year-on-year, primarily due to depreciation and product mix changes [9][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.083 billion yuan, a year-on-year decrease of 23.13% and a quarter-on-quarter decrease of 1.13% [8] - The net profit for Q3 2024 was 71 million yuan, down 84.29% year-on-year and 54.63% quarter-on-quarter [8] - The company’s gross margin for the first three quarters of 2024 was 40.52%, reflecting a year-on-year decrease of 7.40 percentage points [8] Production and R&D - The company has significantly increased R&D investment, with expenses reaching 753 million yuan in the first three quarters of 2024, a year-on-year increase of 83.50% [11] - The L-PAMiD product has been successfully validated by several brand clients, marking a significant milestone in the domestic supply chain [11] - The company’s 6-inch and 12-inch filter production lines have achieved a high level of self-sufficiency, with products being successfully integrated into various brand clients [12] Future Outlook - The company expects to see improved margins as production scales up and cost efficiencies are realized [9][10] - Revenue forecasts for 2024, 2025, and 2026 are adjusted to 4.667 billion yuan, 5.242 billion yuan, and 5.992 billion yuan respectively, with net profits expected to be 570 million yuan, 790 million yuan, and 1.204 billion yuan [10][13]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for future performance [1][2]. Core Views - The company is positioned as a leading player in the domestic semiconductor RF chip market, transitioning towards a Fablite model, which is expected to unlock a high-end RF front-end market worth hundreds of billions [2]. - Revenue for the first three quarters of 2024 is projected to grow by 9.55% year-on-year, while net profit is expected to decline by 48.05% [5][6]. - The company is anticipated to achieve net profits of 5.41 billion, 8.54 billion, and 13.13 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 96.7, 61.3, and 39.9 [2]. Financial Summary - For the first three quarters of 2024, total revenue reached 3,367.44 million yuan, with a year-on-year growth of 9.55% [6]. - The net profit attributable to the parent company was 425.42 million yuan, reflecting a year-on-year decrease of 48.05% [6]. - In Q3 2024, the company reported revenue of 1,082.73 million yuan, a decrease of 1.13% from the previous quarter, and a net profit of 71.05 million yuan, down 54.63% quarter-on-quarter [4][3]. - The gross margin for Q3 2024 was 37.14%, down 4.26 percentage points from the previous quarter, while the net margin was 6.63%, down 7.63 percentage points [4][3]. Revenue Breakdown - The revenue from RF modules in the first three quarters of 2024 increased by 39% year-on-year, while revenue from RF discrete devices decreased by 6.42% [1]. - The company has successfully integrated self-produced RF switches into its modules, which are now in mass production and shipment [1]. Market Position - The company is expected to become a domestic leader in the PAMiD product line, benefiting from high-value market segments [1][2]. - The transition to mass production of self-developed IPD filters and RF switches is anticipated to enhance the company's competitive edge in the market [1].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [3]. Core Insights - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.55%. However, the net profit attributable to shareholders decreased by 48.05% to 425 million yuan, indicating overall performance pressure [1][2]. - In Q3 2024, the company achieved a revenue of 1.083 billion yuan, down 23.13% year-on-year and 1.13% quarter-on-quarter, primarily due to seasonal industry fluctuations. The gross margin for Q3 2024 was 37.14%, a decline of 9.43 percentage points year-on-year [2]. - The company has invested in building its own production lines, which is expected to enhance its long-term competitiveness. As of Q3 2024, fixed assets reached 5.054 billion yuan, an increase of over 109% compared to the end of 2023 [3]. Financial Forecast - The company is projected to achieve revenues of 4.378 billion yuan in 2024, with a growth rate of 19.05%. The net profit attributable to shareholders is expected to be 560 million yuan, reflecting a significant decrease of 50.08% [4]. - The report forecasts a gradual recovery in net profit, estimating 910 million yuan in 2025 and 1.398 billion yuan in 2026, with corresponding price-to-earnings ratios of 53.62x and 34.90x [3][4]. Company Positioning - The company is recognized as a leading domestic manufacturer of RF chips, with a strong focus on developing a comprehensive product line to enhance its market penetration in high-end products [3]. - The establishment of the IDM platform through its semiconductor production line is expected to support the company's competitive edge in the RF chip market [3].

Investment Rating - The stock is downgraded to HOLD with an adjusted target price of RMB86, based on 45x 2025E P/E [1] Core Views - Maxscend's 3Q24 revenue declined by 23% YoY and 1% QoQ to RMB1.1bn, driven by weak smartphone demand [1] - Net profit dropped by 84% YoY and 55% QoQ to RMB71mn, mainly due to GPM erosion, higher R&D costs, and asset impairment loss [1] - The company is undergoing a business model transformation from fabless to fab-lite, which is expected to weigh on short-term profitability [1] - Long-term growth prospects remain intact, but the stock is downgraded due to short-term challenges [1] Revenue and Profit Analysis - Quarterly sales were flat sequentially (-1%) in 3Q24, showing weak market demand compared to pre-pandemic growth of 40% QoQ in 3Q18/19 and 48% QoQ in 3Q23 [1] - 2024/25E revenue forecasts are revised down by 8%/7%, with FY24/25E revenue growth adjusted to 4.7%/23% YoY [1] - Gross profit margin (GPM) is expected to recover to 40%+ in 2H25, but challenges are expected in the next 2-3 quarters due to capacity ramp-up and slow demand recovery [1] Module Business - Module revenue contribution increased to 43% of sales in 9M24, up from 36% in 2023, and is expected to further increase to 49%/55% in 2024/25E [1] - The modulization trend in the RFFE industry is seen as a key driver of future growth, providing more integrated solutions [1] Financial Projections - 2024E revenue is projected at RMB4,582mn, with a YoY growth of 4.7%, while 2025E revenue is expected to grow by 23% to RMB5,639mn [2] - Net profit for 2024E is estimated at RMB558mn, with a significant recovery expected in 2025E to RMB1,019mn [2] - Gross margin is expected to improve from 40.0% in 2024E to 44.4% in 2026E [2] Valuation and Peers Comparison - The target price of RMB86 corresponds to 45x 2025E P/E, close to the peers' average of ~41x 2025E P/E [1] - Maxscend's 2024E P/E is 87.2x, higher than domestic peers like Vanchip (45.6x) and GigaDevice (51.9x) [10] Industry Trends - The RFFE industry is moving towards modulization, which is expected to benefit companies like Maxscend that are increasing their module business share [1]

非常感谢与各位投资人参加本次交流首先我向各位汇报一下我们前三季度的一个经营的基本情况那么前三季度我们仍然是对新左的产业化的战略布局积极去推进我们的建设那么持续向Fiberlight这种经营模式的一个转型并且强化我们在研发工艺相结合的这方面的一些能力 那么前三季度我们实现了营收33.67亿元那么较去年同期是增长了9.55%那么归属于上次公司股东的净利润是4.25亿元较去年同期是减少了48%那么第三季度我们的营收是实现了10.83亿元那么归属于上次公司股东的净利润是0.71亿元较二季度的环比下降了55% 那么这里主要是受到新左持续的投入所导致的研发费用的增长以及资产减值和毛利率变化带来的影响那么从分产品来看我们前三季度分利器件实现的营收是18.66亿元同比是减少了6.42%那么模组类的产品实现营收是14.37亿元 同比是增加了38.8%那么目前模组的整体占比是达到了43%那预计后续随着我们模组产品的持续市场化推进那么模组的占比仍是有机会继续去提升那么截止我们在截止三季度末我们的整体的毛利率是40.52%那么第三季度的毛利呢 是37.14%那么环比是下降了4.26%主要还是受到我们前期对于新卓投入带来的折旧那么以及 ...