关于调整公司 2020 年限制性股票激励计划授予价格及作废 处理部分限制性股票的公告 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（下称 "公司"）于 2024 年 10 月 28 日召开第 三届董事会第八次会议和第三届监事会第八次会议，审议通过了《关于调整公司 2020 年限制性股票激励计划授予价格的议案》《关于作废 2020 年限制性股票激 励计划首次授予部分已授予尚未归属的限制性股票的议案》，现将有关事项说明 如下： 证券代码：300782 证券简称：卓胜微 公告编号：2024-063 江苏卓胜微电子股份有限公司 一、公司 2020 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2020 年 11 月 28 日，公司召开了第二届董事会第三次会议，审议并通过 《关于公司<2020 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2020 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理 2020 年限制性股票激励计划相关事宜的议案》，公司独立董事对本 次股权激励计划的相关 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5]. Core Insights - The company reported a revenue of 2.285 billion yuan for H1 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 [1]. - The sales proportion of RF modules reached a record high of 42.29%, driven by increased market promotion of filter module products and a focus on high-performance products [1]. - The company has significantly increased its R&D investment, with R&D expenses amounting to 494 million yuan, accounting for 21.58% of revenue, up from 6.34% in the previous year [1]. - The company is expanding its product offerings in the high-end market, leveraging its self-built production lines and focusing on differentiated technologies and materials [1]. Financial Summary - Revenue projections for the company are as follows: 5.073 billion yuan in 2024, 6.234 billion yuan in 2025, and 7.019 billion yuan in 2026, with growth rates of 15.87%, 22.88%, and 12.60% respectively [2]. - The net profit is expected to be 932 million yuan in 2024, with a decline of 16.99%, followed by a recovery to 1.187 billion yuan in 2025 and 1.446 billion yuan in 2026 [2]. - The company’s PE ratio is projected to decrease from 60.57 in 2024 to 39.03 in 2026, indicating an improving valuation over time [2]. Balance Sheet and Cash Flow - The total assets are projected to grow from 10.958 billion yuan in 2023 to 15.293 billion yuan in 2026, reflecting a strong asset base [3]. - Operating cash flow is expected to be 862 million yuan in 2024, with a significant increase to 2.505 billion yuan by 2026 [3]. - The company is expected to maintain a healthy financial position with total liabilities increasing from 1.154 billion yuan in 2023 to 1.859 billion yuan in 2026 [3].

江苏卓胜微电子股份有限公司 关于公司股票交易异常波动的公告 证券代码：300782 证券简称：卓胜微 公告编号：2024-058 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所创业板股票 上市规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、 意向、协议等；董事会也未获悉本公司有根据《深圳证券交易所创业板股票上市 规则》等有关规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格 产生较大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 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。 一、股票交易异常波动的情况介绍 江苏卓胜微电子股份有限公司（以下简称"公司"、"本公司"）（证券代码： 300782；证券简称：卓胜微），股票交易价格于 2024 年 9 月 30 日、10 月 8 日、 10 月 9 日连续三个交易日收盘价涨幅偏离值累计超过 30%，根据深圳证券交易 所相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票异常波动，公司董事会通过自查及电子邮件函询的方式对实际 控制人就有关事项进 ...

证券代码：300782 证券简称：卓胜微 公告编号：2024-057 | | 是否为 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 控股股 东或第 | 本次质押 | 占其所 | 占公司 | 是 否 | 是 否 为 补 | | 质押 | | 质押 | | 股东名称 | 一大股 | 数量 | 持股份 | 总股本 | 为 限 | 充 质 | 质押起始日 | 到期 | 质权人 | 用途 | | | 东及其 | （股） | 比例 | 比例 | 售股 | 押 | | 日 | | | | | 一致行 | | | | | | | | | | | | 动人 | | | | | | | | | | | | | 230,000 | 0.57% | 0.04% | 否 | 是 | 2024/8/23 | 质押 解除 | 中信证 券股份 有限公 | 补充 质押 | | | | | | | | | | 之日 | 司 | | | FENG CHENHUI | 是 | 630,000 | 1.56% | ...

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]