Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is positioned as a leading player in the RF front-end market, with a comprehensive product lineup and a strategic shift towards a Fab-Lite model, enhancing its competitive edge [1][15] - The RF front-end market is projected to grow significantly, with a shift towards domestic alternatives due to geopolitical factors, presenting growth opportunities for local manufacturers [2][12] - The company's Chip Project is progressing well, with ongoing capacity expansion and a recent fundraising initiative aimed at enhancing production capabilities [3][18] Summary by Sections 1. RF Full Product Layout and Fab-Lite Model - The company focuses on RF front-end chip development, including RF switches, low-noise amplifiers, filters, and power amplifiers, and is expanding into low-power Bluetooth MCU chips [1][15] - The company has successfully transitioned to a Fab-Lite model, establishing a 6-inch SAW filter production line that has entered mass production [15][18] - The management team has a strong background, with founders holding significant shares and experience in the industry, which supports the company's strategic direction [21][24] 2. RF Front-End Market Growth and Domestic Substitution - The global RF front-end market is expected to grow from USD 19.2 billion in 2022 to USD 26.9 billion by 2028, with a CAGR of 5.8% [2] - Domestic manufacturers are gaining market share in the filter and L-PAMiD module sectors, driven by a push for local supply chains amid trade tensions [2][12] 3. Chip Project Progress and Capacity Expansion - The Chip Project has reached mid-delivery stages, with the 6-inch filter production line achieving full product layout and the 12-inch IPD platform entering mass production [3][18] - A new round of fundraising aims to raise up to CNY 3.5 billion for expanding RF chip manufacturing, positioning the company favorably for future growth [3][18] 4. Profit Forecast and Investment Recommendations - Revenue projections for 2025, 2026, and 2027 are CNY 4.91 billion, CNY 5.61 billion, and CNY 6.67 billion, respectively, with expected growth rates of 9.5%, 14.2%, and 19.0% [4][6] - The company is anticipated to return to profitability in the second half of 2025 as production capacity utilization improves [25]

Core Viewpoint - The semiconductor industry in A-shares is experiencing a downturn due to the cyclical nature of the sector and slow recovery in consumer electronics demand, leading to widespread declines in net profits among listed companies. However, some leading firms have shown signs of recovery in the second quarter, driven by sectors like artificial intelligence, automotive electronics, and power grids. Group 1: Semiconductor Design Companies - Chip design companies are accelerating inventory reduction, with many reporting a decline in performance in the first half of the year, but some have stabilized and shown growth in the second quarter [2][3] - Rockchip, a leader in AIoT chips, expects revenue of approximately 858 million yuan, a year-on-year decrease of about 31%, but a sequential growth of around 60% in the second quarter [2] - GigaDevice, a leader in Nor Flash memory, anticipates a net profit of about 340 million yuan, down over 70% year-on-year, but with a nearly 30% increase from the first quarter [2] Group 2: Fingerprint Recognition and Wireless Chip Companies - Goodix, a leader in fingerprint recognition chips, expects revenue of about 2.02 billion yuan, a year-on-year increase of approximately 10.5%, but a net loss of about 137 million yuan [3] - Broadcom Integrated anticipates a net loss of between 64.8 million and 43.3 million yuan for the first half of 2023, with some improvement in the second quarter [3] - Zhaoxin Microelectronics, heavily reliant on the mobile market, expects a revenue decline of 25.48% year-on-year, with a net profit decrease of 50.01% to 55.06% [3] Group 3: Packaging and Testing Companies - Packaging and testing companies are showing significant sequential growth, with Tongfu Microelectronics reporting revenue of approximately 9.909 billion yuan, a year-on-year increase of 3.58%, but a net loss of 17 to 19.8 million yuan [7] - Longji Technology, a leading packaging and testing company, expects a net profit of 446 to 546 million yuan, a year-on-year decrease of 64.65% to 71.08%, but a significant increase in the second quarter [8] - Crystal Technology anticipates a net profit of 70 to 80 million yuan, a year-on-year decline of 58.11% to 63.35%, but expects to double its profit in the second quarter compared to the first [9] Group 4: Equipment Companies - Despite the overall semiconductor sector being in a downturn, equipment companies are experiencing rapid growth, with North Huachuang reporting revenue of 7.82 to 8.95 billion yuan, a year-on-year increase of 43.65% to 64.41% [10] - Zhongwei Company, a leader in etching equipment, expects revenue of approximately 2.527 billion yuan, a year-on-year increase of about 28.13%, with a net profit increase of 109.49% to 120.18% [11] - Wan Ye Enterprises is increasing its focus on integrated circuits, expecting a net profit of about 118 million yuan, a year-on-year increase of approximately 316% [12]

据卓胜微公告，许志翰、FENGCHENHUI（冯晨晖）、YIGEBING（易戈兵）于2025年6月13日至 2025年8月6日共计减持5,345,304股，占总股本比例的0.9992%，按减持均价计算，减持金额共计3.80亿 元。 | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 减持占总股 | | --- | --- | --- | --- | --- | --- | | | | | (元/股) | (股) | 本比例 | | 许志翰 | 大宗交易 | 2025年6月13日 | 63.44 | 350,000 | 0.0654% | | | 集中竞价 | 2025年6月17日至 | 69.78 | 719,040 | 0.1344% | | | | 2025年6月19日 | | | | | FENG | 大宗交易 | 2025年6月13日 | 63.44 | 350,000 | 0.0654% | 中国经济网北京8月11日讯 卓胜微(300782.SZ)近日披露的关于实际控制人及其一致行动人股份变动 触及1%暨减持计划实施完成的公告。 公司于近日收到了实际控制人及其一致行动人许志翰、 ...

江苏卓胜微电子股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日在巨 潮资讯网披露了《关于实际控制人及其一致行动人减持股份的预披露公告》（公 告编号：2025-046）。公司实际控制人及其一致行动人许志翰先生、FENG CHENHUI （冯晨晖）先生、YI GEBING（易戈兵）女士计划在减持期间内通过集中竞价方式 及/或大宗交易方式合计减持公司股份不超过 5,345,475 股（占本公司总股本比例 1.00%）。 证券代码：300782 证券简称：卓胜微 公告编号：2025-067 江苏卓胜微电子股份有限公司 关于实际控制人及其一致行动人股份变动触及1% 暨减持计划实施完成的公告 实际控制人及其一致行动人许志翰先生、FENG CHENHUI（冯晨晖）先生、 YI GEBING（易戈兵）女士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。 二、本次股东权益变动比例触及 1%的情况 公司于近日收到了实际控制人及其一致行动人许志翰先生、 FENG CHENHUI（冯晨晖）先生、YI GEBING（ ...

| 601298 | 青岛港 | 1.82 | 0.31 | 8.86 | 8.95 | 1.01 | | --- | --- | --- | --- | --- | --- | --- | | 300782 | 卓胜微 | 2.88 | 3.82 | 77.15 | 77.90 | 0.98 | | 600368 | 五洲交 | 1.39 | 2.44 | 4.35 | 4.39 | 0.91 | | | 通 | | | | | | | 872808 | 曙光数 | 1.02 | 2.07 | 61.05 | 61.60 | 0.90 | | | 创 | | | | | | | 600797 | 浙大网 | 2.21 | 12.71 | 10.09 | 10.18 | 0.86 | | | 新 | | | | | | | 603931 | 格林达 | 1.26 | 2.57 | 27.21 | 27.42 | 0.78 | | 002584 | 西陇科 | 0.78 | 5.68 | 9.04 | 9.10 | 0.71 | | | 学 | | | | | | | 688593 | 新相微 | 1.50 | ...

内容概要：手机天线，即手机上用于接收信号的设备。手机天线主要就内置及外置天线两种，内置天线 客观上必然比外置天线弱。内置天线主要有两种类型：PIFA天线和MONOPOLE天线。手机通信天线是 手机通信行业的重要组成部分，随着5G技术的快速发展，手机天线的需求也在不断增加。2024年，全 球手机出货量14.81亿台，手机通信天线市场规模19.8亿美元；预计2025年，全球手机出货量约15亿台， 手机通信天线市场规模约20亿美元。全球智能手机通信天线分为蜂窝通信系统、wofi通信系统及其他通 信系统，其中，蜂窝通信系统占主导地位。2024年，蜂窝通信系统占智能手机通信天线的43.5%，wofi 通信系统占30%。随着5G技术的不断普及和深化应用，消费者对5G手机的需求日益旺盛。手机天线设 计则是智能手机产品设计中最重要的一环，随着通信技术的不断进步，手机天线的设计和制造技术也在 不断创新，以满足不同网络环境和用户需求，手机天线正朝着更高效、更集成、更智能的方向快速演 进。 1、全球手机天线行业现状 上市企业：信维通信[300136]、硕贝德[300322]、立讯精密[002475]、飞荣达[300602]、卓胜微 ...

Core Viewpoint - The article discusses the rapid development of domestic RF front-end manufacturers in China and the critical decision they face regarding whether to adopt the IDM (Integrated Device Manufacturer) model or the Design House model for future growth [1][2]. Summary by Sections International Development Models - Major international RF front-end manufacturers like Skyworks and Qorvo initially adopted the IDM model due to the lack of specialized GaAs foundries and packaging facilities [2][3]. - Qualcomm and Broadcom, entering the RF front-end market later, opted for the Design House model, leveraging the availability of mature GaAs foundries [3][4]. Domestic Manufacturer Strategies - Domestic manufacturers such as Zhaoshengwei and Weijiechuangxin are exploring the IDM route, with Zhaoshengwei investing nearly 10 billion in a 12-inch production line [5]. - Other companies like Aongruiwei and Feixiang are also establishing their own facilities, but many are still in the exploratory phase due to financial constraints [5][6]. Financial Considerations - A 12-inch wafer factory with a capacity of 20,000 wafers is crucial for profitability, with a monthly demand of 8,000 wafers potentially generating sales of around 4 billion [7]. - The financial burden of building and maintaining multiple facilities under the IDM model can be significant, especially for companies with current revenues below 5 billion [8]. Long-term Perspectives - The IDM model can lead to differentiated processes and improved financial performance over time, but it requires substantial investment in R&D and production capabilities [9]. - The Design House model allows companies to collaborate with foundries and leverage existing technologies, which can be advantageous in the current competitive landscape [9]. Conclusion - Both IDM and Design House models have their pros and cons, and companies must choose based on their unique circumstances and market opportunities [9].

Fundraising Activities - Zhongke Chuangxing announced the first closing of its fund with a scale of 2.617 billion yuan, focusing on hard technology projects in various industries including artificial intelligence [5] - KKR successfully raised 28 billion USD, increasing its assets under management (AUM) by 14% to 686 billion USD, with a target of reaching 1 trillion USD AUM by 2029 [9] - China Chengtong signed a framework cooperation agreement with Jiangsu Province to establish a 10 billion yuan fund, targeting strategic emerging industries [11] - Coller Capital announced a record fundraising of 6.8 billion USD for its second credit opportunities fund, showcasing its strong position in the private secondary market [14] - BlueFive Capital completed fundraising for its 2 billion USD private equity fund, focusing on sectors like healthcare and technology in the GCC region [16] - Changjiang Industrial Group established a 5 billion yuan fund focusing on specialized vehicles and high-end manufacturing [18] - Suzhou Taikang Investment Fund was registered with a total contribution of 3.1 billion yuan, marking the establishment of a new RMB fund in Suzhou [20] - Yuanhe Puhua launched its first private equity fund in Shanghai, focusing on the integrated circuit industry [22][23] - Dongfang Jiafu established a 1.6 billion yuan fund in Ordos, focusing on advanced manufacturing and information technology [25] - Kewai Fund announced the establishment of a 1 billion yuan smart energy fund, supported by Total Energy [27] Investment Strategies - KKR's new fundraising efforts are part of a broader trend of significant dollar fundraising among VC firms, indicating a shift in the domestic dollar fund ecosystem [7] - Blackstone announced an investment of over 25 billion USD in Pennsylvania's digital and energy infrastructure, aiming to stimulate an additional 60 billion USD in investments [13] - The establishment of AIC pilot funds by Shenzhen Investment Control Capital aims to connect financial resources with the real economy, supporting high-quality development in Shenzhen [34] Sector Focus - The funds established by various companies are primarily targeting sectors such as artificial intelligence, advanced manufacturing, new materials, and digital infrastructure, reflecting a strategic focus on innovation and technology [5][11][25][34] - The collaboration between Renault and Chinese private equity firms aims to explore investment opportunities in the electric vehicle sector, emphasizing technology innovation and industry capital empowerment [43]

人民财讯7月30日电，卓胜微（300782）7月30日在互动平台回复称，公司L-PAMiD系列产品已在部分 客户开始小批量交付，预计该产品下半年将进入起量阶段。 ...

格隆汇7月30日丨卓胜微(300782.SZ)于投资者互动平台表示，公司L-PAMiD系列产品已在部分客户开始 小批量交付。预计该产品下半年将进入起量阶段，具体产品的经营情况烦请关注公司的定期报告。 ...