卓胜微(300782)：业绩阶段性承压 看好后续复苏与全年增长

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to high comparison base from the previous year and changes in customer ordering patterns [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 756 million yuan, a year-on-year decrease of 36.47% [1]. - The company recorded a net profit attributable to shareholders of -47 million yuan, with a non-recurring net profit of -54 million yuan, both showing a transition from profit to loss compared to the previous year [1]. - The gross margin for Q1 2025 was 31.01%, down by 11.77 percentage points year-on-year and 5.38 percentage points quarter-on-quarter [2]. Group 2: Operational Insights - The revenue decline was attributed to a weak seasonal demand in Q1 2025 and changes in the ordering rhythm of major customers [1]. - The company is experiencing its second consecutive quarter of losses, with Q4 2024 and Q1 2025 being the only two quarters of loss since its listing [2]. - The increase in fixed asset depreciation costs due to the large-scale transition of the 12-inch production line has significantly impacted the gross margin [2]. Group 3: Strategic Outlook - The IDM strategy is progressing steadily, with stable operations and mass production of 6-inch and 12-inch production lines in Q1 2025 [2]. - The company is focusing on enhancing its technology matrix and product introduction, which is expected to improve capacity utilization over time [2]. - Revenue projections for 2025, 2026, and 2027 are estimated at 4.983 billion yuan, 5.732 billion yuan, and 6.375 billion yuan, respectively, with corresponding net profits of 476 million yuan, 754 million yuan, and 1.12 billion yuan [3].