研报掘金丨国盛证券：首予卓胜微“买入”评级，判断公司有望在25H2扭亏为盈

Core Viewpoint - Guosheng Securities report highlights that ZTE Microelectronics is a leader in the RF front-end sector, emphasizing the importance of strategic transformation and investment in technology innovation and supply chain optimization [1] Company Strategy - The company is actively transitioning from a Fabless to a Fab-Lite business model, significantly investing in the Chip project construction, which reflects its multi-dimensional strategic layout in technology innovation, supply chain optimization, and market expansion [1] - Despite facing short-term pressures from industry competition and depreciation costs, the company is expected to achieve profitability in the second half of 2025 as capacity utilization continues to improve [1] Market Opportunities - The recent US-China trade conflict has reinforced end customers' determination to fully replace upstream supply chains with domestic alternatives, indicating substantial growth potential for domestic manufacturers in the filter and L-PAMiD module sectors [1] - The company is optimistic about the growth opportunities presented by a new round of domestic substitution [1] Project Development - The Chip project is progressing steadily, with plans for significant capacity expansion [1] - Given the company's leading position in the domestic RF front-end market, it has been assigned a "Buy" rating for the first time [1]