卓胜微(300782)：2Q2025营收环比改善 芯卓产线建设顺利推进

Group 1: Financial Performance - In 1H2025, the company achieved operating revenue of 1.704 billion yuan, a year-on-year decrease of 25.42% [1] - The net profit attributable to the parent company was -147 million yuan, a year-on-year decline of 141.59% [1] - The non-recurring net profit attributable to the parent company was -151 million yuan, a year-on-year decrease of 142.77% [1] - In 2Q2025, the company reported operating revenue of 948 million yuan, a year-on-year decrease of 13.43% but a quarter-on-quarter increase of 25.43% [1] - The net profit attributable to the parent company in 2Q2025 was -101 million yuan, with the loss margin expanding quarter-on-quarter [1] - The gross profit margin for 1H2025 declined to 28.75% due to high wafer costs and increased depreciation [1] Group 2: Business Model and Product Development - The company is deepening its Fab-Lite operating model, with the revenue share of RF front-end modules increasing from 36.34% in the previous year to 44.35% [2] - The company has successfully validated its first domestically supplied L-PAMiD product and has entered the mass production and delivery phase [2] - The WiFi 7 module has achieved large-scale production and stable shipments, while automotive-grade UWB chips have entered mass production [2] - The 6-inch filter production line has achieved mass production of duplexers and quadplexers, with integrated self-produced filters being successfully introduced to multiple brand customers [2] - The 12-inch production line has rapidly increased capacity to 5,000 wafers per month and has entered a stable production phase with high product yield [2] - As production volume increases and operational efficiency improves, the high-cost issues due to low capacity utilization are expected to gradually ease, leading to a stabilization and recovery of product gross margins [2] Group 3: Future Projections - The company projects revenues of 4.22 billion yuan, 5.21 billion yuan, and 5.86 billion yuan for the years 2025, 2026, and 2027, respectively [3] - The net profits attributable to the parent company are expected to be -58 million yuan, 405 million yuan, and 743 million yuan for the years 2025, 2026, and 2027, respectively [3] - Corresponding PE ratios for 2026 and 2027 are projected to be 111.92 and 61.03 times, respectively [3]