Xin Lang Cai Jing·2025-09-25 06:21Core Viewpoint - The report from Dongwu Securities highlights the growth potential of L-PAMiD's domestic supply chain and performance iteration, which is expected to drive Zhaosheng Micro's mass production delivery and open new growth opportunities [1] Group 1: Product Development - Zhaosheng Micro's L-PAMiD product has successfully passed validation from several mainstream clients and has entered the mass production delivery phase [1] - L-PAMiD is a flagship product for the company's future revenue growth, integrating various RF components into a front-end module, marking the industry's first fully domestic supply chain series [1] Group 2: Market Outlook - The product is currently being delivered in small batches to some clients, with expectations to ramp up production in the second half of the year, potentially creating new growth avenues for the company [1] - The overall market demand for RF front-end chips is currently in a seasonal downturn, leading to a downward revision of the company's revenue forecasts for 2025-2026 to 4.599 billion and 5.450 billion yuan, respectively [1] Group 3: Financial Projections - The net profit forecasts for 2025-2026 have been adjusted down to 303 million and 723 million yuan, with a new projection for 2027 net profit set at 1.117 billion yuan [1] - Despite the downward revisions, the company is viewed positively as an industry leader with strong future growth potential, maintaining a "buy" rating [1]