卓胜微：L-PAMiD已在部分品牌客户验证通过，短期利润承压

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][17] Core Views - The company reported a revenue of 2.285 billion yuan for the first half of 2024, representing a year-on-year growth of 37.2%, while the net profit attributable to shareholders decreased by 3.32% to 354 million yuan [1] - The gross margin declined by 6.9 percentage points to 42.12%, with R&D expenses increasing by 94% to 493 million yuan, leading to an R&D expense ratio of 21.58% [1] - The revenue from RF modules grew by 81% year-on-year, accounting for 42% of total revenue, while the revenue from RF discrete devices was 1.266 billion yuan, with a gross margin of 43.25% [1] - The company has successfully validated its integrated self-produced MAX-SAW L-PAMiD product with several brand clients and has achieved full-scale production of its 6-inch filter product line [1] - The 12-inch IPD platform has entered mass production, and the first generation of RF switches and low-noise amplifiers is set to enter production in Q2 2024 [1] - Due to weak recovery in mobile demand and increased R&D investment, the company has revised its net profit forecasts for 2024-2026 down to 914 million, 1.216 billion, and 1.545 billion yuan respectively [1] Financial Summary - For the first half of 2024, the company achieved a revenue of 2.285 billion yuan, with a net profit of 354 million yuan [1][2] - The projected revenues for 2024, 2025, and 2026 are 4.905 billion, 5.809 billion, and 6.709 billion yuan respectively, with corresponding net profits of 914 million, 1.216 billion, and 1.545 billion yuan [2][15] - The earnings per share (EPS) for 2024 is estimated at 1.71 yuan, with a PE ratio of 37.4x [2][15] - The company's EBIT margin is projected to decline to 20.3% in 2024, with a net asset return (ROE) of 8.6% [2][15]