卓胜微：自有Fab产线量产出货，射频模组业务成长快速

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance in the near term [4][8]. Core Insights - The company reported a revenue of 2.285 billion yuan for the first half of 2024, representing a year-on-year growth of 37.20%. However, the net profit attributable to shareholders decreased by 3.32% to 354 million yuan [4][6]. - The rapid growth in the RF module business has become a significant driver of revenue, with sales reaching 966 million yuan in the first half of 2024, up 81.41% year-on-year [6][8]. - The company is transitioning to a Fab-Lite operating model, enhancing its competitive edge through in-house production capabilities and reducing reliance on external suppliers [6][8]. Financial Summary - The company achieved a gross margin of 42.12% in the first half of 2024, down 6.94 percentage points from the previous year, primarily due to increased depreciation from new production lines [8]. - The report projects revenues for 2024 to be 5.102 billion yuan, with net profits expected to be 899 million yuan, reflecting a decrease from previous estimates [8][10]. - The company's earnings per share (EPS) for 2024 is projected to be 1.68 yuan, with a price-to-earnings (P/E) ratio of 39.5 times based on the closing price on August 30 [8][10]. Market Dynamics - The domestic market shows a significant recovery, with sales increasing by 132% year-on-year to 952 million yuan, while the overseas market remains relatively weak, growing only 6.22% [6][8]. - The competitive landscape is intensifying, leading to increased pressure on profitability, particularly due to rising costs associated with new production facilities [6][8]. Future Outlook - The company is expected to benefit from the ramp-up of its self-built filter production lines and the introduction of high-end products, which could enhance its market position and profitability in the long term [8]. - Despite short-term challenges, the report expresses optimism about the company's future growth potential, maintaining a positive investment stance [8].