卓胜微：公司简评报告：芯卓产能稳步爬坡，L-PAMiD已通过部分品牌客户验证

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved significant growth in revenue and is positioned as a leader in the RF front-end market, with a focus on self-sufficiency and strong core capabilities [6][8] - The company reported a revenue of 1.095 billion yuan in Q2 2024, reflecting a year-over-year increase of 14.84%, but a quarter-over-quarter decrease of 7.95% [8] - The gross profit margin for the first half of 2024 was 42.12%, down 6.94 percentage points year-over-year, attributed to increased competition and a higher proportion of lower-margin RF module sales [8] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 2.285 billion yuan, a year-over-year increase of 37.20%, with a net profit of 354 million yuan, down 3.32% year-over-year [8] - The gross profit margin for the first half of 2024 was 42.12%, down from the previous year [8] Product Development and Market Position - The company is enhancing its Fab-Lite production model, with 6-inch and 12-inch production lines ramping up capacity [9] - The proportion of self-produced filters in products has reached a high level, contributing to a competitive edge [9] - The L-PAMiD module series has passed validation with several brand clients, showcasing the company's capability for high-end product development [9] Future Outlook - The company is expected to benefit from scale effects as production lines mature, leading to cost reductions for mature products and breakthroughs in high-end product localization [9] - Revenue forecasts for 2024, 2025, and 2026 are set at 5.259 billion, 6.254 billion, and 7.333 billion yuan respectively, with net profits projected at 839 million, 1.083 billion, and 1.455 billion yuan [9][11]