卓胜微：模组产品贡献增量，自有Fab产线量产出货

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5]. Core Insights - The company reported a revenue of 2.285 billion yuan for H1 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 [1]. - The sales proportion of RF modules reached a record high of 42.29%, driven by increased market promotion of filter module products and a focus on high-performance products [1]. - The company has significantly increased its R&D investment, with R&D expenses amounting to 494 million yuan, accounting for 21.58% of revenue, up from 6.34% in the previous year [1]. - The company is expanding its product offerings in the high-end market, leveraging its self-built production lines and focusing on differentiated technologies and materials [1]. Financial Summary - Revenue projections for the company are as follows: 5.073 billion yuan in 2024, 6.234 billion yuan in 2025, and 7.019 billion yuan in 2026, with growth rates of 15.87%, 22.88%, and 12.60% respectively [2]. - The net profit is expected to be 932 million yuan in 2024, with a decline of 16.99%, followed by a recovery to 1.187 billion yuan in 2025 and 1.446 billion yuan in 2026 [2]. - The company’s PE ratio is projected to decrease from 60.57 in 2024 to 39.03 in 2026, indicating an improving valuation over time [2]. Balance Sheet and Cash Flow - The total assets are projected to grow from 10.958 billion yuan in 2023 to 15.293 billion yuan in 2026, reflecting a strong asset base [3]. - Operating cash flow is expected to be 862 million yuan in 2024, with a significant increase to 2.505 billion yuan by 2026 [3]. - The company is expected to maintain a healthy financial position with total liabilities increasing from 1.154 billion yuan in 2023 to 1.859 billion yuan in 2026 [3].