卓胜微：前三季度收入同比增长10%，短期利润承压

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company reported a revenue growth of 10% year-on-year for the first three quarters of 2024, with total revenue reaching 3.367 billion yuan, while the net profit attributable to shareholders decreased by 48% to 425 million yuan [1][2]. - The gross margin for the first three quarters of 2024 was 40.52%, a decline of 7.4 percentage points compared to the same period last year, with the third quarter gross margin at 37.14%, down 9.4 percentage points year-on-year [1]. - The company is facing increased depreciation pressure in the short term due to the industrialization of its Chip Zha Semiconductor segment, which is expected to enhance its competitive edge in the long term [1]. Financial Performance Summary - Revenue for 2024 is projected at 4.491 billion yuan, with a slight increase of 2.6% from 2023, while net profit is expected to decrease to 702 million yuan, a drop of 37.4% [2][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.31 yuan, with a PE ratio of 71.6 [2][10]. - The gross margin is expected to decline to 40% in 2024, with an EBIT margin of 15.8% [10]. Cost Structure and Expenses - Research and development expenses increased by 83.5% to 753 million yuan in the first three quarters of 2024, with a research expense ratio of 22.35% [1][10]. - The total expense ratio increased by 16.2 percentage points year-on-year, driven by higher R&D and financial expenses [1]. Market Position and Future Outlook - The company has established a platform for RF front-end products, maintaining its "Outperform the Market" rating despite a weak recovery in mobile demand and increased R&D investments [1][3]. - The company is transitioning to mass production of its 12-inch IPD platform, which is expected to enhance its resource platform advantages and competitive position in the market [1].