Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for future performance [1][2]. Core Views - The company is positioned as a leading player in the domestic semiconductor RF chip market, transitioning towards a Fablite model, which is expected to unlock a high-end RF front-end market worth hundreds of billions [2]. - Revenue for the first three quarters of 2024 is projected to grow by 9.55% year-on-year, while net profit is expected to decline by 48.05% [5][6]. - The company is anticipated to achieve net profits of 5.41 billion, 8.54 billion, and 13.13 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 96.7, 61.3, and 39.9 [2]. Financial Summary - For the first three quarters of 2024, total revenue reached 3,367.44 million yuan, with a year-on-year growth of 9.55% [6]. - The net profit attributable to the parent company was 425.42 million yuan, reflecting a year-on-year decrease of 48.05% [6]. - In Q3 2024, the company reported revenue of 1,082.73 million yuan, a decrease of 1.13% from the previous quarter, and a net profit of 71.05 million yuan, down 54.63% quarter-on-quarter [4][3]. - The gross margin for Q3 2024 was 37.14%, down 4.26 percentage points from the previous quarter, while the net margin was 6.63%, down 7.63 percentage points [4][3]. Revenue Breakdown - The revenue from RF modules in the first three quarters of 2024 increased by 39% year-on-year, while revenue from RF discrete devices decreased by 6.42% [1]. - The company has successfully integrated self-produced RF switches into its modules, which are now in mass production and shipment [1]. Market Position - The company is expected to become a domestic leader in the PAMiD product line, benefiting from high-value market segments [1][2]. - The transition to mass production of self-developed IPD filters and RF switches is anticipated to enhance the company's competitive edge in the market [1].
卓胜微：24年前三季度营收同比+10%，25年发射端模组L-PAMiD放量可期