卓胜微：芯卓产线上线或影响公司利润水平

Investment Rating - The report assigns a "Buy" rating for the company, 卓胜微 (300782 CH) [2][9]. Core Views - The target price for the company has been adjusted down to RMB 97.00, reflecting a potential upside of 15.6% from the current price of RMB 83.90 [1][7]. - The company is expected to experience a slight revenue increase in 2024, with projected revenue of RMB 4.49 billion, representing a year-on-year growth of 2.6%, which is slightly below previous expectations [7][8]. - The net profit forecast for 2024 is set between RMB 3.80 billion and RMB 4.93 billion, indicating a significant decline of 56.07% to 66.14% year-on-year, primarily due to increased R&D expenses related to the 12-inch IPD production line and new L-PAMiD products [7][8]. - The report anticipates a stable gross margin in Q4 2024, maintaining around 37.1% [7]. - The company is actively expanding its market share in RF module products while facing conservative downstream demand and stable inventory strategies, which may lead to a revenue decline in the second half of 2024 [7][8]. Financial Overview - Revenue projections for the company are as follows: RMB 4,491 million in 2024, RMB 5,454 million in 2025, and RMB 6,446 million in 2026, with corresponding growth rates of 2.6%, 21.4%, and 18.2% respectively [6][11]. - The net profit for 2024 is expected to be RMB 433 million, with a significant drop from RMB 1,069 million in 2022 [6][11]. - The earnings per share (EPS) forecast for 2024 is RMB 0.81, down from previous estimates of RMB 1.01 [8][11]. - The report projects a decrease in operating profit margins to 10.0% in 2024, down from earlier expectations of 11.9% [8][11]. - The company’s market capitalization is approximately RMB 44.85 billion, with a 52-week high of RMB 120.10 and a low of RMB 59.10 [4][11].