卓胜微（300782）：4Q24：产线相关费用、折旧导致亏损

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.4 RMB [7]. Core Views - The company achieved a revenue of 4.487 billion RMB in 2024, a year-on-year increase of 2.5%, but the net profit attributable to shareholders decreased by 64.2% to 402 million RMB due to increased module revenue share, production line depreciation, and market competition [1][2]. - The company is expected to benefit from an increase in market share for filter modules and the ramp-up of LPAMiD products in 2025, although gross margins may continue to be pressured by production line depreciation [1][3]. Summary by Sections Financial Performance - In 2024, the company's revenue was 4.487 billion RMB, slightly below the expected 4.564 billion RMB, with a gross margin of 39.49%, down 6.96 percentage points year-on-year [1][2]. - The fourth quarter of 2024 saw a revenue of 1.119 billion RMB, a year-on-year decrease of 14.2% and a quarter-on-quarter increase of 3.4%, with a net loss of 24 million RMB [1][2]. Market Outlook - For 2025, the company is projected to see revenue growth driven by increased market share in filter modules and the mass production of LPAMiD products, with the global Android smartphone shipment expected to grow by 2.5% [3][4]. - The company’s self-developed RF switches and low-noise amplifiers have entered mass production, enhancing its competitive advantage [3]. Investment Recommendations - The target price is set at 93.4 RMB, reflecting a 10x price-to-sales ratio based on 2025 estimates, with expected revenues of 4.995 billion RMB in 2025, 5.851 billion RMB in 2026, and 6.739 billion RMB in 2027 [4][6]. - The report indicates that the company remains a leader in the domestic RF industry, with a solid foundation in receiving end products and a gradually improving layout in the transmitting end [4].