Maxscend Microelectronics Company Limited(SZ:300782) Donghai Securities·2025-04-03 02:49Group 1: Company Overview - The report highlights that 卓胜微 (300782) achieved a revenue of 4.487 billion yuan in 2024, representing a year-over-year increase of 2.48%, while the net profit attributable to shareholders was 402 million yuan, a decrease of 64.20% year-over-year [8][9] - The company's revenue from RF modules reached 1.887 billion yuan, up 18.58% year-over-year, increasing its share of total revenue from 36.34% in 2023 to 42.05% in 2024 [9] - The report indicates that the company faced significant depreciation costs and intense market competition, which pressured its gross margin and net profit [9][10] Group 2: Industry Insights - The report notes a growing supply-demand imbalance in the silicon wafer market, exacerbated by a recent earthquake in Myanmar, which is expected to lead to a slight increase in silicon wafer prices [15][17] - The wind power sector is experiencing a surge in bidding and project initiation, with approximately 4980 MW of onshore wind power units tendered and 130 MW opened for bidding as of March 28, 2025 [17][18] - The report suggests that the wind power industry may see improved profitability as bidding prices stabilize and demand for core components remains strong [17][19]