Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is positioned as a leading player in the RF front-end market, with a comprehensive product lineup and a strategic shift towards a Fab-Lite model, enhancing its competitive edge [1][15] - The RF front-end market is projected to grow significantly, with a shift towards domestic alternatives due to geopolitical factors, presenting growth opportunities for local manufacturers [2][12] - The company's Chip Project is progressing well, with ongoing capacity expansion and a recent fundraising initiative aimed at enhancing production capabilities [3][18] Summary by Sections 1. RF Full Product Layout and Fab-Lite Model - The company focuses on RF front-end chip development, including RF switches, low-noise amplifiers, filters, and power amplifiers, and is expanding into low-power Bluetooth MCU chips [1][15] - The company has successfully transitioned to a Fab-Lite model, establishing a 6-inch SAW filter production line that has entered mass production [15][18] - The management team has a strong background, with founders holding significant shares and experience in the industry, which supports the company's strategic direction [21][24] 2. RF Front-End Market Growth and Domestic Substitution - The global RF front-end market is expected to grow from USD 19.2 billion in 2022 to USD 26.9 billion by 2028, with a CAGR of 5.8% [2] - Domestic manufacturers are gaining market share in the filter and L-PAMiD module sectors, driven by a push for local supply chains amid trade tensions [2][12] 3. Chip Project Progress and Capacity Expansion - The Chip Project has reached mid-delivery stages, with the 6-inch filter production line achieving full product layout and the 12-inch IPD platform entering mass production [3][18] - A new round of fundraising aims to raise up to CNY 3.5 billion for expanding RF chip manufacturing, positioning the company favorably for future growth [3][18] 4. Profit Forecast and Investment Recommendations - Revenue projections for 2025, 2026, and 2027 are CNY 4.91 billion, CNY 5.61 billion, and CNY 6.67 billion, respectively, with expected growth rates of 9.5%, 14.2%, and 19.0% [4][6] - The company is anticipated to return to profitability in the second half of 2025 as production capacity utilization improves [25]
卓胜微（300782）：射频前端龙头，厚积方可薄发