Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown a quarter-on-quarter revenue increase of 25% in Q2, with improved capacity utilization on the 6/12 inch production lines, indicating a potential stabilization and recovery in gross margin [1][4] - The company is positioned as a leading player in the domestic semiconductor RF chip market, having completed the transition to a Fab-Lite operating model, which is expected to unlock a high-end RF front-end market worth hundreds of billions [4] Financial Summary - For 2023, the projected revenue is 4,378 million yuan, with a year-on-year growth rate of 19.1%. The net profit attributable to shareholders is expected to be 1,122 million yuan, reflecting a growth rate of 5.0% [15] - The revenue for H1 2025 is reported at 1,704 million yuan, a year-on-year decrease of 25.42%, with a net loss attributable to shareholders of 147 million yuan [11][12] - The gross margin for Q2 2025 is reported at 26.95%, down 4.06 percentage points from the previous quarter, primarily due to increased competition and depreciation costs [9][10] Production Capacity and Product Development - The 6-inch production line has successfully ramped up production of various RF components, including duplexers and integrated filters, with the L-PAMiD product entering mass production [3][4] - The 12-inch production line has achieved a monthly production capacity of 5,000 chips, with efficient utilization rates, and is gradually moving towards mass production of second-generation technology platforms [4] Market Position and Future Outlook - The company is expected to achieve net profits of 425 million yuan, 766 million yuan, and 1,103 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 100.6, 55.9, and 38.8 [4][15] - The report emphasizes the potential for the company to capture significant market share in the high-end RF front-end market, driven by its technological advancements and production capabilities [4]
卓胜微（300782）：Q2营收环比+25%，6、12英寸产线产能利用率提升，毛利率有望企稳回升