卓胜微（300782）：短期盈利能力承压，L-PAMiD产品进入量产交付阶段

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's short-term profitability is under pressure, with a significant decline in revenue and net profit in the first half of 2025. Revenue reached 1.704 billion yuan, down 25.42% year-on-year, and the net profit attributable to shareholders was -147 million yuan, down 141.59% year-on-year [1][2] - The company has entered the mass production and delivery phase for its L-PAMiD product series, which is the first in the industry to achieve a fully domestic supply chain. The WiFi7 module products have also achieved large-scale production and stable shipments [3][6] - The company is expected to see a stabilization and recovery in gross margins as cost reduction points emerge, with production capacity ramping up and operational efficiency improving [2][3] Financial Performance Summary - In the first half of 2025, the company's revenue from RF discrete devices was 899 million yuan (down 29.01% year-on-year), accounting for 53% of total revenue, while RF module revenue was 756 million yuan (down 21.79% year-on-year), accounting for 44% [2] - The company's gross margin decreased to 28.75%, down 13.4 percentage points year-on-year, with R&D expenses reduced by 17.5% to 407 million yuan [1][2] - The financial forecast for 2025-2027 has been adjusted, with net profit estimates revised down to 444 million yuan, 749 million yuan, and 955 million yuan for 2025, 2026, and 2027 respectively [3][5] Key Financial Metrics - The company is projected to achieve revenues of 4.494 billion yuan in 2025, with a slight increase of 0.1% year-on-year. The net profit for 2025 is expected to be 444 million yuan, reflecting a 10.4% increase from 2024 [5][25] - The earnings per share (EPS) for 2025 is estimated at 0.83 yuan, with a PE ratio of 101.6 [5][25] - The company's EBIT margin is projected to be 11.2% in 2025, with a return on equity (ROE) of 4.2% [5][25]