卓胜微（300782）：3Q25亏损环比收窄，维持中性

Investment Rating - The report maintains a Neutral rating for the company with a target price adjusted to RMB 76.00, reflecting a potential upside of 0.9% from the current closing price of RMB 75.31 [1][10][8]. Core Insights - The company reported a revenue of RMB 1.07 billion in Q3 2025, showing a year-on-year decline of 1.6% but a quarter-on-quarter increase of 12%. The net profit attributable to shareholders was a loss of RMB 0.23 billion, which is a significant improvement from a loss of RMB 1.01 billion in Q2 2025 [8]. - The L-PAMiD product has begun mass production, leveraging the company's technological advantages in filters to penetrate key customer markets. The 6-inch production line is nearing full capacity, and the 12-inch line has started large-scale shipments [8]. - Recent consolidation in the overseas RF front-end market, particularly the merger between Qorvo and Skyworks, indicates a phase of capacity integration and efficiency improvement in the industry. This could benefit domestic manufacturers in gaining market share [8]. - The report highlights that the RF front-end industry may see significant changes following the implementation of new mobile communication network standards, with recent product launches and upgrades driving performance [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 have been revised down to RMB 39.2 billion, RMB 49.7 billion, and RMB 57.7 billion, respectively, from previous estimates of RMB 41.8 billion, RMB 51.7 billion, and RMB 61.2 billion [8][9]. - Net profit estimates for 2025, 2026, and 2027 have also been adjusted to losses of RMB 1.32 billion, and profits of RMB 3.67 billion and RMB 5.81 billion, respectively, down from previous forecasts [8][9]. - The report anticipates that depreciation will remain relatively high in 2026, impacting profitability [8].