卓胜微（300782）：芯卓产线折旧对毛利率影响减弱

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90.20 RMB [4][6]. Core Insights - The company reported a revenue of 2.769 billion RMB for the first three quarters, a year-over-year decrease of 17.77%, and a net profit attributable to shareholders of -171 million RMB, a year-over-year decline of 140.13% [1][4]. - In Q3 2025, the company achieved a revenue of 1.065 billion RMB, a year-over-year decrease of 1.62% but a quarter-over-quarter increase of 12.36%. The net profit attributable to shareholders was -23 million RMB, with a year-over-year increase in losses of 94 million RMB but a quarter-over-quarter decrease in losses of 77 million RMB [1][2]. - The company's gross margin in Q3 2025 was 23.37%, down 13.77 percentage points year-over-year and down 3.58 percentage points quarter-over-quarter, primarily due to production line depreciation and market price competition [2][3]. Summary by Sections Financial Performance - The company’s revenue for the first three quarters was 2.769 billion RMB, with a net profit of -171 million RMB. Q3 revenue was 1.065 billion RMB, with a net profit of -23 million RMB [1][4]. - The gross margin for Q3 2025 was 23.37%, reflecting a decline due to various factors including production line depreciation [2][3]. Product and Market Outlook - The company is expected to see improved operating performance in Q4 2025, driven by increased shipments of L-PAMiD and WiFi 7 modules. The gross margin is anticipated to gradually recover as production capacity utilization improves [3][4]. - The company is focusing on differentiated product layouts through self-built production lines, enhancing its competitive advantage in the RF chip market [1][3]. Revenue and Profit Forecast - The revenue forecasts for 2025, 2026, and 2027 are adjusted to 4.020 billion RMB, 4.795 billion RMB, and 5.650 billion RMB, respectively. The gross margin estimates are revised to 27.0%, 30.8%, and 36.4% for the same years [4][11]. - The net profit attributable to shareholders is projected to be -129 million RMB in 2025, with subsequent profits of 177 million RMB and 666 million RMB in 2026 and 2027, respectively [4][11].