卓胜微（300782）：公司简评报告：业绩逐季改善，产能利用率提升明显

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is showing improvement quarter by quarter, with a significant increase in capacity utilization [1] - Despite a decline in revenue year-on-year due to seasonal demand weakness in the mobile phone sector, the company is experiencing a sequential increase in revenue and net profit from Q1 to Q3 2025, driven by rising industry sentiment and continuous ramp-up of self-owned production capacity [7][8] - The company has successfully increased its market share in high-end RF module products, with the revenue share of RF front-end modules reaching 44.35% in the first half of 2025 [7] - The company is expected to see continued improvement in performance in Q4 2025, supported by the ramp-up of production capacity and product structure adjustments [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan (down 17.77% year-on-year) and a net profit attributable to shareholders of -171 million yuan (down 140.13% year-on-year) [7] - In Q3 2025, the company reported revenue of 1.065 billion yuan (down 1.62% year-on-year, up 12.36% quarter-on-quarter) and a net profit of -23 million yuan (down 132.84% year-on-year, up 76.84% quarter-on-quarter) [7] - The overall gross margin for Q3 2025 was 23.37%, a decrease of 13.77 percentage points year-on-year and a decrease of 3.58 percentage points quarter-on-quarter [7] Production Capacity and Utilization - The company is experiencing a gradual increase in production capacity utilization, with the impact of depreciation from the chip production line gradually diminishing [7] - The 12-inch RF chip production line has reached a capacity scale of 5,000 wafers per month, and the 6-inch filter production line has achieved comprehensive layout and scale production capabilities [7] Revenue and Profit Forecast - The company forecasts revenues of 4.015 billion yuan, 4.974 billion yuan, and 5.784 billion yuan for 2025, 2026, and 2027 respectively [8] - The expected net profits for the same years are -150 million yuan, 307 million yuan, and 705 million yuan respectively [8] - The current market capitalization corresponds to a PE ratio of 130 and 57 times for 2026 and 2027 respectively [7][8]