卓胜微（300782）：光通信、卫星通讯、高端射频积极储备

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [3][11]. Core Insights - The company is undergoing a transformation to a Fab-Lite model, which is expected to pressure short-term performance. For 2025, the company anticipates revenue of approximately 3.72 to 3.75 billion yuan, representing a year-on-year decline of about 16% to 18%. The net profit attributable to the parent company is projected to be between -295 million and -255 million yuan, a decrease of approximately 163.46% to 173.41% year-on-year [2][3]. - The company is actively preparing for growth in optical communication, satellite communication, and high-end RF sectors. Its SOI technology has evolved from a single product application to a comprehensive core technology platform covering all categories of RF front-end. The ongoing breakthroughs in the second-generation SOI process are expected to further solidify its position in the global RF chip market [2][3]. - The company has launched several high-performance, low-power mobile communication signal low-noise amplifier products based on germanium-silicon technology, which is crucial for efficient optoelectronic conversion in silicon photonics [2]. Financial Projections - Revenue projections for the company are as follows: 2025 at 3.72 billion yuan, 2026 at 4.20 billion yuan, and 2027 at 5.00 billion yuan. The net profit attributable to the parent company is expected to be -270 million yuan in 2025, 250 million yuan in 2026, and 503 million yuan in 2027 [3][5]. - The EBITDA for the years 2025, 2026, and 2027 is projected to be 1.07 billion yuan, 1.57 billion yuan, and 1.82 billion yuan respectively, indicating a recovery in profitability post-2025 [5][10]. - The company’s earnings per share (EPS) is forecasted to be -0.50 yuan in 2025, 0.47 yuan in 2026, and 0.94 yuan in 2027, reflecting a significant turnaround in profitability [5][10]. Relative Valuation - The company is recognized as one of the leading players in the RF front-end sector within the domestic integrated circuit industry, with a comprehensive business model and advanced industry chain layout. The average price-to-book (P/B) ratio for comparable companies is projected at 5.82x for 2026, while the company’s P/B ratio is expected to be around 4.18x [8][9].