证券研究报告 | 公司动态点评 2025 年 08 月 25 日 卓胜微（300782.SZ） L-PAMiD 顺利进入量产，6/12 英寸产线稼动率提升，毛利率有望企稳回升。 (1)6英寸产线：双工器/四工器/六工器、单芯片多频段滤波器等规模量产， 集成自产滤波器的 DiFEM/L-DiFEM/GPS/WiFi 模组等持续放量；L-PAMiD 放量 已从部分客户小批量顺利进入量产交付阶段。 (2)12 英寸产线：基于第一代技术平台的射频开关/LNA 稳定产出，第二代技 术平台逐步实现量产；基于自有产线能力设计并产出的射频传导开关 /Tunner/LNA 已陆续通过客户导入验证。截至 25H1 12 英寸射频芯片生产线 月产能达到 5000 片/月，产能利用率同步高效提升。 (3)先进封装产线：部分产品采用先进封装技术的产品已实现规模出货。 Q2 营收环比+25%，6/12 英寸产线产能利用率提升，毛利率有望企稳回升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元 ...

Core Viewpoint - The company, Weijie Chuangxin, reported a significant decline in revenue and net profit for the fiscal year 2024, primarily due to intensified competition in the RF front-end chip market, leading to price pressures on certain products [4][5][6]. Financial Performance Summary - For the fiscal year 2024, Weijie Chuangxin achieved operating revenue of 210,304.02 million RMB, a decrease of 29.46% compared to the previous year [3][5]. - The net profit attributable to shareholders was -2,372.51 million RMB, down 121.13% year-on-year [5]. - The net profit after excluding non-recurring gains and losses was -5,267.21 million RMB, reflecting a 150.91% decline from the previous year [5]. - The cash flow from operating activities was -318,255.04 million RMB, a decrease of 142.79% compared to the previous year [4]. Revenue Breakdown - The RF power amplifier module contributed 166,303.52 million RMB in revenue, with 5G RF power amplifier modules generating 90,279.20 million RMB, accounting for 54.29% of this business line, an increase of 2.24 percentage points year-on-year [3]. - Revenue from receiving end products reached 43,864.67 million RMB, a year-on-year increase of 26.31%, representing 20.87% of the company's main business [3]. R&D and Cost Management - R&D investment for 2024 was 43,797.4 million RMB, accounting for 20.83% of operating revenue, an increase of 5.65 percentage points from the previous year [4]. - The company is actively optimizing its product structure and controlling costs to mitigate the adverse effects of market competition on performance [4]. Q1 2025 Performance - In Q1 2025, Weijie Chuangxin reported operating revenue of 50,855.68 million RMB, a year-on-year increase of 10.24% [5][7]. - The net profit attributable to shareholders was -1,812.76 million RMB, a decrease of 1,275.46 million RMB compared to the same period last year [5]. - The cash flow from operating activities turned positive at 32,501.16 million RMB, an increase of 58,756.96 million RMB year-on-year, attributed to increased product shipments and reduced inventory [8].

广州慧智微电子股份有限公司 Smarter Microelectronics （Guangzhou）Co., Ltd. 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应 充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 广州市高新技术产业开发区科学城科学大道 182 号创新大厦 C2 第三层 307 单元 招股说明书 （注册稿） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） un 首次公开发行股票并在科创板上市 保荐机构（主承销商） 科创板风险提示 广州慧智微电子股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说 明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出 ...