丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 大厂财报陆续发布，关注云基础资源投资机遇 2025 年第 17 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块持续震荡调整，小幅反弹 0.80%。在长江一级行业中排名第 18 位，两市成交 额占比为 9.95%，跨境支付及业绩高增标的持续活跃。上周中国人民银行等四部委联合印发了 《上海国际金融中心进一步提升跨境金融服务便利化行动方案》；《车载事故紧急呼叫系统》正 式发布。本周建议关注：1）中国推理算力产业链，重点推荐国内 AI 芯片领军寒武纪；2）云服 务厂商，重点关注与 DeepSeek 合作的相关云厂商，3）IDC，重点关注于腾讯、阿里、字节等 大厂合作的 IDC。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 大厂财报陆续发布，关注云基础资源投资机遇 2] 2025 年第 17 ...

Summary of the Conference Call for 卓胜微 Company Overview - The conference call discusses 卓胜微, a company focused on integrated design, research and development, processes, devices, and materials in the semiconductor industry, particularly in the RF front-end market [3][4]. Key Financial Performance - In 2024, 卓胜微 achieved total revenue of 4.487 billion yuan, representing a year-on-year increase of 2.48% [3][4]. - Net profit decreased by 64.2% to 402 million yuan, with a gross margin of 39.49%, down approximately seven percentage points year-on-year [4]. - The decline in net profit is attributed to increased investment in the 新洲 project and intense market competition [3][4]. Research and Development - R&D investment for 2024 was 999 million yuan, accounting for about 22% of revenue, with 142 new patents granted, primarily in RF filter products [3][5]. - Fixed assets increased by 3.375 billion yuan, with depreciation changing by 569 million yuan, and depreciation is expected to continue rising in 2025 due to new production lines coming online [5]. Production Capacity and Projects - The 新洲 project includes both 6-inch and 12-inch production lines, both of which have achieved stable mass production capabilities [6]. - The 6-inch line produces RF devices such as duplexers and quadplexers, while the 12-inch line has begun mass production of IPD process products, RF switches, and low-noise amplifiers, with a monthly capacity of 5,000 wafers [6][13]. Advanced Packaging and Product Development - The advanced packaging production line focuses on heterogeneous integration modular solutions, utilizing 3D stacking technology, with some products already validated by customers [7]. - The PMO series products have entered mass production, and the WiFi 7 module products are expected to perform well in sales in 2025 [8]. Future Directions and Market Trends - 卓胜微 is actively expanding into MCU and UWB short-range communication chips, aiming to create a SOC chip technology system for short-range communication [9][10]. - The company anticipates a wave of upgrades driven by AI technology in the smartphone market in the second half of the year [18]. - The impact of low Earth orbit satellites on RF demand is recognized, with the company prepared to leverage its high-frequency millimeter-wave technology [19]. Challenges and Strategic Responses - The company faces challenges from patent harassment primarily from overseas companies, particularly from Japan and the US, and is taking measures to mitigate litigation risks [25][26]. - The potential impact of US sanctions on Chinese companies is acknowledged, with 卓胜微 preparing for possible supply chain disruptions [20]. Conclusion - 卓胜微 is positioned to capitalize on emerging trends in AI and communication technologies while navigating competitive and regulatory challenges in the semiconductor industry. The focus on R&D, production capacity expansion, and strategic partnerships will be crucial for future growth and market positioning [3][10][22].