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卓胜微(300782):2Q2025营收环比改善 芯卓产线建设顺利推进
Xin Lang Cai Jing· 2025-08-26 00:44
风险提示:新产品进度不及预期、行业竞争加剧、宏观需求不及预期、地缘政治风险、汇率波动风险、 限售股解禁风险。 2Q2025 营收环比改善,短期利润仍承压。单季度来看,2Q2025 公司实现营业收入9.48 亿元,同 比-13.43%,环比+25.43%,营收环比改善明显。2Q2025 实现归母净利润-1.01 亿元,亏损幅度环比有所 扩大。业绩短期承压主要原因系公司自建12 英寸产线进入量产转固,产能爬坡初期利用率不足导致单 片晶圆成本较高,折旧增加叠加市场竞争影响,公司1H2025 毛利率下滑至28.75%。 芯卓产线产能爬坡顺利。1)6 英寸滤波器产线:已实现双工器、四工器等分立器件的规模量产,集成 自产滤波器的DiFEM、L-DiFEM、L-PAMiD 等模组产品已成功导入多家品牌客户并持续放量。2)12 英寸产线:产能快速提升,已基本达成5000 片/月的产能规模并进入稳定生产阶段,产品良率达到行业 较高水平。随着芯卓产品持续上量,产线运转效率提升,产能利用率不足导致的高成本问题将逐步缓 解,预计后期产品毛利率将企稳回升。 投资建议: 我们预计公司2025/2026/2027 年收入分别为42.20/ ...
【IPO一线】芯迈半导体递表港交所 三年累计亏损超过13亿元
Ju Chao Zi Xun· 2025-06-30 14:40
Core Viewpoint - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, highlighting its position as a leading player in the power semiconductor industry, despite facing significant financial challenges and high customer concentration risks [1][2]. Group 1: Company Overview - ChipMight specializes in the research and sales of power management ICs and power devices, utilizing a Fab-Lite business model [1]. - The company ranks third in the global smartphone PMIC market with a market share of 3.6%, fifth in the global display PMIC market with a 6.9% share, and second in the global OLED display PMIC market with a 12.7% share [1]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to decline from 1.688 billion to 1.574 billion yuan, with cumulative losses exceeding 1.3 billion yuan over three years [1]. - The gross margin has decreased from 37.4% to 29.4%, indicating increased industry competition and rising cost pressures [1]. Group 3: Risks and Challenges - The company faces high customer concentration, with the top five customers contributing over 75% of revenue for three consecutive years, and the largest customer accounting for over 60% [2]. - ChipMight's reliance on external foundries for its Fab-Lite model results in over 60% of procurement coming from the top five suppliers, which poses risks to its production capacity and delivery capabilities [2].