唯捷创芯（天津）电子技术股份有限公司 为深入践行"以投资者为本"的上市公司发展理念，切实维护公司全体股东 利益，基于对公司未来发展前景的信心和公司价值的认可，唯捷创芯（天津）电 子技术股份有限公司（以下简称"公司"）于 2025 年 4 月制定了《2025 年度提 质增效重回报行动方案》 （以下简称"行动方案"）。2025 年上半年，公司根据行 动方案，积极开展和落实各项工作，在经营管理、公司治理、信息披露、投资者 回报等方面卓有成效，形成了《2025 年度提质增效重回报行动方案的半年度评 估报告》，现汇报如下： 一、聚焦主营业务，提高核心竞争力 公司作为国内射频前端行业的先行者，专注于射频前端芯片的研发、设计及 销售，主要产品包括射频功率放大器模组、接收端模组等，广泛应用于智能手机、 平板电脑、无线路由器、智能穿戴设备、车载通信系统、卫星通信终端及 AI 智 能产品等终端设备。凭借深厚的技术积累和不懈的创新追求，公司已成为国内射 频前端领域的领先供应商之一。 场拓展等多维度协同发力，着力提升产品市场竞争力与技术领先地位，进一步增 强核心竞争力、盈利能力及品牌影响力。 公司以研发创新为核心战略驱动力，密切追踪 ...

Group 1: Macro Insights - The credit data for July shows a rare negative turn, with new credit scale turning negative for the first time in 20 years, while social financing continues to grow under government bond support [4] - M1 growth has increased for two consecutive months, indicating faster fund activation in both resident and corporate sectors, particularly driven by a rise in resident demand [4] - The overall monetary policy is expected to remain loose, with potential for further rate cuts and reductions in reserve requirements due to economic downward pressure [4] Group 2: Company Insights - 卓胜微 (Zhuosheng Micro) - The company is advancing its chip project, with significant production capacity achieved in both 6-inch and 12-inch wafer production lines, indicating a strong position in the RF front-end market [8][9] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.91 billion, 5.61 billion, and 6.67 billion CNY respectively, with corresponding net profits of 380 million, 860 million, and 1.29 billion CNY [9] Group 3: Company Insights - 万国黄金 (Wanguo Gold) - The company holds three significant mining assets, including the world-class Jinling Gold Mine, which is expected to contribute significantly to future revenue growth [10][12] - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.49 billion, 4.77 billion, and 5.36 billion CNY, with net profits of 1.41 billion, 1.87 billion, and 2.18 billion CNY respectively [12] Group 4: Company Insights - 海能技术 (Haineng Technology) - The company reported a strong revenue growth of 34.9% year-on-year for H1 2025, reaching 140 million CNY, with a net profit increase of 139% [13] Group 5: Company Insights - 中科三环 (Zhongke Sanhuan) - The company achieved a net profit of 44 million CNY in H1 2025, marking a turnaround from losses, with a significant reduction in expense ratios contributing to improved profitability [14][15] - Future profit projections for 2025, 2026, and 2027 are estimated at 170 million, 250 million, and 350 million CNY respectively [15] Group 6: Company Insights - 奥比中光 (Obi Zhongguang) - The company is focusing on the robotics sector, with a projected revenue growth of 65.9%, 57.6%, and 28.6% for 2025, 2026, and 2027 respectively [16] Group 7: Company Insights - 鹏鼎控股 (Pengding Holdings) - The company reported a revenue of 16.38 billion CNY for H1 2025, a year-on-year increase of 24.8%, with a net profit growth of 57.2% [17][18] - Future revenue projections for 2025, 2026, and 2027 are expected to be 41.2 billion, 48.3 billion, and 55.6 billion CNY respectively [18] Group 8: Company Insights - 甘源食品 (Ganyuan Food) - The company experienced a revenue decline of 9.3% year-on-year for H1 2025, with net profits down by 55.2%, indicating challenges in channel adjustments [20] Group 9: Company Insights - 361度 (361 Degrees) - The company achieved a revenue growth of 11% year-on-year for H1 2025, with a net profit increase of 8.6% [21][22] - Future profit projections for 2025, 2026, and 2027 are estimated at 1.261 billion, 1.420 billion, and 1.588 billion CNY respectively [22]

Core Viewpoint - The article discusses the rapid development of domestic RF front-end manufacturers in China and the critical decision they face regarding whether to adopt the IDM (Integrated Device Manufacturer) model or the Design House model for future growth [1][2]. Summary by Sections International Development Models - Major international RF front-end manufacturers like Skyworks and Qorvo initially adopted the IDM model due to the lack of specialized GaAs foundries and packaging facilities [2][3]. - Qualcomm and Broadcom, entering the RF front-end market later, opted for the Design House model, leveraging the availability of mature GaAs foundries [3][4]. Domestic Manufacturer Strategies - Domestic manufacturers such as Zhaoshengwei and Weijiechuangxin are exploring the IDM route, with Zhaoshengwei investing nearly 10 billion in a 12-inch production line [5]. - Other companies like Aongruiwei and Feixiang are also establishing their own facilities, but many are still in the exploratory phase due to financial constraints [5][6]. Financial Considerations - A 12-inch wafer factory with a capacity of 20,000 wafers is crucial for profitability, with a monthly demand of 8,000 wafers potentially generating sales of around 4 billion [7]. - The financial burden of building and maintaining multiple facilities under the IDM model can be significant, especially for companies with current revenues below 5 billion [8]. Long-term Perspectives - The IDM model can lead to differentiated processes and improved financial performance over time, but it requires substantial investment in R&D and production capabilities [9]. - The Design House model allows companies to collaborate with foundries and leverage existing technologies, which can be advantageous in the current competitive landscape [9]. Conclusion - Both IDM and Design House models have their pros and cons, and companies must choose based on their unique circumstances and market opportunities [9].

Core Viewpoint - The article discusses the challenges and opportunities faced by the domestic filter industry in China, particularly in the context of the growing demand for RF front-end (RFFE) components driven by advancements in 5G technology and other communication systems. It emphasizes the need for domestic companies to balance technology advancement, compliance, and cost control to succeed in a competitive landscape dominated by international giants [2][3][16]. Market Size and Competitive Landscape - The global RFFE market for mobile terminals is projected to reach $18 billion in 2024, with filters accounting for nearly half of this market. High-end 5G smartphones require over 60 filters per device, making filter costs a significant part of the bill of materials (BOM) [3]. - The domestic filter industry consists of three main types of players: IDM (Integrated Device Manufacturer), Fabless, and Foundry. Key players include Haoda Electronics and Deqing Huaying in the IDM category, while Weijie Chuangxin and Angruiwei focus on design innovation as Fabless companies [3]. - Current domestic products primarily consist of Normal SAW and TC-SAW filters, which are priced 20%-30% lower than those of international leaders like Murata and TDK, indicating a significant technology and brand premium gap [3]. Patent Risks and Compliance - Patent risks pose a significant threat to the industry, exemplified by Murata's malicious lawsuit against Zhaoshengwei in April 2024, highlighting the necessity for domestic firms to establish compliance systems and patent protections to avoid setbacks in their technological advancements [3]. Modular Transformation and Strategic Approaches - International giants like Skyworks and Qualcomm have adopted a modular approach, integrating filter technology into their power amplifier (PA) designs to create multifunctional modules, enhancing customer loyalty and creating a closed-loop ecosystem [5]. - The case of Murata's failed attempt to enter the transmitter module market due to a lack of PA design capabilities illustrates the importance of collaboration between PA manufacturers and filter companies to achieve optimal performance and cost balance [5]. Domestic Industry Strategies - Domestic filter manufacturers have accumulated sufficient technology in mid-to-low-end Normal SAW and TC-SAW products, leading to overcapacity and intensified competition. Companies like Weijie Chuangxin and Angruiwei are adopting flexible strategies by prioritizing "self-developed PA + outsourced filters" to mitigate financial pressures [6][7]. - IDM companies like Zhaoshengwei are facing challenges due to high capital expenditures and underutilization of production capacity, with an estimated utilization rate of around 65% for their filter production lines in 2024 [12]. Collaborative Innovation - The industry consensus suggests that a collaborative model where PA manufacturers lead and filter companies support is the most efficient path forward. This model allows for specialization in core technologies, such as substrate materials and high-Q design, while mitigating patent risks and cost pressures [8][16]. - The collaborative approach enhances module performance through optimized integration, improved thermal management, and cost flexibility, allowing for rapid production and compliance with international standards [10][11]. Future Outlook - The domestic RF front-end industry is at a critical juncture, transitioning from single-device breakthroughs to building a modular ecosystem. By strengthening patent layouts and enhancing collaborative efforts, domestic companies can potentially shift from being "followers" to "co-builders" of global RF front-end standards [16].

近年，全球通信产业链面临复杂多元的考验。5G市场出现周期波动、高集成模组技术迭代导 致壁垒高企，叠加全球贸易环境极大不确定性引发的供应链重塑压力，行业调整进入深水 期。目前中国通信产业面临外部断链、行业周期、同质竞争、技术迭代等艰难局面。在不确 定性成为常态的产业环境中，只有坚持底层技术突破，才能实现中国半导体产业的技术平 权，为国内外客户提供多样化选择。 在此背景下，慧智微（688512.SH）于4月28日发布2025年第一季度业绩报告，报告显示公司营业 收入与净利润同比增长，实现盈利。近年，慧智微立足自主架构，面向行业领先技术，服务头部客 户 ， 从 5G L-PAMiF 模 组 的 率 先 量 产 ， 到 Phase8L L-PAMiD 高 集 成 模 组 与 国 际 厂 商 同 时 同 质 量 产，其创新路径始终围绕"自主可控"与"场景落地"双轴展开。通过Phase8L L-PAMiD国产化突 破、小尺寸双频 L-PAMiF的产品引领，慧智微5G高集成模组核心能力不断积累和体现，逐步在高 端、旗舰产品序列构筑差异化竞争力，在不确定的环境下为国内外客户提供确定性的选择。 Phase8L L-PAMiD国 ...

Summary of the Conference Call for 卓胜微 (Zhuosheng Micro) Company Overview - **Company Name**: 卓胜微 (Zhuosheng Micro) - **Stock Code**: 300782.SZ - **Current Rating**: Downgraded to "Reduce" [1][30] Key Points and Arguments 1. **Long-term Outlook**: The company is expected to solidify its market and technological leadership due to its vertical integration strategy, which aims to provide an attractive cost structure and advanced module products [1][16]. 2. **Short-term Challenges**: Short-term profit pressures are anticipated to continue for several quarters due to rising costs from self-owned capacity ramp-up and price competition, particularly in low-end discrete products [1][30]. 3. **Market Demand**: Demand for Android smartphones is weaker than expected, which poses a risk to the company's valuation [1][30]. 4. **Intellectual Property Issues**: Potential intellectual property disputes with Murata are also seen as a negative factor for short-term valuation [1][30]. 5. **Earnings Forecast**: Adjusted earnings per share (EPS) for 2025 is projected at 0.64 yuan, down from a previous estimate of 3.23 yuan, and for 2026 at 2.17 yuan, down from 3.88 yuan [3][11]. 6. **Revenue Projections**: Revenue for 2025 is expected to be 5.284 billion yuan, a decrease of 21% from previous estimates, and for 2026 at 6.355 billion yuan, a decrease of 15% [22][23]. 7. **Profit Margin Expectations**: The gross margin is expected to recover slowly, with projections of 36.8% for 2025 and 37.0% for 2026, reflecting increased depreciation and competitive pricing pressures [22][23]. 8. **Target Price**: The target price has been set at 56.00 yuan, based on a 22x forward P/E ratio, which is a 25% discount to the historical average [1][30]. 9. **Future Review**: A recommendation to reassess the company in the second half of 2025 is suggested, as profitability may improve and the share of advanced RF modules in flagship smartphones is expected to rise [1][30]. Additional Important Information 1. **Sales Performance**: In Q4 2024, the company reported revenue of 1.1 billion yuan, with a stable gross margin of 36%, despite high depreciation costs from new capacity [7][30]. 2. **Losses Reported**: The company reported an operating loss of 7 million yuan and a net loss of 24 million yuan, primarily due to increased costs associated with new capacity ramp-up and technology-related expenses [7][30]. 3. **Market Competition**: Increased competition among domestic RF front-end manufacturers is noted, particularly in low-end products, while high-end modules remain less affected [16][30]. 4. **Long-term Growth Drivers**: The company is expected to benefit from integrated solutions that optimize performance, a better cost structure from self-supplied components, and flexible capacity allocation [1][16]. 5. **Investment Risks**: Risks include stronger-than-expected smartphone shipments, better-than-expected 5G penetration in overseas markets, and faster market share gains from new products. Conversely, risks also include intensified price competition and slower-than-expected launches of new RF front-end modules [41][30]. This summary encapsulates the critical insights from the conference call regarding 卓胜微, highlighting both the challenges and potential growth avenues for the company in the context of the current market environment.