公司将持续深耕射频领域，在巩固手机等移动智能终端领域的同时，向移动通信、WiFi无线连接、短 距通信等方向加大研发投入。同时，关注AI带来的智能硬件、智能设备、可穿戴市场机会，打造基于 短距通信感知一体的SoC芯片技术体系，布局短距离通信感知系统解决方案，未来力争拓展到IoT、智 能家居、健康监控、汽车电子等应用场景。 8月22日，江苏卓胜微电子股份有限公司通过电话会议形式，接受了英大基金、博时基金、国融基金等 超50家机构的调研。公司董事长、总经理许志翰，董事会秘书刘丽琼出席会议，就公司2025年半年度整 体情况、业绩表现、经营布局等方面与投资者进行了深入交流。 上半年业绩承压，后期毛利有望回升 在业绩方面，受行业需求淡季影响，卓胜微2025年半年度营业收入17.03亿元，较去年同比下降 25.42%；归属于上市公司股东的净利润 -1.47亿元，同比下滑141.59%。公司方面表示，芯卓产线设备投 入最大的12英寸射频开关、低噪声放大器工艺线去年年中大规模量产转固，产能爬坡初期利用率不足致 成本异常，该部分高成本晶圆加工产品于今年上半年销售，对毛利率和盈利能力产生较大扰动。同时， 市场竞争与芯卓折旧金额增加 ...

定基础；在技术维度，公司持续布局 6 英寸特种工艺、12 英寸异质硅 基工艺平台及先进异构集成三大核心技术平台，通过延展"异质+异构" 的技术路线，协同优化材料、工艺、器件与封装等环节，持续完善差异 化、高端定制化、高度集成化等系列产品，着力强化"资源平台领先、产 品领先、成本领先、质量领先"的综合优势。 证券代码：300782 证券简称：卓胜微 江苏卓胜微电子股份有限公司 投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | ■其他 | （电话会议） | | | 参会单位：（以下排名不分先后） | | | 英大基金、博时基金、国融基金、永赢基金、招商基金、京管泰富基金、 | | | 鹏扬基金、易米基金、方正富邦基金、交银施罗德基金、摩根士丹利基 | | | 华福证券、长城证券、国盛证券、华泰证券、东北证券、华安 金(中国); | | 参与单位名称 | 证券、西部证券、国泰海通证券、东方财富证券、财通证券、汇丰前海 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved significant revenue and profit growth in the first half of 2025, with revenue reaching 503 million yuan, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, up 274.58% year-on-year [7] - The company is actively embracing AI trends, launching edge AI chips to accelerate the integration of AI and wireless IoT, which is driving rapid growth in shipments [7] - The company has diversified its product matrix across various high-value application scenarios, including smart home, healthcare, and automotive electronics, enhancing its growth momentum [7] Financial Performance Summary - For 2023A, total revenue is projected at 636.09 million yuan, with a year-on-year growth of 4.40% - The net profit attributable to the parent company for 2023A is estimated at 49.77 million yuan, showing a minimal growth of 0.01% [1] - The company expects to achieve a total revenue of 1,149.89 million yuan in 2025E, representing a year-on-year growth of 36.24%, and a net profit of 224.60 million yuan, with a growth rate of 130.57% [1][8]

Core Viewpoint - In the first half of the year, 52 A-share companies reported their performance forecasts, with over 60% showing positive results, particularly in the electronics sector where companies like TaiLing Micro, XinDong LianKe, XinPeng Wei, and ChangChuan Technology saw median net profit growth exceeding 80%, with the highest reaching 267% [1] Group 1: TaiLing Micro (688591) - TaiLing Micro's performance surge is attributed to its innovative applications in AIoT, such as low-power Bluetooth chips for smart glasses, enhancing battery life from one charge per day to three [2] - The company secured significant orders from major retail chains by integrating multi-mode chips into electronic price tags, enabling seamless Bluetooth and Wi-Fi switching [2] - With local foundries prioritizing its production, TaiLing Micro's cost has decreased, and its gross margin has soared to 60% [2] Group 2: XinDong LianKe (688582) - XinDong LianKe has successfully penetrated the MEMS sensor market, traditionally dominated by foreign giants, by focusing on high-end applications like attitude sensors for commercial satellites and dynamic measurement for autonomous vehicles [4] - The company has received over 400 million yuan in orders for commercial aerospace and smart driving sectors in the first half of 2025, surpassing its total revenue for the previous year [4] - XinDong LianKe manages the entire process from chip design to packaging, ensuring production stability despite supply chain disruptions, achieving a gross margin of 85% [4] Group 3: XinPeng Wei (688508) - XinPeng Wei excels in the analog chip market, with its products integrated into various applications, including electric vehicle chargers and photovoltaic inverters [5][6] - The company reported a 70% revenue increase in industrial automation and automotive electronics sectors for the first half of 2025, driven by its versatile product strategy [6] - XinPeng Wei benefits from domestic chip policies, leading to a surge in orders for imported alternatives [6] Group 4: ChangChuan Technology (300604) - ChangChuan Technology has capitalized on the booming semiconductor testing equipment market, driven by the global demand for AI chips and HBM storage chips [8] - The company offers competitive pricing, with its testing machines being 30% cheaper than international counterparts while maintaining similar performance [8] - Following a successful fundraising of 3.1 billion yuan, ChangChuan Technology plans to double its production capacity for high-end testing machines, positioning itself strongly in the AI chip testing market [8] Group 5: Industry Insights - The success of these companies stems from their focus on niche markets like AIoT chips and MEMS sensors, allowing them to excel without directly competing with industry giants [9] - Many domestic firms are achieving performance levels comparable to international leaders while offering more attractive pricing [9] - Emerging sectors such as low-altitude economy, AI terminals, and electric vehicles are creating new growth opportunities in the semiconductor industry, benefiting early movers [9]

Group 1: Company Performance Highlights - Huayin Power reported a staggering net profit increase of up to 4423%, indicating a shift from earning 1 unit last year to 44 units this year, driven by increased power generation and reduced fuel costs [3] - Whirlpool experienced a net profit surge of 559%, leveraging innovation and cost reduction strategies amidst a growing domestic appliance market [3] - Brother Technology's net profit is expected to increase by over 325%, benefiting from rising vitamin prices and decreasing costs, solidifying its position as a leading global player in the vitamin market [3] Group 2: Industry Trends and Insights - The 13 companies with significant profit forecasts are primarily concentrated in the renewable energy, technology, and consumer upgrade sectors, with renewable energy benefiting from supportive policies and market reforms [4] - The technology sector is seeing rapid advancements, particularly in AI and IoT, with companies like Chipeng Micro and Guomai Technology aligning with current trends [4] - The consumer sector is stable, with companies like Whirlpool capitalizing on the recovery of domestic demand, leading to impressive performance [4] Group 3: Investment Considerations - Long-term growth potential in the renewable energy sector is clear, although short-term market fluctuations may pose challenges [5] - The technology industry requires careful selection of companies with genuine technological advantages due to rapid innovation cycles [5] - The consumer sector's stability necessitates monitoring of sustained demand to ensure continued performance [5]

Group 1 - The first quarterly report for 2025 from the Sci-Tech Innovation Board was released by Xigao Institute, marking it as the first company to disclose such results [2] - Xigao Institute reported a revenue of 207 million yuan for Q1 2025, representing a year-on-year growth of 12.1%, and a net profit of 62.97 million yuan, also up by 12.1% [2] - The overall performance of Sci-Tech Innovation Board companies in Q1 2025 shows positive signals, with 14 companies reporting earnings forecasts, including 9 with expected profit increases and 5 turning losses into profits [2] Group 2 - Linweina, the first chip testing probe company in the A-share market, achieved a revenue increase of 112% in Q1 and turned a profit due to higher sales of high-margin products and expanded sales scale [3] - Tailin Micro, a leader in low-power Bluetooth chips, reported a revenue of 230 million yuan in Q1, with a year-on-year increase of 43% and a net profit increase of approximately 894% [3] - Guanda Special Materials achieved a revenue of 1.12 billion yuan in Q1, with a net profit increase of 1504.79%, driven by strong demand in downstream industries and the effectiveness of its fundraising projects [3][4] Group 3 - Companies like United Imaging and Guoxin Technology are maintaining strong R&D momentum and practical business strategies, with United Imaging reporting over 140 product approvals globally [5] - Guoxin Technology disclosed significant progress in RISC-V architecture development, showcasing its R&D capabilities with successful internal testing of a new high-performance cloud security chip [5] - Zhongchuan Special Gas reported a 142.42% year-on-year increase in new orders for its trifluoromethanesulfonic acid series products in Q1 2025 [5] Group 4 - A total of 33 share repurchase plans have been disclosed on the Sci-Tech Innovation Board in 2025, with a maximum repurchase amount of 3.215 billion yuan [6] - Companies like Daotong Technology and Zhongwulian have announced share repurchase plans, reflecting confidence in their development [6] - Key figures in the integrated circuit and new energy sectors are actively increasing their shareholdings, indicating a commitment to the future value of their companies [6]