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股市必读:卓胜微(300782)9月30日董秘有最新回复
Sou Hu Cai Jing· 2025-10-08 17:46
截至2025年9月30日收盘,卓胜微(300782)报收于83.12元,上涨2.64%,换手率3.32%,成交量14.88万手,成交额12.38亿元。 董秘最新回复 投资者: 请问贵公司领导,据说SAW滤波器门类中,日本村田占有绝对主导优势,SAW滤波器市占率超过90%,请问公司的滤波器产品跟村田家 的滤波器比,性能如何?公司被冠以国内打破垄断的SAW滤波器龙头,请问目前滤波器产品在国内市场占有率有多少呢?希望领导可以抽时间回 复一下。 9月30日主力资金净流入5505.16万元,占总成交额4.45%;游资资金净流出8277.47万元,占总成交额6.69%;散户资金净流入2772.31万元,占总成 交额2.24%。 以上内容为证券之星据公开信息整理,由AI算法生成(网信算备310104345710301240019号),不构成投资建议。 当日关注点 来自交易信息汇总:9月30日主力资金净流入5505.16万元,占总成交额4.45%。 交易信息汇总资金流向 董秘: 尊敬的投资者,您好!全球射频前端市场较为集中,其中滤波器的设计及制造工艺技术门槛较高,目前其主要市场份额被国外领先大厂所 占据。近些年来,在新技术迭 ...
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
Group 1: Financial Performance - In 1H2025, the company achieved operating revenue of 1.704 billion yuan, a year-on-year decrease of 25.42% [1] - The net profit attributable to the parent company was -147 million yuan, a year-on-year decline of 141.59% [1] - The non-recurring net profit attributable to the parent company was -151 million yuan, a year-on-year decrease of 142.77% [1] - In 2Q2025, the company reported operating revenue of 948 million yuan, a year-on-year decrease of 13.43% but a quarter-on-quarter increase of 25.43% [1] - The net profit attributable to the parent company in 2Q2025 was -101 million yuan, with the loss margin expanding quarter-on-quarter [1] - The gross profit margin for 1H2025 declined to 28.75% due to high wafer costs and increased depreciation [1] Group 2: Business Model and Product Development - The company is deepening its Fab-Lite operating model, with the revenue share of RF front-end modules increasing from 36.34% in the previous year to 44.35% [2] - The company has successfully validated its first domestically supplied L-PAMiD product and has entered the mass production and delivery phase [2] - The WiFi 7 module has achieved large-scale production and stable shipments, while automotive-grade UWB chips have entered mass production [2] - The 6-inch filter production line has achieved mass production of duplexers and quadplexers, with integrated self-produced filters being successfully introduced to multiple brand customers [2] - The 12-inch production line has rapidly increased capacity to 5,000 wafers per month and has entered a stable production phase with high product yield [2] - As production volume increases and operational efficiency improves, the high-cost issues due to low capacity utilization are expected to gradually ease, leading to a stabilization and recovery of product gross margins [2] Group 3: Future Projections - The company projects revenues of 4.22 billion yuan, 5.21 billion yuan, and 5.86 billion yuan for the years 2025, 2026, and 2027, respectively [3] - The net profits attributable to the parent company are expected to be -58 million yuan, 405 million yuan, and 743 million yuan for the years 2025, 2026, and 2027, respectively [3] - Corresponding PE ratios for 2026 and 2027 are projected to be 111.92 and 61.03 times, respectively [3]
国产射频前端,天塌了?
半导体行业观察· 2025-05-06 00:57
Core Viewpoint - The domestic RF front-end industry is facing unprecedented challenges, with leading companies like ZTE Microelectronics, Weijie Chuangxin, and Huizhiwei reporting significant losses, indicating a severe market downturn driven by intense competition and overcapacity [1][4]. Group 1: ZTE Microelectronics - ZTE Microelectronics reported a revenue of 756 million yuan in Q1 2025, a year-on-year decline of 36.47%, with a net profit loss of 46.62 million yuan [1]. - The company has shifted its focus from RF switch products to integrated modules, achieving self-production of RF filters and power amplifiers, but this transition has not yielded the expected results, leading to a decline in revenue from RF switches [2]. - The Fab-Lite strategy adopted by ZTE Microelectronics aims to enhance supply chain control but has resulted in increased R&D costs and fixed asset depreciation, contributing to a 64.2% drop in net profit in 2024 [3]. Group 2: Weijie Chuangxin - Weijie Chuangxin, a leading player in the RF power amplifier sector, reported a revenue of 2.103 billion yuan in 2024, down 29.46% year-on-year, with a net profit loss of 23.73 million yuan [4][6]. - The company has maintained a strong market position in the RF power amplifier field, with a 40% market share in 4G PA and 30% in 5G products, but has faced challenges due to declining prices and increased competition [5]. - Despite its strong R&D capabilities and market presence, Weijie Chuangxin has struggled to maintain profitability, oscillating between profit and loss [6]. Group 3: Huizhiwei - Huizhiwei has focused on technological innovation as its core competitive advantage, achieving significant breakthroughs in RF front-end chip technology [7][8]. - The company has developed a reconfigurable RF front-end technology that combines SOI and GaAs materials, allowing it to compete effectively against international suppliers [8][9]. - Huizhiwei's Phase8L L-PAMiD module has achieved mass production and is positioned to enhance the domestic RF front-end industry's competitiveness against international players [9][10]. Group 4: Market Dynamics - The competition in the domestic RF front-end market is characterized by both technological and capital challenges, with companies needing to invest heavily in R&D while also managing operational costs [11]. - The market is expected to undergo significant changes, with the introduction of new products and technologies potentially reshaping the competitive landscape [12][13]. - The year 2025 is anticipated to mark the beginning of a more intense phase of competition in the domestic RF front-end sector, as companies strive to establish their market positions [13].
卓胜微(300782):4Q24:产线相关费用、折旧导致亏损
HTSC· 2025-04-01 06:14
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.4 RMB [7]. Core Views - The company achieved a revenue of 4.487 billion RMB in 2024, a year-on-year increase of 2.5%, but the net profit attributable to shareholders decreased by 64.2% to 402 million RMB due to increased module revenue share, production line depreciation, and market competition [1][2]. - The company is expected to benefit from an increase in market share for filter modules and the ramp-up of LPAMiD products in 2025, although gross margins may continue to be pressured by production line depreciation [1][3]. Summary by Sections Financial Performance - In 2024, the company's revenue was 4.487 billion RMB, slightly below the expected 4.564 billion RMB, with a gross margin of 39.49%, down 6.96 percentage points year-on-year [1][2]. - The fourth quarter of 2024 saw a revenue of 1.119 billion RMB, a year-on-year decrease of 14.2% and a quarter-on-quarter increase of 3.4%, with a net loss of 24 million RMB [1][2]. Market Outlook - For 2025, the company is projected to see revenue growth driven by increased market share in filter modules and the mass production of LPAMiD products, with the global Android smartphone shipment expected to grow by 2.5% [3][4]. - The company’s self-developed RF switches and low-noise amplifiers have entered mass production, enhancing its competitive advantage [3]. Investment Recommendations - The target price is set at 93.4 RMB, reflecting a 10x price-to-sales ratio based on 2025 estimates, with expected revenues of 4.995 billion RMB in 2025, 5.851 billion RMB in 2026, and 6.739 billion RMB in 2027 [4][6]. - The report indicates that the company remains a leader in the domestic RF industry, with a solid foundation in receiving end products and a gradually improving layout in the transmitting end [4].