Group 1 - The implementation of the "Private Economy Promotion Law" on May 20 is a significant boost for private enterprises in China, marking a milestone in the development of the private economy [2] - The law is expected to instill confidence in private entrepreneurs, encouraging them to engage in innovation and entrepreneurship [2] - As a representative of Jiangsu's private enterprises, the company Zhuoshengwei (300782) participated in a face-to-face event organized by the National Development and Reform Commission [2] Group 2 - Zhuoshengwei is focused on technological innovation in the RF chip sector, aiming to provide high-performance and differentiated products and services [2] - The company has reported smooth progress in ramping up its 12-inch production line capacity, with cost pressures easing and product performance advantages becoming evident [3] - The L-PAMiD product, developed by the company, is the first domestically produced supply chain product in the industry, entering the verification and small batch delivery phase, with expectations for significant growth in the second half of the year [3] Group 3 - The second-generation SOI process development is progressing well, with WiFi7 modules already achieving scale shipments in the smartphone sector [3] - The company is committed to building a self-controlled RF front-end chip industry chain and accelerating the construction of an industrial ecosystem under the support of the new law [3] - The legal and policy support from the "Private Economy Promotion Law" provides the company with more confidence to deepen its core technology development [3]

证券研究报告 卓胜微 (300782 CH) 1Q25：毛利率受折旧影响进一步下降 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 半导体 | 维持公司 25-27 年归母净利预测 4.36/9.13/13.91 亿元，公司 12 寸产线产 能爬坡进展顺利，且 WiFi7、LPAMiD 等发射端模组产品陆续量产，给予 10x 25 年 PS（可比估值 7.7x），维持目标价 93.4 元，给予"买入"评级。 风险提示：智能手机需求不及预期，新品研发进度不及预期，价格竞争加剧。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 4,378 | 4,487 | 4,995 | 5,851 | 6,739 | | +/-% | 19.05 | 2.48 | 11.32 | 17.13 | 15.18 | | 归属母公司净利润 (人民币百万) | ...