卓胜微 - 2025 年亚洲领袖会议 核心要点 - 董事长：UT 良品率提升；向射频模组迈进

Summary of Maxscend (300782.SZ) Conference Call Company Overview - Company: Maxscend (300782.SZ) - Industry: Technology, specifically in RF modules and smart devices Key Points from the Conference Call Financial Performance - The company reported a net loss in 1H25 due to high depreciation costs associated with the new production line ramping up [1][5] - Management is optimistic about profitability in the second half of 2025, expecting sequential revenue growth in 3Q25 and 4Q25 driven by rising RF module sales [1][5] Production and Product Development - The UT rate of the new production line is ramping up quickly, with the 12-inch production line expected to reach full capacity in 3Q25 [1][5] - The 6-inch production line is primarily for L-PAMiD products, which is also expected to reach full capacity in 2H25 [1][5] - New products highlighted include: - L-PAMiD (integration products including RF Modules, RF PA, RF Switch) - Wi-Fi 7 module - Short-range communication and sensing system products - L-PAMiD is identified as a key product with high growth potential, having passed verification with major customers [5][6] Business Outlook - Management identified several catalysts for future operations: - Customization of product types based on customer demand [6] - Potential production expansion after reaching full capacity, with a goal for self-production to reach 60% [6] - High potential for 6-inch and 12-inch wafers in optical communication [6] - Exploring smart device end-markets leveraging advanced packaging technology [6] - Considering acquisition targets with high technical expertise to enhance production capabilities [6] Risks and Valuation - The company is rated Neutral with a 12-month target price of Rmb85, reflecting a 4.6% upside from the current price of Rmb81.24 [7][9] - Key risks include: - Faster or slower-than-expected product line expansion [8] - Pricing competition dynamics [8] - Capacity expansion timelines [8] Financial Projections - Revenue projections for the upcoming years are as follows: - 2024: Rmb4,486.9 million - 2025E: Rmb5,464.8 million - 2026E: Rmb6,469.0 million - 2027E: Rmb8,027.5 million [9] Additional Insights - The management's focus on product customization and advanced technology indicates a strategic approach to meet evolving market demands [6] - The emphasis on expanding the product matrix and production capabilities suggests a proactive stance in a competitive industry [5][6] This summary encapsulates the critical insights from the conference call, highlighting the company's current performance, future outlook, and strategic initiatives.