中国国际金融股份有限公司 关于江苏卓胜微电子股份有限公司 2023 年年度持续督导定期现场检查报告 保荐机构名称：中国国际金融股份有限公司 被保荐公司名称：江苏卓胜微电子股份有限公司 （以下简称"卓胜微"、"公司"） 保荐代表人姓名：张林冀 联系电话：010-6505 1166 保荐代表人姓名：辛意 联系电话：010-6505 1166 现场检查人员姓名：张林冀、曹珺 现场检查对应期间：2023 年 1 月 1 日至 2023 年 12 月 31 日（"核查期间"） 现场检查时间：2024 年 4 月 22 日至 4 月 24 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： （1）查阅历次董事会、监事会、股东大会会议材料，包括会议通知、会议决议、会议记录、签到表、公告等； （2）查阅公司章程、组织架构图、公司治理的相关制度文件； （3）与公司内审部及其他部门相关人员进行访谈，了解公司基本制度的执行情况； （4）现场查看公司主要生产、经营、管理场所。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点 ...

二、保荐机构发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10．发行人或者其聘请的中介机 构配合保荐工作的情况 | 无 | 不适用 | | 11.其他（包括经营环境、业务发 | | | | 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 中国国际金融股份有限公司 关于江苏卓胜微电子股份有限公司 2023 年年度持续督导跟踪报告 | 保荐机构名称：中国国际金融股份有限公司 | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 4.378 billion yuan in 2023, representing a year-on-year increase of 19.05%, and a net profit of 1.122 billion yuan, up 4.95% year-on-year [2] - In Q1 2024, the company achieved a revenue of 1.19 billion yuan, a year-on-year increase of 67.16%, but a quarter-on-quarter decrease of 8.80% [2] - The increase in R&D expenses has led to a decline in net profit margin, while the proportion of module products continues to rise [2] - The L-PAMiD product has achieved a breakthrough from "0 to 1," indicating significant progress in the company's product development [2] Financial Performance Summary - In 2023, the company’s gross margin was 46.45%, down 6.46 percentage points year-on-year, and the net profit margin was 25.57%, down 3.75 percentage points year-on-year [2] - The company’s R&D expenses reached 2.69 billion yuan in Q1 2024, a year-on-year increase of 118.70% [2] - The revenue from RF discrete devices and RF modules in 2023 was 2.714 billion yuan and 1.591 billion yuan, respectively, with year-on-year growth of 8.94% and 42.22% [2][4] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.588 billion yuan in 2024, 6.649 billion yuan in 2025, and 7.906 billion yuan in 2026, with corresponding growth rates of 27.63%, 19.00%, and 18.90% [3] - The forecasted net profit for 2024 is 1.185 billion yuan, with a growth rate of 5.61%, and for 2025, it is projected to be 1.344 billion yuan, with a growth rate of 13.40% [3] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 41x for 2024, 36x for 2025, and 29x for 2026 [2] - The price-to-book (P/B) ratio is expected to decrease from 4.9 in 2023 to 3.5 in 2026 [3]

[Table_Page] 季报点评|半导体 证券研究报告 [卓Table_胜Title] 微（300782.SZ） [公Tab司le_I评nves级t] 买入 当前价格 90.77元 Q1 加大研发扩展制造能力，LPAMiD 已出工程样品 合理价值 123.48元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-05 ⚫ 24Q1 盈利同比高增，研发费用显著增长。公司发布 2023 年年报和 [相Tab对le_P市icQ场uote表] 现 2024年一季报。2023年度公司实现营收43.78亿元，同比+19.05%， 实现归母净利润 11.22 亿元，同比+4.95%，实现扣非后净利润 10.95 60% 亿元，同比+2.78%。24Q1，公司实现营收11.90亿元，同比+67.16%， 44% 27% 环比-8.80%，实现归母净利润1.98亿元，同比+69.83%，环比-34.8%。 11% 2024Q1公司研发费用支出达2.69亿元，同比+119%。 -6%05/23 07/23 09/23 10/23 12/23 02/24 04/24 ⚫ L-PAMiD ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company achieved a significant breakthrough with a 70% year-on-year growth in net profit attributable to shareholders in Q1 2024, driven by the ramp-up of RF module products [1] - The revenue for 2023 reached 4.378 billion yuan, representing a year-on-year increase of 19.05%, while the net profit attributable to shareholders was 1.122 billion yuan, up 4.95% year-on-year [4] - The company is expected to continue benefiting from the increasing scale effects of RF module products, with a projected revenue growth rate of 21.2% for 2024 [1][4] Financial Summary - Q1 2024 revenue was 1.190 billion yuan, a year-on-year increase of 67.16%, with a net profit of 1.980 billion yuan, up 69.77% year-on-year [2][3] - The gross margin for Q1 2024 was 42.78%, with a net margin of 16.56%, reflecting a decrease in net margin due to an increase in R&D expense ratio [2] - The company's total revenue is projected to grow from 4.378 billion yuan in 2023 to 5.305 billion yuan in 2024, with net profit expected to rise from 1.122 billion yuan to 1.401 billion yuan [1][7] Key Financial Metrics - The company reported an EPS of 2.00 yuan for 2022, projected to increase to 3.75 yuan by 2026 [1][5] - The P/E ratio is expected to decrease from 48.9 in 2022 to 26.1 by 2026, indicating improved valuation over time [1][5] - The ROE is projected to improve from 11.4% in 2023 to 13.6% in 2026, reflecting enhanced profitability [1][5]

证券研究报告 | 2024年04月30日 卓胜微（300782.SZ） 买入 一季度收入同比增长 67%，12 英寸 IPD 平台转入量产阶段 核心观点 公司研究·财报点评 一季度收入同比增长67%，研发费率同环比均提高。公司2023年收入43.78 电子·半导体 亿元（YoY +19.05%），归母净利润11.22亿元（YoY +4.95%），扣非归母 证券分析师：胡剑 证券分析师：胡慧 净利润10.95亿元(YoY +2.78%)，毛利率下降6.5pct至46.45%。1Q24营收 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 11.90亿元(YoY +67%，QoQ -8.8%)，归母净利润1.98亿元(YoY +70%，QoQ S0980521080001 S0980521080002 -35%)，毛利率42.78%（YoY-6.1pct，QoQ-0.2pct），研发费用2.69亿元 证券分析师：周靖翔 证券分析师：叶子 (YoY+119%,QoQ+23%)，研发费率提高到22.6%（YoY+5.3pct，Qo ...

Summary of the Conference Call for 卓胜微 (Zhuoshengwei) Company Overview - **Company**: 卓胜微 (Zhuoshengwei) - **Industry**: Video front-end technology and RF components Key Financial Highlights - **2023 Annual Revenue**: 4.378 billion CNY, a year-on-year increase of 19.05% [3] - **Net Profit**: 1.122 billion CNY, a year-on-year increase of 4.95% [4] - **Gross Margin**: 46.45%, a decrease of 6.46% year-on-year [4] - **Q1 2024 Revenue**: 1.19 billion CNY, a year-on-year increase of 67.16% [5] - **Q1 2024 Net Profit**: 198 million CNY, a year-on-year increase of 69.83% [6] Operational Insights - **Product Mix**: The sales proportion of module products increased from 30.42% in the previous year to 36.34% in 2023 [4] - **R&D Investment**: R&D expenses for 2023 were 629 million CNY, a year-on-year increase of 40%. In Q1 2024, R&D investment was 269 million CNY, a year-on-year increase of 118.6% [8] - **Inventory Management**: Inventory began to rise gradually in Q4 2023, reaching approximately 800 million CNY by the end of Q1 2024, primarily consisting of high-certainty raw materials and finished products [10] Strategic Developments - **Transition to Platform Model**: The company transitioned from a product-based to a platform-based business model, focusing on unique process construction to overcome traditional wafer manufacturing limitations [11] - **Production Capacity**: The 6-inch filter production line achieved a maximum output of over 8,000 pieces per month, with plans to increase to 10,000 pieces and eventually 16,000 pieces per month [13] - **New Product Development**: The company is in the engineering sample stage for its new product, "air penny," and is focused on optimizing manufacturing processes [15] Market Trends and Challenges - **Smartphone Market Stability**: The smartphone market is expected to remain stable, with no significant changes anticipated in 2024. However, new applications and technological advancements are being monitored [7] - **High-End Filter Demand**: The company has seen unexpectedly high acceptance of high-end filters, with nearly half of its production capacity allocated to this segment [19] - **Competition and Pricing Pressure**: Gross margin decline is attributed to competition and changes in product structure, with a growing proportion of lower-margin modules [23][24] Future Outlook - **Focus on Core Products**: The company aims to enhance its competitive edge through iterative improvements in unique processes and resource platform construction [17] - **Long-Term Vision**: The company emphasizes a long-term commitment to technology and product quality, aiming for a gross margin target of 40-45% [31] Additional Notes - **Legal and Ethical Standards**: The company maintains a strong commitment to transparency and ethical practices in information disclosure and investor relations [26] - **Market Opportunities**: The potential for satellite connectivity and advancements in 6G technology are seen as significant opportunities for the RF front-end market, although they require time for development [22] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, operational strategies, market dynamics, and future outlook.

卓盛威2023年报业绩交流会目前所有参会者均处于低音状态下面开始播报免责声明本次会议仅服务于邀请参会的广大投资者会以音频及文字记录的内容仅供参会者内部使用不得公开发布卓盛威未授权任何 好的 谢谢 各位投资人大家好我是卓昇威总监刘立琼首先非常感谢各位投资人参加我们本次的业绩交流那么由我向各位汇报一下2023年度和2024年一季度公司的一个经营基本情况那么2023年度呢我们色品前端的行业经历了从前期客户库存的挤压需求的萎缩 那么到后期受到库存情况有所好转解假日的消费刺激那么以及安卓安卓新机的不断涌现啊等等的因素的影响那么我们自身的一个经营业绩情况在下半年下半年的是改善明显的那么2023年度我们实现营业收入43.78亿元同比增长19.05% 那么归属于上市公司股东的净利润呢1.22亿元同比增长4.95那么二三年度啊部分支付费用对我们净利润的影响是共计3350万元 那么2023年度呢我们整体的毛利率呢是46.45%46.45%那么同比是下降了6.46那么主要是受到我们新卓产线的建设啊自身产品结构的变化那么以及啊那么同质化的产品市场竞争等一些影响那么同时呢啊我们也受益于我们自己自建产线的一个规模量产 那么我们高端模组的 ...

证券代码：300782 证券简称：卓胜微 公告编号：2024-016 江苏卓胜微电子股份有限公司 第三届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 本议案尚需提交公司2023年度股东大会审议。 （二） 审议通过《关于 2023 年度财务决算报告的议案》 经审议，监事会认为：公司《2023 年度财务决算报告》公允地反映了公司 2023 年的财务状况和经营成果。 江苏卓胜微电子股份有限公司（以下简称"公司"）第三届监事会第五次会议通 知于 2024 年 4 月 16 日通过电子邮件形式发出，于 2024 年 4 月 26 日在公司会议 室以现场会议的方式召开。会议由监事会主席陈碧女士召集并主持，本次会议应参 会监事 3 人，实际参会监事 3 人。本次会议的召集、召开符合《中华人民共和国公司 法》（以下简称"《公司法》"）和《江苏卓胜微电子股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、监事会会议审议情况 与会监事对本次会议审议的议案进行讨论，并以表决票表决的方式进行了审 议表决： （一） 审议 ...

证券代码：300782 证券简称：卓胜微 公告编号：2024-024 江苏卓胜微电子股份有限公司 关于拟续聘 2024 年度会计师事务所的公告 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 员会（PCAOB）注册登记。 截至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业人员总 数 10,730 名，签署过证券服务业务审计报告的注册会计师 693 名。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏卓胜微电子股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开第 三届董事会第五次会议及第三届监事会第五次会议，审议通过了《关于拟续聘 2024 年度会计师事务所的议案》，本事项尚需提交公司股东大会审议，现将相关 内容公告如下： 一、拟聘任会计师事务所事项的情况说明 立信会计师事务所（特殊普通合伙）是一家具备上市公司审计业务相关资格 的专业审计机构，具备多年为众多上市公司提供审计服务的经验与能力。鉴于立 信会计师事务所（特殊普通合伙）作为公司审计机构以来，具备良好的职业操守 和专业能 ...