卓胜微：射频前端芯片国内“一哥”，士别三日敢和思佳讯掰手腕？

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Viewpoints - The company, a leading domestic RF front-end chip manufacturer, has seen its market value drop nearly 80% from its peak in 2021 [1][2] - The company has experienced rapid revenue growth over the past 5 years, with a CAGR of 51% from 2018 to 2023, reaching 4.38 billion yuan in 2023 [4] - The company is transitioning towards higher-end products, such as RF modules, to improve profitability and competitiveness [7][8][9] Company Overview - The company, established in 2010, is the largest and most profitable RF front-end device manufacturer in the domestic market [3] - Its products are primarily used in smartphones, smart wearables, communication base stations, automotive electronics, and Bluetooth earphones [3] - The company initially focused on RF switches and low-noise amplifiers, avoiding the more challenging RF filters and power amplifiers markets [3] Revenue and Growth - Revenue grew 170% in 2019 due to accelerated domestic substitution and increased demand for RF front-end components in 5G devices [4] - Revenue declined 20.6% in 2022 due to weak smartphone market demand, with global smartphone shipments dropping by approximately 10% [4] - Q1 2024 revenue increased by 67.2%, indicating a recovery in the industry cycle [4] Industry Trends - The global RF front-end market is dominated by five major players, accounting for approximately 80% of the market share in 2022 [3] - The RF front-end industry is cyclical, influenced by macroeconomic fluctuations, technological advancements, and inventory changes [5] - The industry is moving towards integrated modularization, with RF modules expected to account for 72% of the market by 2026 [8] Product Development - The company has shifted its focus to RF filters, power amplifiers, and RF modules, investing heavily in these areas [9][10] - It has achieved breakthroughs in high-end RF modules, such as L-PAMiD, which is currently in the engineering sample stage [14] - The company has transitioned to a Fab-Lite model, combining in-house manufacturing with outsourcing to improve supply chain autonomy [13] Financial Performance - The company's gross and net profit margins have been declining since 2022, primarily due to increased competition and lower-margin products [17][18] - In Q1 2024, the company's gross margin was 42.77%, with a net margin of 16.56%, slightly lower than its competitor Skyworks [18][19] - The company's R&D expenses reached 630 million yuan in 2023, accounting for 14% of revenue, with a further increase to 22.6% in Q1 2024 [14][15] Competitive Landscape - The company faces intense competition from both international players like Skyworks and domestic rivals [18] - Domestic competitors such as Vanchip and Maxscend have also made progress in high-end RF modules, increasing market pressure [14] Future Outlook - The company's future growth depends on its ability to successfully transition to higher-end products and improve profitability [17][18] - The company is expected to benefit from the ongoing recovery in the smartphone market and the increasing demand for 5G devices [4][5]