20231101-招银国际-卓胜微-300782.SZ-Impressive_3Q_results__Maintain_BUY_6页_790kb

报告摘要

Q3 Financial Performance: Revenue surged 80.2% YoY and 47.7% QoQ to RMB 1.4 billion, setting a record quarterly high. Net profit reached RMB 452 million, with 94.3% YoY and 80.9% QoQ growth, attributed to strong client restocking and new product share gains.
Margin Changes: Gross profit margin (GPM) declined to 46.6%, mainly due to new factory ramp-up. Net profit margin (NPM) recovered to 32.1%, supported by sales growth resuming.
Inventory and Market Position: Inventory levels decreased to RMB 1.4 billion (≈3 months of sales), signaling healthy demand and recovery; the company benefited from industry de-stocking. Maxscend is positioned to capitalize on semiconductor localization.
Analyst Recommendation: Maintain BUY rating with target price raised to RMB 174, up 15.5% from current price. The valuation is fair, based on expected 46.7% NP CAGR and a 42.0x 2025E P/E, slightly below historical averages.
Future Growth Outlook: Key drivers include high-performance SAW filters in mass production, integration of modules, mass production of duplexers/multiplexers, and rollout of L-PAMiD products. Expected revenue and net profit growth of 31% and 32% YoY for 2024/25E.
Valuation Comparison: Priced at 38.1x 2025E P/E, a 10% premium to peers, reflecting leadership in RF market and semi-localization benefits.