研報掘金丨國盛證券:首予卓勝微“買入”評級,判斷公司有望在25H2扭虧爲盈
國盛證券研報指出,卓勝微是射頻前端龍頭,厚積方可薄發。近年來公司積極由Fabless向Fab-Lite經營模式轉型,大力投入芯卓項目建設,體現出公司對技術革新、供應鏈優化、市場拓展等多維度的戰略佈局。雖然短期面臨行業競爭和折舊費用的壓力,但隨着產能利用率的不斷提升,判斷公司有望在25H2扭虧爲盈。今年4月中美貿易衝突的發生再一次加強了終端客戶對上遊供應鏈全面進行國產替代的決心,目前國產廠商在濾波器和L-PAMiD模組領域仍有較大成長空間,堅定看好新一輪國產替代帶來的成長機遇。另外,芯卓項目穩步推進,定增加碼全面擴產。考慮到公司在國內射頻前端領域的龍頭地位,首次覆蓋,給予“買入”評級。
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