招银国际：卓胜微（300782）-Transitionbeforeturnaround;maintainHOLD

卓胜微(300782) Maxscendreleased1H26results.Revenuerose6.2%YoYtoRMB1.81bn,whilenetlosswidenedtoRMB371mn;2Q26revenuereachedRMB982mn(+3.6%YoY/+18.7%QoQ),butnetlossdeepenedtoRMB226mn,bothbelowBloombergconsensus.GPMfell12.4pptsto16.4%,aslowfabloading,depreciation,pricingpressureandmodulerampcostsoverwhelmedmiximprovement.Maxscendissimultaneouslydigestinglegacyinventory,executingitsFab-Litetransitionandpivotingtowardopticalinterconnect.Withdemandrecoveryuncertainandutilizationsubdued,wecutFY26E/FY27Ereve