招银国际：卓胜微（300782）-Transitionpainspersist;waitandHOLD

卓胜微(300782) MaxscendreleaseditsFY25results.Revenuedeclinedby17%toRMB3.7bn(9%belowBBGconsensusandours),whilenetlosswasRMB293mn.GPMdeclinedby13.8pptsto25.7%(1pptbelowBBGconsensus/6pptsbelowours)dueto1)lowutilizationratesatboth6-inch(~50%)and12-inch(30-40%)fabs,2)anunfavorableproductmixduetothedelayinhigher-marginmodulerampandagreatercontributionfromlower-valueproducts,and3)increasedrawmaterialcostsdrivenbyAI-relateddemandcrowding.Morefundamentally,theCompanyremainsinatransitionphasetowardafab-lite