Group 1 - The core viewpoint of the article emphasizes that the CSI A500 index offers a more diversified and low-correlation investment option for quantitative funds compared to traditional indices like CSI 500 and CSI 1000 [1] - The CSI A500 index is designed to highlight investment functionality, showcasing characteristics that are "more growth-oriented than the CSI 300 and more value-oriented than the ChiNext" [1] - The index includes stocks that are part of the Shanghai and Shenzhen Stock Connect, facilitating foreign capital inflow and providing ample liquidity [1][4] Group 2 - The CSI A500 index has a relatively balanced industry distribution, with a lower concentration compared to the CSI 300 index, making it attractive for quantitative investment strategies [5][8] - The index significantly underweights traditional sectors like finance and real estate while overweighting emerging sectors such as basic chemicals, defense, electronics, and pharmaceuticals [6][14] - The total market capitalization of the CSI A500 index components is approximately 54 trillion, accounting for 54% of the total A-share market capitalization, with a median market cap of 40.4 billion [14] Group 3 - The trading activity of the CSI A500 index is relatively high, contributing to over one-third of the total trading volume in the A-share market, indicating good liquidity [18] - The index's characteristics align well with quantitative investment approaches, providing a promising avenue for generating excess returns [19] - The CSI A500 index is expected to attract long-term investment interest due to its potential for excess returns and its alignment with global investment trends [19]

证券代码：603341 证券简称：龙旗科技 公告编号：2024-042 上海龙旗科技股份有限公司 关于首次公开发行股票募集资金部分专户销户完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 10 月 25 日出具的《关于同意上海 龙旗科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕2432 号），并经上海证券交易所同意，公司首次公开发行人民币普通股 60,000,000 股， 每股面值为人民币 1.00 元，发行价格为人民币 26.00 元/股，募集资金总额为人 民币 156,000.00 万元，扣除发行费用后，实际募集资金净额为人民币 144,067.93 万元。容诚会计师事务所（特殊普通合伙）于 2024 年 2 月 27 日出具了《上海龙 旗科技股份有限公司验资报告》（容诚验字[2024]200Z0006 号），验证募集资金 已全部到位。 二、募集资金管理情况 为规范公司募集资金的管理和使用，保护投资者的利益，公司根据《中华人 民 ...

Group 1: Company Performance - The company achieved a revenue growth of 101% year-on-year in the first three quarters of 2024 [2] - The company successfully launched its first Qualcomm Snapdragon platform laptop project, which has started shipping to the domestic market and is preparing for international markets [2] - The company continues to lead the global smartphone ODM market, with steady growth in market share due to proactive market strategies and optimized customer structure [3] Group 2: Market Insights - According to Counterpoint Research, the global smartphone ODM/IDH shipment volume is expected to grow by 6% year-on-year in the first half of 2024, with ODM/IDH market share projected to remain around 41% [3] - The penetration rate of AI smartphones is expected to rise, although currently, flagship models are primarily developed by major smartphone brands [3] - The company anticipates that as AI-related chip technology continues to evolve and costs decrease, leading ODM manufacturers may gradually enter the AI smartphone market [3] Group 3: Future Plans - The company is focused on the rapid development of AI smart hardware, driven by the widespread application of AI technology [3] - The establishment of the 2111 laboratory aims to focus on future technology research, enhancing the company's competitive edge [3] - The company has successfully mass-produced AI PC and AI smart glasses, which will be strategic business products moving forward [3]

Investment Rating - The investment rating for Longqi Technology (603341) is "Buy" and is maintained [2] Core Views - The company achieved a total operating revenue of 34.92 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 101.28%. However, the net profit attributable to shareholders decreased by 15.03% to 431 million yuan, primarily due to a decline in gross margin and significant investments in new business areas such as AIPC, automotive electronics, and XR [4] - The gross margin for the company was 6.09%, down 5.6% year-on-year, but measures are being implemented to mitigate the impact of rising raw material costs and improve efficiency, with expectations for gradual improvement in Q4 [4] - The smartphone segment saw a revenue of 9.84 billion yuan in Q3, a year-on-year growth of 96.57%, indicating a steady increase in market share. The automotive electronics sector has secured multiple project designations from major manufacturers [4] - The company forecasts net profits attributable to shareholders for 2024-2026 to be 590 million, 1 billion, and 1.18 billion yuan respectively, maintaining a "Buy" rating [4] Financial Summary - For 2023A, the operating revenue was 27.185 billion yuan, with a projected increase to 47.559 billion yuan in 2024E, reflecting a growth rate of 74.94% [5] - The net profit attributable to shareholders is expected to decrease slightly to 591.38 million yuan in 2024E, with a subsequent increase to 998.18 million yuan in 2025E [5] - The earnings per share (EPS) is projected to be 1.27 yuan in 2024E, increasing to 2.15 yuan in 2025E [5] - The company’s asset-liability ratio is currently at 80.7%, with expectations for a decrease to 71.7% by 2024E [7]

Group 1 - Longqi Technology (603341) experienced a stock price increase of 7.07% with a turnover rate of 31.73% and a trading volume of 732 million yuan, indicating significant market activity [1] - Institutional investors net bought 13.73 million yuan, while brokerage seats collectively net sold 19.42 million yuan, reflecting mixed investor sentiment [1] - The stock has appeared on the daily trading list 8 times in the past six months, with an average price drop of 1.75% the day after being listed and an average decline of 5.86% over the following five days [1] Group 2 - For the third quarter, Longqi Technology reported a total revenue of 34.92 billion yuan, representing a year-on-year growth of 101.28%, while net profit was 431 million yuan, showing a year-on-year decrease of 15.03% [1] - The stock saw a net outflow of 6.15 million yuan in main funds today, with a significant outflow of 40.85 million yuan from large orders, while large orders saw a net inflow of 34.70 million yuan [1] - Over the past five days, the main funds have experienced a net outflow of 5.52 million yuan [1]

Summary of the Conference Call for Longqi Technology Q3 2024 Company Overview - Longqi Technology is an ODM company providing comprehensive smart product services for leading global consumer electronics brands and technology enterprises, with over 20 years in the industry [1] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 34.921 billion yuan, a year-on-year increase of 101%, while net profit attributable to shareholders was 431 million yuan, a year-on-year decrease of 15% [1] - In Q3 2024, revenue reached 12.640 billion yuan, a year-on-year increase of 93%, with net profit of 92 million yuan, down 47% year-on-year [1] - Operating cash flow for the first three quarters was 920 million yuan, a decrease of 8% year-on-year [1] - Inventory turnover days for the first half of the year were 19 days, indicating improved operational efficiency [1] Business Segment Performance - Smartphone business revenue for the first three quarters was 27.9 billion yuan, a year-on-year increase of 98%, maintaining a leading position in the global smartphone ODM market [2] - Tablet business revenue was 2.5 billion yuan, a year-on-year increase of 78%, with efforts to expand high-end product offerings and customer base [2] - ALT product revenue reached 3.8 billion yuan, a year-on-year increase of 135%, with smartwatches and smart bands as key growth drivers [2] - The second-generation smart glasses, developed in collaboration with a leading global internet client, continued to see sales growth due to deep integration of AI technology [2] Strategic Initiatives - The company is actively entering the AIPC and automotive electronics sectors, having officially entered the AIPC market in 2023 and formed a strategic partnership with Qualcomm [2] - The first Qualcomm Dragon platform laptop project has successfully commenced mass production and is being sold in domestic and international markets [3] - In automotive electronics, the focus is on smart cockpit products, with ongoing expansion of domestic and international OEM partnerships, including collaborations with Xiaomi, Seres, and NIO [3] Future Outlook - The company is implementing measures to mitigate the impact of rising raw material costs on gross margins, including enhanced supply chain management and lean production techniques [2] - An expectation of gradual improvement in overall gross margins in Q4 2024 [2] - Longqi Technology aims to replicate successful domestic manufacturing practices in Vietnam and India to establish a global supply chain and delivery system, addressing potential geopolitical risks [4] - The company emphasizes a long-term development philosophy, focusing on quality growth and innovation in AI smart hardware and automotive electronics [4]

Group 1: Financial Performance - The company's revenue growth in Q3 was 93% year-on-year, particularly strong in the smartphone and AIoT sectors [2] - The gross margin in Q3 decreased compared to Q2 due to rising raw material costs and a higher volume of low-margin products [2] - The company expects an improvement in overall gross margin in Q4 and next year [2] Group 2: Strategic Initiatives - The overseas strategy focuses on high-value markets in Europe, the US, Japan, and South Korea, with plans for customer breakthroughs and product planning [2] - The company has established a manufacturing base in Vietnam and is expanding operations in India to meet local manufacturing demands [2] Group 3: Research and Development - R&D expenses remain high, with significant investments in AI PC, automotive electronics, and XR technologies [3] - Future R&D investments will focus on mature product categories while maintaining a stable R&D scale, and will also target new business areas with a long-term commitment [3] Group 4: Market Position and Competition - The company is recognized as one of the few capable of executing AI PC business in the competitive market, with a focus on long-term development [5] - In the automotive electronics sector, the company has made progress with major clients, including Xiaomi and NIO, and is actively engaging with various OEMs [4] Group 5: Investment and Collaboration - The company is investing in the Huahai Jinpu Fund, focusing on upstream semiconductor-related fields and emerging sectors driven by digital economy [4] - The collaboration with global internet leaders on next-generation products is in the R&D phase, indicating a strong market interest in AI smart glasses [4]

Summary of Conference Call Records Company Overview - The conference call discusses the financial performance of Longqi Technology for Q3 2024, reporting a total revenue of 34.921 billion yuan, a year-on-year increase of 101% [1] - Net profit attributable to shareholders was 431 million yuan, a decrease of 15% year-on-year [1] - The third subsidiary reported revenue of 12.64 billion yuan, a year-on-year increase of 93%, with net profit of 92 million yuan, down 47% [1] - Operating cash flow for the third subsidiary was 920 million yuan, with a collection period of 19 days, indicating improved operational efficiency [1] Key Points and Arguments Revenue and Profitability - The overall revenue growth is attributed to a strong performance in the smartphone sector, which generated 27.9 billion yuan, up 90% year-on-year [2] - The company is facing challenges with raw material prices affecting profit margins, particularly in certain AIT projects [1][2] - Despite the revenue growth, the gross margin has declined due to increased costs and investments in new business areas such as automotive electronics and XR [1][2] Strategic Measures - The company is implementing several measures to mitigate the impact of rising raw material costs, including price negotiations with clients and enhancing supply chain management [2] - Manufacturing efficiency is being improved through precision production techniques, with expectations for gross margin recovery in Q4 [2][8] Business Segments - The smartphone business remains a stronghold, while the AIoT segment has also shown significant growth, with revenue from AIoT products increasing substantially [2][3] - The DLT segment reported a remarkable revenue increase of 135% year-on-year, driven by smart wearable devices [2][3] - The company is actively expanding into ARGC and automotive electronics, with strategic partnerships established for new product development [3][4] Global Expansion - Longqi Technology is focusing on global expansion, particularly in high-value markets such as Europe, the US, Japan, and South Korea [9][10] - Manufacturing capabilities are being enhanced in Vietnam and India to meet local demand and reduce supply chain risks [10][11] Future Outlook - The company anticipates a gradual improvement in gross margins, with expectations for a return to more normalized levels by 2025 [8][36] - Longqi Technology is committed to long-term investments in R&D, particularly in emerging fields like AI and automotive electronics, despite short-term financial impacts [19][32] Financial Management - Approximately 30% of the company's revenue and procurement are in USD, which helps balance currency exposure [17] - The company is actively managing foreign exchange risks to minimize impacts on financial performance [17] R&D Investments - R&D expenses have increased significantly, reflecting ongoing investments in new technologies and product lines [18][19] - The company plans to maintain a high level of R&D spending to support long-term growth, particularly in new business areas [19] Additional Important Information - The company is exploring opportunities in the semiconductor sector through strategic investments in related funds [22] - There is a focus on maintaining a balanced approach to short-term investments and long-term growth strategies, particularly in competitive markets like automotive electronics and AIoT [29][32] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, and future outlook.

Financial Performance - The company's revenue for Q3 2024 reached ¥12,639,888,272.64, representing a 92.97% increase compared to the same period last year[3]. - Net profit attributable to shareholders decreased by 46.66% to ¥92,222,865.95 in Q3 2024, while the year-to-date net profit was ¥430,855,461.28, down 15.03% year-on-year[3]. - The basic earnings per share for Q3 2024 was ¥0.19, a decline of 55.81% compared to the same period last year[3]. - In the first three quarters of 2024, the company achieved a revenue of 34.921 billion RMB, a year-on-year increase of 101.28%[9]. - The net profit attributable to shareholders for the same period was 431 million RMB, a year-on-year decrease of 15.03%[9]. - The net profit for Q3 2024 is approximately ¥425.43 million, a decrease of 16% compared to ¥505.86 million in Q3 2023[17]. - The total comprehensive income for Q3 2024 is approximately ¥434.01 million, down from ¥498.23 million in Q3 2023, reflecting a decline of about 12.9%[17]. - The basic and diluted earnings per share for Q3 2024 are both ¥0.95, compared to ¥1.25 in Q3 2023, indicating a decrease of 24%[17]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥26,288,176,643.99, reflecting a 32.51% increase from the end of the previous year[3]. - The equity attributable to shareholders increased by 44.54% to ¥5,529,143,048.81 at the end of Q3 2024[3]. - Non-current assets totaled ¥4,020,842,270.31, an increase from ¥3,853,119,196.32 in the previous year, representing a growth of 4.3%[14]. - Total liabilities increased to ¥20,764,322,067.76 in 2024, compared to ¥16,013,502,810.51 in 2023, reflecting a rise of 29.1%[14]. - The company's total assets reached ¥26,288,176,643.99, up from ¥19,838,899,555.68 in 2023, showing an increase of 32.3%[14]. - Short-term borrowings rose significantly to ¥1,338,341,035.62, compared to ¥692,694,656.92 in the previous year, an increase of 93.2%[14]. - The equity attributable to shareholders increased to ¥5,529,143,048.81, up from ¥3,825,257,838.74 in 2023, a growth of 44.6%[14]. Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥919,586,950.00 year-to-date, a decrease of 7.96% compared to the same period last year[3]. - Cash flow from operating activities for the first nine months of 2024 is approximately ¥919.59 million, slightly down from ¥999.13 million in the same period of 2023[19]. - Cash inflow from operating activities for the first nine months of 2024 totals approximately ¥38.27 billion, a significant increase from ¥20.19 billion in the same period of 2023[19]. - Cash outflow from investing activities for the first nine months of 2024 is approximately ¥7.63 billion, compared to ¥535.86 million in the same period of 2023, indicating a substantial increase in investment expenditures[20]. - The net cash flow from financing activities for the first nine months of 2024 is approximately ¥1.61 billion, up from ¥980.21 million in the same period of 2023[20]. - The company reported a significant increase in cash received from sales, totaling approximately ¥37.87 billion for the first nine months of 2024, compared to ¥19.08 billion in the same period of 2023[19]. - The company has made substantial investments in fixed assets, with cash payments for the acquisition of fixed assets amounting to approximately ¥503.29 million in Q3 2024, compared to ¥474.30 million in Q3 2023[20]. Business Segments and Growth - The company attributed the significant increase in revenue to sustained growth across various business segments[5]. - The decline in net profit was primarily due to rising raw material costs and increased investment in new business areas[5]. - The smartphone business generated 9.844 billion RMB in Q3 2024, reflecting a year-on-year growth of 96.57%[10]. - The AIoT product segment achieved a revenue of 1.551 billion RMB in Q3 2024, marking a year-on-year increase of 109.80%[10]. - The company is actively expanding into the automotive electronics sector, securing projects with major manufacturers like Xiaomi and NIO[10]. - The gross profit margin is expected to gradually improve in Q4 2024 due to enhanced supply chain management and production efficiency[9]. - The company has successfully launched its first AI PC projects based on Qualcomm Snapdragon platforms, contributing to its expansion in AI applications[10]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,204[6]. - Research and development expenses increased to ¥1,472,924,271.40 in 2024, compared to ¥1,160,401,003.33 in 2023, marking a rise of 27%[16].

上海龙旗科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603341 证券简称：龙旗科技 公告编号：2024-040 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 10 月 25 日(星期五) 至 10 月 31 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过上海龙旗科技股份 有限公司（以下简称"公司"）邮箱 ir@longcheer.com 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 公司将于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 1 日上午 10:00-11:00 举行 2024 年第三季度业绩说明会，就投资者 关心的问题进行交流。 一、 说明会 ...