公司自研的三款显控芯片今年4月推出，且合作国际著名的N公司三款产品实现陆续出货，AI业务收入 环比递增，作为业内的音视频领域解决方案提供商3年有望实现业绩10倍增长，下游还有军工、应急、 VRXR等新兴看点。 淳中科技（603516）精要： ①公司作为业内领先的专业音视频控制设备及解决方案提供商，显控传统业务行业拐点将至，24年4月 公司推出三款自研专业芯片，有望增强市场竞争力； ②公司已与国际知名图形技术和人工智能计算领域的领导者N公司达成业务合作，已对接液冷测试平 台、基于AI的检测平台、各种测试板卡等产品并实现供货，24Q3季度AI业务收入环比递增； ③浙商证券张建民预计24-26年公司实现营收6.55/8.74/12.20亿元，归母净利润分别1.07/1.53/2.33亿 元，YOY分别+514%/42%/52%，对应PE分别66/46/31倍，首次覆盖； ④风险提示：行业需求复苏不及预期的风险等。 自研三款显控芯片今年4月推出+合作国际N公司三款产品并实现出货，这家音视频领域解决方案提供商 3年有望实现业绩10倍增长，下游还有军工、应急、VRXR等新兴看点 浙商证券张建民最新覆盖显控自研芯片国内龙头 ...

淳中科技(603516) 证券研究报告 | 公司深度 | 计算机设备 | --- | --- | |---------------------------------------------------|--------------------------| | | | | | 报告日期: 2024年11月13日 | | 显控龙头自研芯片巩固地位,进军 AI 算力检测成长可期 | | 投资要点 □ 业内领先的专业音视频控制设备及解决方案提供商,显控传统业务行业拐点将 至,自研专业 ASIC 芯片有望进一步提升领先优势;与全球 AI 领导者 N 公司合 作并已开始贡献收入，有望打造第二增长曲线。 □ 超高清+5G 等技术进步,使专业音视频下游应用场景不断拓宽,供需两方面共 同推动行业规模不断增长。国产厂商快速成长,壁垒较高。 供给侧:政策鼓励 4K/8K 超高清产品入户,超高清视频产业步入发展快车道, 5G 网络建设、无线通信宽带升级,使专业音视频行业应用范围扩大成为可能。 需求侧:音视频系统加速由商业向指挥中心、监控调度、重大活动保障等重要领 域拓展,同时商业领域有望在娱乐消费、在线教育、协同办公、金融、医疗 ...

证券研究报告 | 公司动态点评 2024 年 11 月 05 日 淳中科技（603516.SH） 业绩持续快速增长，海外收入环比递增 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|----------------------------|-------|-------|------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 381 | 499 | 822 | 1,152 | 1,562 | 股票信息 | | | 增长率 yoy （ % ） | -18.6 | 31.0 | 64.7 | 40.2 | 35.6 | | | | 归母净利润（百万元） | 30 | 17 | 132 | 207 | 3 ...

隐证券 计算机/计算机设备 公 司 研 究 淳中科技（603516.SH） 2024 年 10 月 28 日 提质增效成效显著，与 N 公司合作持续深入 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 34.29 | | 一年最高最低 ( 元 ) | 43.55/10.79 | | 总市值 ( 亿元 ) | 69.21 | | 流通市值 ( 亿元 ) | 69.21 | | 总股本 ( 亿股 ) | 2.02 | | 流通股本 ( 亿股 ) | 2.02 | | 近 3 个月换手率 (%) | 340.45 | 股价走势图 -80% -40% 0% 40% 80% 120% 160% 2023-10 2024-02 2024-06 淳中科技 沪深300 数据来源：聚源 相关研究报告 《AI 收入实现突破，巨头合作值得高 度期待 — 公 司 信 息 更 新 报 告 》 -2024.8.9 《业绩超预期，携手 AI 计算巨头持续 突破— ...

Revenue and Profit - Revenue for the third quarter was RMB 92,899,507.74, a decrease of 22.22% year-over-year[3] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 12,272,369.89, an increase of 146.34% year-over-year[3] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter was RMB 10,748,289.02, an increase of 203.31% year-over-year[3] - Total operating income for the first three quarters of 2024 was 326,519,301.18 RMB, a decrease from 337,340,388.03 RMB in the same period of 2023[16] - Net profit for the first three quarters of 2024 was 48,804,944.54 RMB, a significant increase from 10,768,826.01 RMB in the same period of 2023[17] - Operating profit for the first three quarters of 2024 was 49,819,028.23 RMB, a significant increase from 11,341,300.58 RMB in the same period of 2023[17] - Total comprehensive income for the first three quarters of 2024 was 48,804,944.54 RMB, up from 10,768,826.01 RMB in the same period of 2023[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,476,456,353.32, a decrease of 4.37% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company at the end of the reporting period was RMB 1,361,842,173.71, an increase of 26.91% compared to the end of the previous year[5] - The company's monetary funds decreased to 444,215,996.33 RMB as of September 30, 2024, compared to 556,033,417.37 RMB at the end of 2023[12] - Trade receivables decreased to 223,399,293.28 RMB as of September 30, 2024, from 236,986,481.95 RMB at the end of 2023[12] - Prepayments increased significantly to 48,296,013.10 RMB as of September 30, 2024, compared to 9,492,544.91 RMB at the end of 2023[12] - The company's total current assets decreased to 1,092,529,128.07 RMB as of September 30, 2024, from 1,142,481,654.28 RMB at the end of 2023[12] - Total non-current assets decreased to 383,927,225.25 RMB as of September 30, 2024, compared to 401,520,576.17 RMB at the end of 2023[14] - The company's total assets decreased to 1,476,456,353.32 RMB as of September 30, 2024, from 1,544,002,230.45 RMB at the end of 2023[14] - Accounts payable decreased to 64,620,627.74 RMB as of September 30, 2024, compared to 94,138,650.75 RMB at the end of 2023[14] - Contract liabilities decreased to 12,400,444.88 RMB as of September 30, 2024, from 19,592,814.32 RMB at the end of 2023[14] - Employee benefits payable decreased significantly to 1,086,626.85 RMB as of September 30, 2024, compared to 20,101,784.62 RMB at the end of 2023[14] - Other payables decreased to 2,526,479.32 RMB as of September 30, 2024, from 3,595,591.79 RMB at the end of 2023[14] - Total liabilities increased to 470,283,843.06 RMB, up from 117,404,313.88 RMB[15] - Total equity attributable to the parent company increased to 1,361,842,173.71 RMB from 1,073,094,831.83 RMB[15] - Total assets as of the end of the third quarter of 2024 were 1,476,456,353.32 RMB, a decrease from 1,544,002,230.45 RMB[15] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were RMB 0.06, an increase of 200.00% year-over-year[5] - Diluted earnings per share for the third quarter were RMB 0.06, an increase of 200.00% year-over-year[5] - Weighted average return on equity for the third quarter was 0.94%, an increase of 0.46 percentage points year-over-year[5] - Basic earnings per share (EPS) for the first three quarters of 2024 was 0.26 RMB, up from 0.06 RMB in the same period of 2023[18] Cash Flow - Cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB -12,399,536.55, a decrease of 117.31% year-over-year[3] - Operating cash flow for the first three quarters of 2024 was -12.4 million yuan, compared to 71.61 million yuan in the same period of 2023[20] - Cash received from selling goods and providing services in the first three quarters of 2024 was 373.43 million yuan, down from 458.53 million yuan in 2023[20] - Investment cash flow for the first three quarters of 2024 was -24.14 million yuan, compared to 129.4 million yuan in the same period of 2023[21] - Cash received from investments in the first three quarters of 2024 was 416.06 million yuan, down from 632.7 million yuan in 2023[21] - Cash paid for investments in the first three quarters of 2024 was 440 million yuan, down from 500 million yuan in 2023[21] - Financing cash flow for the first three quarters of 2024 was -75.12 million yuan, compared to 45.88 million yuan in the same period of 2023[21] - Cash paid for dividends, profits, or interest in the first three quarters of 2024 was 20.09 million yuan, down from 22.52 million yuan in 2023[21] - Net increase in cash and cash equivalents for the first three quarters of 2024 was -111.79 million yuan, compared to 248.32 million yuan in 2023[21] - Ending cash and cash equivalents balance as of September 2024 was 442.65 million yuan, down from 496.22 million yuan in 2023[21] Research and Development - Research and development expenses for the first three quarters of 2024 were 50,462,345.27 RMB, a decrease from 56,251,049.25 RMB in the same period of 2023[16] Business Performance and Strategy - The increase in net profit was attributed to the recovery of business demand from key industry customers, expansion of product categories, and new business increments from the AI sector[7]

淳中科技（603516.SH）首次覆盖报告 显控主业反转，进军算力检测打开成长空间 2024 年 09 月 07 日 ➢ 公司为业内领先的专业音视频解决方案提供商。公司产品连接信息采集和 显示系统，适用于指挥控制中心、智能会议室商业娱乐及 AI 应用等多媒体视讯 场景，广泛应用于特定行业/应急管理/电力/能源/党政机关/教育/商业等领域， 核心下游主要集中在特定行业信息化部署中。公司于 2011 年在北京成立， 2018 年在上海证券交易所主板挂牌上市，是华为星闪联盟成员。 ➢ 特定行业订单延迟落地致近年业绩承压，预计 24 年下游景气度加速反转。 预计 25 年国内显控设备行业规模超过 100 亿元，且 5G 建设持续推进，超高清 视频助力显控行业发展。特定行业等下游行业景气度回暖，24 年主业恢复确定 性加大。1）随着十三五军队机械化转向十四五的智能化，预计十四五最后两年 24、25 年军工信息化预算加速落地；2）中央财政于 23Q4 增发万亿元国债， 重点投向包含应急能力提升工程，将加强各级应急智慧部体系建设，公司有望 受益。预计随着传统业务下游需求恢复及新拓展业务成效显现，业绩增长有望 提速；费用较为 ...

买入（维持评级） 财务指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 381 499 822 1,152 1,562 增长率 yoy（%） -18.6 31.0 64.7 40.2 35.6 归母净利润（百万元） 30 17 132 207 332 增长率 yoy（%） -64.0 -41.5 657.8 56.4 60.2 ROE（%） 2.9 1.5 11.2 15.1 19.8 EPS 最新摊薄（元） 0.15 0.09 0.66 1.03 1.64 P/E（倍） 199.3 340.7 45.0 28.7 17.9 P/B（倍） 6.2 6.0 5.4 4.6 3.7 资料来源：公司财报，长城证券产业金融研究院 股票信息 行业 计算机 证券研究报告 | 公司动态点评 2024 年 08 月 09 日 淳中科技（603516.SH） 业绩显著改善，AI 业务取得突破，自研芯片进展顺利，看好公司持 续快速增长 事件：8 月 8日，公司发布 2024 半年报，2024 上半年，公司实现营收 2.34 亿元，同比+7.22%；实现归母净利润 0.39 亿元，同比+494. ...

公司研究 2024.08.12 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|---------------------------------------|-----------------------------------|-------|----------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

Investment Rating - Buy (Maintained Rating) [1] Core Views - The company's performance has significantly improved, with AI business breakthroughs and smooth progress in self-developed chips, indicating sustained rapid growth [2] - Overseas business achieved a breakthrough from 0 to 1, with significant revenue growth [2] - Self-developed chips have opened up new growth space, with three new chips released in April 2024 [3] - The company has expanded into new sectors, breaking through XR/AR core technologies and winning awards in the VR/AR/MR/XR field [4] Financial Performance - Revenue for 2024H1 was 234 million yuan, up 7.22% YoY, with net profit attributable to the parent company at 39 million yuan, up 494.03% YoY [2] - Gross margin for 2024H1 was 53.31%, up 9.87 percentage points YoY [2] - Revenue growth rates for 2022-2026 are projected at -18.6%, 31.0%, 64.7%, 40.2%, and 35.6% respectively [1] - Net profit attributable to the parent company growth rates for 2022-2026 are projected at -64.0%, -41.5%, 657.8%, 56.4%, and 60.2% respectively [1] Valuation Metrics - P/E ratios for 2022-2026 are 199.3x, 340.7x, 45.0x, 28.7x, and 17.9x respectively [1] - P/B ratios for 2022-2026 are 6.2x, 6.0x, 5.4x, 4.6x, and 3.7x respectively [1] Business Developments - The company has established a business partnership with a leading international graphics technology and AI computing company, N, and obtained a Vendor Code [2] - The company has developed three new chips: Coollights, Zeus, and Thor, which are expected to enhance competitiveness and profitability [3] - The company has made breakthroughs in XR/AR core technologies and won awards in the VR/AR/MR/XR field [4] Financial Projections - Projected net profit attributable to the parent company for 2024-2026 is 132 million yuan, 207 million yuan, and 332 million yuan respectively [1] - Projected EPS for 2024-2026 is 0.66 yuan, 1.03 yuan, and 1.64 yuan respectively [1] Industry and Market Position - The company is in the computer industry and is a leader in professional audio-visual display control, continuously expanding its product lines and exploring new sectors [4]

计算机/计算机设备 公 司 研 究 AI 收入实现突破，巨头合作值得高度期待 淳中科技（603516.SH） 2024 年 08 月 09 日 ——公司信息更新报告 1.30、1.72、2.24 亿元，EPS 分别 分别 46.0、34.7、26.6 倍，考虑公 亿元，同比增长 7.22%；实现归母净 ；实现扣非归母净利润 3693.41 万元，同 比大幅扭亏。其中，Q2 单季度实现营业收入 1.59 亿元，同比增长 8.93%；实现 归母净利润 3324.69 万元，同比增长 78.27%；实现扣非归母净利润 3234.09 万元， 同比增长 118.77%。公司利润大幅增长主要得益于：（1）重点行业客户业务需求 逐步复苏，公司产品品类进一步拓展，人工智能板块从 0 到 1 带来新的业务增量， 营业收入实现稳步增长；（2）业绩质量显著改善，上半年综合毛利率为 53.31%， 较 2023 年同期提升 9.87 个百分点；（3）对内提高运营效率，降本增效，销售费 用率、管理费用率、研发费用率分别为 14.50%、9.05%、14.53%，同比下降 1.48、 1.29、0.97 个百分点；而且"淳中转债"于 ...