Investment Rating - The investment rating for the company is "Buy" [1][7] Core Insights - The company, Chunz中科技, expects a significant increase in net profit for 2024, projecting a range of 84 million to 100.8 million yuan, representing a year-on-year increase of 380.45% to 476.55% [2] - The company has focused on product and strategic upgrades, achieving notable improvements in performance and a significant recovery in gross profit margin [3] - The company has made breakthroughs in overseas business, establishing a partnership with a well-known international client in graphics technology and AI computing, which has opened new business opportunities [4] - Cost and financial optimization efforts have led to reduced operational costs and increased efficiency, with a notable decrease in period expenses [5] Summary by Sections Financial Performance - The company reported a total revenue of 499 million yuan in 2023, with an expected increase to 554 million yuan in 2024, representing a year-on-year growth of 11.1% [11] - The projected net profit for 2024 is 94 million yuan, a significant increase from 16 million yuan in 2023, reflecting a growth rate of 459.5% [11] - The gross profit margin is expected to improve from 43.5% in 2023 to 49.4% in 2024 [11] Earnings Forecast - The earnings per share (EPS) is projected to increase from 0.09 yuan in 2023 to 0.48 yuan in 2024 [11] - The company has adjusted its revenue forecasts for 2024-2026, with expected revenues of 5.54 billion, 8.23 billion, and 12.46 billion yuan respectively [6] Strategic Initiatives - The company has established multiple research and development centers and has a strong focus on independent research and development, holding 234 intellectual property rights [3] - The company is actively expanding its overseas business and has achieved significant progress in collaboration with international clients [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain growth momentum through continuous collaboration with N Company, which has led to significant improvements in operational efficiency and profitability [4][5] - The company has adjusted its 2024 net profit forecast to 96 million yuan (previously 130 million yuan), while maintaining the 2025 and 2026 net profit forecasts at 172 million yuan and 224 million yuan respectively [3] Financial Performance - The company anticipates a net profit for 2024 between 84 million yuan and 100.8 million yuan, representing a year-on-year increase of 380.45% to 476.55% [4] - The expected non-recurring net profit for 2024 is projected to be between 75 million yuan and 90 million yuan, with a year-on-year growth of 978.68% to 1194.42% [4] - The company's revenue is forecasted to grow from 564 million yuan in 2024 to 857 million yuan in 2025, reflecting a year-on-year increase of 52.1% [7] - The gross margin is expected to recover significantly, with a forecast of 49.0% in 2024 and 49.9% in 2025 [7] Business Development - The company has established a vendor code with N Company, focusing on various testing and detection platforms, which is expected to drive new orders and business growth [5] - The company has seen a notable increase in overseas business revenue, attributed to the innovation and iteration of key customer products [5] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 122.1 for 2024, 68.2 for 2025, and 52.4 for 2026 [3][7] - The earnings per share (EPS) estimates are 0.48 yuan for 2024, 0.85 yuan for 2025, and 1.11 yuan for 2026 [3][7]

Group 1 - The core viewpoint of the news is that Chunz中科技 (603516) has announced a significant increase in its expected net profit for 2024, projecting a profit between 84 million and 101 million yuan, which represents a year-on-year growth of 380.45% to 476.55% [1] - Following the earnings forecast announcement, Chunz中科技's stock price rose by 5.88% to close at 58.18 yuan, with a trading volume of 878 million yuan and a turnover rate of 7.49% [1] - Over the past five days, Chunz中科技's stock has increased by 9.24% [1] Group 2 - A statistical analysis of stocks with earnings forecasts exceeding 50% growth shows that 63.41% of these stocks experienced price increases on the day of the announcement, with 23 companies hitting the daily price limit [1] - Additionally, the proportion of stocks that saw price increases within five days following the earnings forecast announcement is 63.18% [2]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 84 million and 100.8 million CNY, an increase of 66.52 million to 83.32 million CNY compared to the previous year, representing a year-on-year growth of 380.45% to 476.55%[4] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 75 million and 90 million CNY, an increase of 68.05 million to 83.05 million CNY compared to the previous year, with a year-on-year growth of 978.68% to 1194.42%[4] - The net profit for the same period last year (2023) was 17.48 million CNY, and the net profit after deducting non-recurring gains and losses was 6.95 million CNY[6] - The performance forecast data is preliminary and has not been audited by a registered accountant, with the final financial data to be disclosed in the official 2024 annual report[9] Business Strategy and Operational Efficiency - The company has focused on enhancing product strength and adjusting business strategies, leading to significant improvements in performance and a noticeable recovery in overall gross margin compared to the previous year[7] - There has been a significant increase in overseas business revenue, driven by innovation and iteration of products from key clients, which has injected new momentum into the company's development[7] - The company has improved operational efficiency and reduced costs, resulting in a year-on-year decrease in period expenses[7] - Interest income has significantly increased compared to the previous year, while financial expenses have decreased due to the completion of the conversion and forced redemption of "Chunzhong Convertible Bonds" in April 2024[7]

证券代码：603516 证券简称：淳中科技 公告编号：2024-081 北京淳中科技股份有限公司 股票交易异常波动公告 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个别及连带责任。 重要内容提示: ● 北京淳中科技股份有限公司（以下简称"公司"）股票于 2024 年 11 月 25 日、11 月 26 日、11 月 27 日连续三个交易日内收盘价格涨幅偏离值累计达到 20%，属于《上海证券交易所交易规则》规定的股票交易异常波动情形。 ● 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，不存在 应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 公司股票交易连续三个交易日（2024 年 11 月 25 日、11 月 26 日、11 月 27 日）内收盘价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动情形。 二、公司关注并核实的情况 （一）生产经营情况 经公司自查，公司目前生产经营正常，未发生重大变化。市场环境、行业政 策未发生重大调整，内部生产经营秩序正常，不存在影响公司 ...

证券代码：603516 证券简称：淳中科技 公告编号：2024-080 北京淳中科技股份有限公司 股东及董监高集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东及董监高持股的基本情况 本次股份减持计划前，北京淳中科技股份有限公司（以下简称"公司"或"淳 中科技"）董事长何仕达先生直接持有公司股份 49,855,920 股，占公司当前总股 本的比例为 24.7005%；董事付国义先生直接持有公司股份 585,000 股，占公司 当前总股本的比例为 0.2898%；高管程锐先生直接持有公司股份 37,800 股，占 公司当前总股本的比例为 0.0187%。2024 年 10 月 9 日，公司披露了《北京淳中 科技股份有限公司股东及董监高减持股份计划公告》（公告编号：2024-073）。 截至本公告披露日，何仕达先生通过集中竞价交易方式累计减持其持有公司 股份 1,967,100 股，占公司总股本的 0.9746%；付国义先生通过集中竞价交易方 式累计减持其持有公司股份 145 ...

关于对《北京淳中科技股份有限公司 股票交易异常波动问询函》的回函 北京淳中科技股份有限公司： 一、截至本回函出具之日，本人不存在涉及应披露而未披露的影响公司股 票交易异常波动的重大事项和重大信息，包括但不限于重大资产重组、股份发 行、上市公司收购、债务重组、业务重组、资产剥离和资产注入等重大事项。 二、本次股票交易异常波动期间，本人存在减持行为。公司已于 2024 年 10 月 9 日披露本人的减持计划，减持期间为 2024 年 10 月 30 日至 2025 年 1 月 29 日。本人已于 2024 年 11 月 27 日将减持结果告知公司，具体内容详见公司 同日在上海证券交易所官网（http://www.sse.com.cn）披露的《北京淳中科技 股份有限公司股东及董监高集中竞价减持股份结果公告》。 三、本人将严格遵守《上海证券交易所股票上市规则》等有关规定，依法 履行信息披露义务。 特此回函。 本人已收到《北京淳中科技股份有限公司股票交易异常波动问询函》，作为 北京淳中科技股份有限公司（以下简称"公司"）的控股股东及实际控制人，经 本人自查确认，现就相关事项回复如下： 控股股东、实际控制人：何仕达 20 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of ¥35.22 as of November 12, 2024 [5][7] Core Views - The company is a leading provider of professional audio-visual control equipment and solutions, with its traditional business reaching an industry inflection point [1] - The company has developed its own ASIC chips, which are expected to further enhance its competitive advantage [1] - The company has partnered with a global AI leader (referred to as "N company") and has started generating revenue from this collaboration, which is expected to create a second growth curve [1] - The company is expected to achieve revenues of ¥655 million, ¥874 million, and ¥1.22 billion in 2024, 2025, and 2026, respectively, with net profits of ¥107 million, ¥153 million, and ¥233 million, representing YoY growth of 514%, 42%, and 52% [5] Industry Analysis - The professional audio-visual industry is benefiting from technological advancements such as ultra-high-definition (4K/8K) and 5G, which are expanding application scenarios [2] - The global professional audio-visual systems market is projected to reach $363.27 billion by 2029, with a CAGR of 5.0% from 2022 to 2029 [2] - The domestic market is also growing rapidly, with Chinese manufacturers gaining market share due to technological advancements and policy support [2][38] Company Highlights Self-developed ASIC Chips - The company has successfully developed and launched three proprietary ASIC chips, which are expected to enhance its technological leadership and improve product gross margins [4][54] - The chips are designed to address key bottlenecks in the industry and are expected to strengthen the company's market competitiveness [4] Expansion into XR and AI - The company has developed products such as the Pandora immersive interactive entertainment system and Xshadow AR projection control system, positioning itself to capitalize on the growing XR market [4][72] - The company has partnered with a global AI leader (N company) and has started supplying products such as liquid cooling test platforms and AI-based testing platforms, with AI-related revenue reaching ¥15 million in H1 2024 [4][78] Emergency Communication and Defense Industry - The company's products are widely used in emergency management command centers and are expected to benefit from increased government spending on disaster prevention and mitigation [3][65] - The company is also expected to benefit from the recovery of the defense industry, with China's defense budget increasing by 7.2% in 2024 [3][67] Financial Projections - The company is expected to achieve significant revenue and profit growth over the next three years, driven by its core business, new product launches, and partnerships in AI and XR [5][86] - The company's revenue is projected to grow at a CAGR of 31.25%, 33.49%, and 39.56% from 2024 to 2026, with net profit margins improving significantly [5][86]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [3][14]. Core Insights - The company has shown significant improvement in profitability, with a notable recovery in gross margins. The profit growth is attributed to the gradual recovery of business demand from key industry clients, expansion of product categories, and new business increments from the artificial intelligence sector [2]. - The company has made substantial progress in expanding its overseas business, establishing a partnership with a leading company in graphics technology and AI computing, which has resulted in a sequential increase in revenue from this collaboration [2]. - The company emphasizes its commitment to independent research and development, having established multiple R&D centers and obtained numerous patents, which strengthens its competitive edge in the audio and video chip sector [2]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 327 million yuan, a year-on-year decrease of 3.21%, while the net profit attributable to the parent company was 52 million yuan, reflecting a year-on-year increase of 344.55% [1]. - The company’s revenue for the third quarter was 93 million yuan, down 22.22% year-on-year, but the net profit increased by 146.34% year-on-year to 12 million yuan [1]. - The projected net profits for 2024, 2025, and 2026 are expected to be 132 million yuan, 207 million yuan, and 332 million yuan respectively, with corresponding P/E ratios of 47, 30, and 19 times [3].

证券代码：603516 证券简称：淳中科技 公告编号：2024-079 北京淳中科技股份有限公司（以下简称"公司"）于近日收到 2020 年公开发 行可转换公司债券的保荐机构中山证券有限责任公司（以下简称"中山证券"） 出具的《关于变更北京淳中科技股份有限公司持续督导保荐代表人的通知》，原 持续督导保荐代表人张邈、单思因工作变动无法继续履行持续督导工作职责。为 保证持续督导工作的有序进行，中山证券决定由保荐代表人邱羽、陈丽霞接替担 任公司 2020 年公开发行可转换公司债券项目持续督导的保荐代表人，继续履行 对公司的持续督导职责，邱羽、陈丽霞简历附后。 本次变更后，公司 2020 年公开发行可转换公司债券项目持续督导保荐代表 人为邱羽、陈丽霞。中山证券对公司的持续督导期已于 2021 年 12 月 31 日结束， 因募集资金尚未使用完毕，中山证券将继续履行与募集资金的存放、管理及使用 相关的持续督导责任。 特此公告。 北京淳中科技股份有限公司 董事会 北京淳中科技股份有限公司 关于变更持续督导保荐代表人的公告 2024 年 10 月 31 日 附件：保荐代表人简历 本公司董事会及全体董事保证公告内容不存在虚假 ...