证券研究报告 ＃industryId＃ 数字芯片设计 ＃investSuggestion＃ | --- | --- | |--------------------|-------------------------------------| | | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 89.80 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 279.64 | | 净资产（百万元） | 3315.11 | | 总资产（百万元） | 3768.29 | | 每股净资产 元 | | | ( ) 来源： WIND | 8.27 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|---------------------|------------------------------|-------|--------------| | 主要财务指标 \n＄ 会计年度 zycwzb| 主要 ...

3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 9 月 3 日对公司进行了现场检查。 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为龙芯中 科技术股份有限公司（以下简称"龙芯中科"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 中信证券股份有限公司 关于龙芯中科技术股份有限公司 2024 年半年度持续督导跟踪报告 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其关联 ...

证券代码：688047 证券简称：龙芯中科 | --- | --- | --- | |-----------------------------|--------------------------|-----------------------------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □ | 新闻发布会 □路演活动 | | | √ 现场参观 | □其他 | | 参与单位名称 | | 东兴基金、东亚前海证券、华福证券、汇丰资管、开源证券、天 弘基金、兴业证券、中信保诚基金、招商证券、中信证券资管 | | 时间 | 2024 年 9 月 | 11-13 日 | | 地点 | | 北京市海淀区中关村环保科技示范园龙芯产业园 2 号楼 | | 上市公司接待人员 | 证券事务代表-李琳 | | | 投资者关系活动主要 内容介绍 | 1 、龙芯 ...

证券代码：688047 证券简称：龙芯中科 | --- | --- | --- | |-----------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □ | 新闻发布会 □路演活动 | | | √ 现场参观 | □其他 | | 参与单位名称 | 诺安基金、新华基 ...

Investment Rating - The investment rating for Longxin Zhongke (688047.SH) is "Outperform the Market" [1][4][16]. Core Views - The company reported a revenue decline of 28.7% year-on-year in the first half of 2024, with a significant drop of 47.5% in the second quarter. The total revenue for 1H24 was 220 million yuan, with 100 million yuan in 2Q24 [1]. - The net profit for 1H24 was -238 million yuan, indicating a loss compared to the previous year, with a net profit margin under pressure due to macroeconomic factors and changes in sales strategy [1]. - The gross margin for 1H24 was 29.67%, down 6.24 percentage points year-on-year, primarily due to decreased contributions from the industrial control business [1]. - The company has seen a recovery in sales of information technology chips, with revenue from this segment reaching 109 million yuan, a year-on-year increase of 186.98% [1]. - The investment recommendation has been adjusted to reflect a more conservative outlook, with projected revenues for 2024-2026 at 604 million, 936 million, and 1.296 billion yuan respectively [1]. Summary by Sections Financial Performance - 1H24 revenue was 220 million yuan, down 28.68% YoY, with 2Q24 revenue at 100 million yuan, down 47.53% YoY and 17.01% QoQ [1][2]. - 1H24 net profit was -238 million yuan, with a 2Q24 net profit of -163 million yuan [1][2]. - Gross margin for 1H24 was 29.67%, with a 2Q24 gross margin of 28.38% [1][2]. Product Segmentation - Chip product revenue totaled 163 million yuan in 1H24, with industrial control chip revenue at 54 million yuan (down 51.86% YoY) and information technology chip revenue at 109 million yuan (up 186.98% YoY) [1][2]. - Solution revenue was 56 million yuan, down 64.14% YoY, reflecting a strategic shift away from complete machine solutions [1]. Future Outlook - The company is expected to gradually improve as industry cycles change, with new information technology chip products driving growth in desktop products [1]. - Adjusted revenue forecasts for 2024-2026 are 604 million, 936 million, and 1.296 billion yuan, with net profits projected at -156 million, 1 million, and 95 million yuan respectively [1][2].

证券代码：688047 证券简称：龙芯中科 | --- | --- | --- | |--------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □ | 新闻发布会 □路演活动 | | | √ 现场参观 | □其他 | | | | 财通证券、长盛基金、晟盟资产、东方财富证券、东兴证券、 ...

龙芯中科(688047.SH) 24H1业绩承压，自主可控核心竞争力依旧 推荐 ( 维持) 事项： 股价:89.71元 主要数据 | --- | --- | |-------------------|---------------------------------| | 行业 | 电子 | | 公司网址 | www.loongson.cn | | 大股东/持股 | 北京天童芯源科技有限公司/21.56% | | 实际控制人 | 胡伟武,晋红 | | 总股本(百万股) | 401 | | 流通A股(百万股) | 280 | | 流通B/H股(百万股) | | | 总市值(亿元) | 360 | | 流通A股市值(亿元) | 251 | | 每股净资产(元) | 8.27 | | 资产负债率(%) | 12.0 | 行情走势图 证券分析师 付强 投资咨询资格编号 S1060520070001 FUQIANG021@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 研究助理 | --- | |--------------------- ...

证券代码：688047 证券简称：龙芯中科 公告编号：2024-037 龙芯中科技术股份有限公司 关于召开 2024 年半年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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2024 年 9 月 3 日(星期二)至 9 月 9 日(星期一)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@loongson.cn 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。 龙芯中科技术股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日披 露公司 2024 年半年度报告及其摘要，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 10 日上午 10:00- 11:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频录播结合网络互动方式召开，公司将针对 2024 年半 年度经营成果及财务指标的具体情况与投资者进行互动交流 ...

Financial Performance - The company reported a half-year revenue of 688 million, marking a year-on-year increase of 15%[1] - The net profit for the first half of 2024 was 120 million, representing a growth of 10% compared to the same period last year[1] - The company reported a revenue of CNY 219.59 million for the first half of 2024, a decrease of 28.68% compared to the same period last year[21] - The net profit attributable to shareholders was CNY -23.81 million, primarily due to a decline in revenue and gross margin, along with increased impairment losses[23] - The basic earnings per share for the period was CNY -0.59, reflecting the decrease in net profit[23] - The company reported a significant increase in user data, reflecting a growing customer base and market presence[162] - The total comprehensive income for the first half of 2024 was a loss of CNY 239,134,743.92, compared to a loss of CNY 97,585,701.41 in the first half of 2023, reflecting an increase in losses of approximately 144.5%[197] Research and Development - Research and development expenses increased by 30% to 50 million, focusing on next-generation chip technology[1] - Research and development expenses accounted for 126.07% of revenue, an increase of 39.13 percentage points compared to the previous year[22] - The total R&D investment reached approximately CNY 276.84 million, an increase of 3.43% compared to the previous year, with R&D expenses accounting for 126.07% of operating income, up by 39.13 percentage points[57] - The company has developed a complete talent and technology chain in CPU and operating system fields, covering various design and optimization technologies[43] - The company has made significant advancements in high-performance processor microarchitecture design, enhancing the performance of the LA864 core[44] - The company is actively developing new products based on its self-developed LA instruction system, with several projects already in mass production or small batch shipment[70] Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by the end of 2025[1] - New product launches are expected to contribute an additional 200 million in revenue for the second half of 2024[1] - The company is actively expanding its market presence while advocating for cost reduction and efficiency improvement[80] - The company plans to continue expanding its market presence through strategic investments and potential acquisitions in the technology sector[162] Product Development - The company has developed a series of processors, including the 2K0300 embedded SoC and the 3C6000 processor chip, aimed at industrial control and server applications respectively[33] - The Longxin 2K2000 chip features a 1.4GHz dual-core processor and integrates various interfaces, targeting multiple industrial internet applications[36] - The Longxin 1C102 chip is designed for smart home and IoT applications, emphasizing low power consumption and cost efficiency[34] - The company has initiated the development of the next-generation desktop CPU product, with the 3A6000 product undergoing validation[60] - The company has made progress in the development of various SoC chips tailored for industrial control and embedded applications, with a focus on meeting specific market needs[63] Financial Management - The company has no non-operating fund occupation by controlling shareholders or related parties[1] - The company has reduced short-term borrowings to zero, down from CNY 90,600,000.00, reflecting improved liquidity management[97] - The company reported a net cash outflow from operating activities of CNY -177,652,840.45, indicating ongoing financial challenges[94] - The cash management balance at the end of the reporting period was 35,500.00 million RMB, with no excess over the authorized limit[164] Governance and Compliance - The board of directors confirmed that all members attended the meeting, ensuring governance compliance[1] - The company will ensure compliance with profit distribution policies as per relevant laws and regulations post-IPO[140] - The commitments made by shareholders are legally binding and subject to regulatory oversight[120] - The company will ensure that any stock reduction by shareholders will be disclosed in accordance with relevant laws and regulations[126] Risks and Challenges - The company faces risks related to market demand fluctuations, core technology retention, and potential supply chain disruptions[81][82][84] - The decline in revenue was influenced by macroeconomic conditions and a lack of normal procurement from key customers in the industrial control sector[23] - The company is facing risks related to intellectual property disputes, which could lead to significant legal costs and potential damages[91] Environmental Responsibility - The company has established an environmental protection mechanism and advocates for energy-saving practices among employees[110] - The company emphasizes green and low-carbon practices in its operations, including energy management measures[112] - The company does not directly engage in production activities, thus not involved in significant environmental pollution[112]

2024 年上半年，龙芯的研发、生产、市场、管理工作紧紧围绕"点面结合"的经营方针 和"两点一面"的具体工作部署展开。 1、提高芯片性价比，完善软件生态 继续通过政策性市场带动，快速提高龙芯通用 CPU 的性价比并完善软件生态。 2024 年上半年，龙芯通用 CPU"三剑客"进展符合预期。龙芯 3A6000 进入市场小批量 阶段，优异的性价比加上市场带动生态不断优化，用户认可度与市场影响持续提升。龙芯 3C6000 系列处理器样片研制成功，对比前代产品，3C6000 系列处理器的计算性能、互连与 访存带宽、加解密性能、I/O 性能等方面都有大幅提高。龙芯 2K3000 完成设计并已交付流 片，该处理器芯片主要面向移动终端和云终端类领域，能以更高的性价比和更优的能耗比替 代"处理器+桥片"的两片方案。 龙芯中科技术股份有限公司 2024 年度"提质增效重回报"行动方案的半年度评估报告 为落实以投资者为本的理念，龙芯中科技术股份有限公司（以下简称"公司"、"龙芯" 或"龙芯中科"）基于对未来发展前景的信心及价值的认可，制定了 2024 年度"提质增效 重回报"行动方案，详见公司 2024 年 4 月 27 日在上 ...