公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 数字芯片设计 ＃investSuggestion＃ ＃ ＃d 龙yCo 芯mp 中any＃科 （ 688047 ） investSug 增持 ( 维ges持tion ）Ch 688047 ＃title＃ 工控市场持续发力，夯实龙架构自主生态 ange＃ ＃ createTime1＃ 2024 年 05月 18日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 5 月 16 日，公司公开披露，已作为初始成员单位加入“北京人形机器 司 市场数据日期 2024-05-17 人产业联盟”，并与新松机器人等国内机器人整机企业积极开展机器人控制器 点 收盘价（元） 91.49 的产品开发和验证测试。 评 总股本（百万股） 401.00 ⚫ 开拓机器人领域合作，工控市场持续发力。公司在工业机器人领域已有相关 报 流通股本（百万股） 278.41 合作布局，在人形机器人领域已作为初始成员单位加入“北京人形机器人产 净资产（百万元） 3473.47 业联盟”，并与国内机器人整机企业积极开展机器人控制器的产品开 ...

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Views - The company is a leading domestic processor manufacturer, facing short-term revenue and profit pressure in 2023 due to industry cycles and macroeconomic conditions [1][5]. - The company has launched the new generation of the Loongson 3A6000 processor, marking a significant milestone in the domestic desktop CPU sector [1]. - The report anticipates gradual improvement in the company's business due to cyclical changes in the industry and the growth potential from new information technology chip products [1]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 506 million yuan, a year-on-year decrease of 31.54%. The net profit attributable to shareholders was -329 million yuan, a decline of 736.57% year-on-year [1][2]. - The gross margin for 2023 was 36.06%, down 11.03 percentage points from the previous year, primarily due to decreased sales of information technology chips [1][17]. - The company expects revenues of 705 million yuan, 1.014 billion yuan, and 1.36 billion yuan for 2024, 2025, and 2026, respectively [2]. Product Segmentation - The company's products are categorized into industrial control chips, information technology chips, and solution services. In 2023, industrial control chip revenue was 162 million yuan, accounting for 32.0% of total revenue, while information technology chip revenue was 92 million yuan, accounting for 18.1% [1][18]. - The gross margin for industrial control chips was 67.49%, while for information technology chips, it was only 5.30% [18]. Market Position and Technology - The company has developed its own instruction set architecture, LoongArch, which is independent of Wintel and AA systems, and has established a comprehensive ecosystem for hardware and software solutions [1][20]. - The performance of the Loongson CPU series is approaching that of mainstream market products, with the latest models demonstrating competitive capabilities [27]. Future Outlook - The report projects a recovery in the company's business performance as the industry cycle improves and new product launches in the information technology sector drive growth [1][5].

欢迎各位同志们参加我和龙兴分科2023年以及2024年一季度的一级项目会。我的报告分三个部分,一个是龙兴大学的形式和任务,第二部分是2023年以及2024年一季度的公共报告,分别是市场报告和研发报告。第三大部分就是2024年的工作思路。首先报告一下龙兴大学的形式和任务。 龙兴当年形势的综合一句话就是我们处在一个新一轮的三年转型,我们上一轮的三年转型是从中科研究当中走出来,办体验,打开了动态性市场,具体是在2013年到2015年我们进行了一个很艰难的转型,这次新一轮的转型是2022年到2024年。首先我们为什么要转型?我们2022年面临的形势是这样的,一个是我们研发方面有足够的积累, 系统掌握了指令系统CPU和操作系统的关键语句完成技术补课标志就是我们有了自己的指令系统基于自己的指令系统我们研制出像3A5000、3C5000这样的桌面和服务器CPU我们还有一个基础的系统那时候我们说我们有了CPU我们有了操作系统确诊了生态这是一个方面另外一方面呢 过去支撑龙津发展的政策性市场不稳定,而且进行加剧,然后我们当时要开拓开放市场,有很大的困难。我们大家知道,政策性市场在尤其建筑的政策性市场,清康市场,在22年就基本上就 ...

Group 1: Transformation Goals - The primary goal of Longxin's transformation is to reduce reliance on policy-based markets and shift towards open markets [1][3] - The transformation aims to convert self-developed capabilities into cost-effectiveness and software ecosystem advantages in policy-based markets [3][4] - Longxin's transformation includes three specific measures: enhancing single-core performance, improving system cost-effectiveness, and focusing on the integration of operating systems with applications [3][4] Group 2: Development Stages and Challenges - Longxin's development is likened to the historical phases of the Chinese Communist Party, indicating a significant period of growth followed by challenges [3][4] - The company is currently facing intense competition from X86 and ARM architectures, leading to a 1-2 year period of difficulties [3][4] - The completion of the three-year transformation (2022-2024) is expected to usher in a phase of rapid development [3][4] Group 3: Research and Development - Longxin aims to establish an independent information technology system distinct from X86 and ARM, a process projected to take over 30 years [4] - The company has made significant advancements in GPU technology, focusing on AI capabilities and the development of a series of GPGPU chips [4][5] - Longxin's second-generation GPU core, LG200, will be applied in the upcoming 2K3000 chip, supporting graphics acceleration and AI [4][5] Group 4: Market Strategy - Longxin is optimizing its marketing strategy by developing chip channels and forming benefit-sharing communities [4] - The company is implementing flexible pricing strategies to cater to different customer needs [4] - Longxin's marketing efforts also include supporting traditional and new system enterprises [4] Group 5: Software Ecosystem - Longxin's software ecosystem has seen significant improvements, with a focus on basic applications and operating systems [5] - The company is working to enhance the compatibility of complex industry applications with its architecture [5] - Recent advancements in binary translation technology have reduced the number of applications that cannot run on Longxin's platform [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 88.23 CNY [1]. Core Views - The company's performance in 2023 was significantly impacted by industry cycles, with a revenue decline of 31.5% to 510 million CNY and a net profit loss of 330 million CNY, representing a 736.6% decrease. However, there are signs of recovery in Q1 2024, with a slight revenue increase of 1.6% [2][3]. - The company is actively expanding its market presence and enhancing its product development, with several new products making progress, which is expected to drive future growth [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 510 million CNY, down 31.5%, and a net profit of -330 million CNY, down 736.6%. Q4 2023 revenue was 110 million CNY, down 56.3%, with a net profit of -120 million CNY, down 475.4%. In Q1 2024, revenue was 120 million CNY, up 1.6%, and net profit was -80 million CNY, down 3.6% [2][3]. - The company's gross margin was 36.1%, down 11.0 percentage points, primarily due to reduced sales volume and pricing pressures. The net margin was -65.2% [2][3]. - R&D expenses increased by 35.7% to 430 million CNY in 2023, reflecting the company's commitment to innovation [2][3]. Product Development - The company launched several new products, including the 3A6000 processor, which matches the performance of Intel's 10th generation Core processors while significantly reducing costs. The 3C6000 has completed tape-out, and the 32-core 3D5000 has completed productization [2][3]. - The company is focusing on the electronic government market and has seen significant revenue growth in server and terminal board sales despite a slowdown in traditional markets [2][3]. Revenue Forecast - Revenue projections for 2024-2026 are 800 million CNY, 1 billion CNY, and 1.3 billion CNY, respectively, with a compound annual growth rate of 37.1%. The net profit is expected to improve significantly, turning positive by 2025 [2][3][9]. - The company anticipates substantial growth in its industrial control and information technology chip segments, with expected order growth rates of 13.0%, 24.9%, and 26.8% for industrial control chips from 2024 to 2026 [7][8]. Valuation Metrics - The company is currently valued at a price-to-sales (P/S) ratio of 69.96, with projections of 44.72, 35.14, and 27.12 for the next three years [10][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are -0.28 CNY, 0.17 CNY, and 0.32 CNY, respectively [9][10]. Market Position - The company is positioned to benefit from the recovery of the domestic market and the introduction of new products, which are expected to enhance its competitive edge in the industry [2][10].

证券代码：688047 证券简称：龙芯中科 公告编号：2024-023 龙芯中科技术股份有限公司 关于召开 2023 年度暨 2024 年第一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、准确性和完整性依法承担法律责任。 重要内容提示： ●会议召开时间：2024 年 5 月 15 日(星期三)上午 10:00-11:30； ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）； 一、说明会类型 本次投资者说明会以视频录播结合网络互动方式召开，公司将针对 2023 年 度以及 2024 年第一季度经营成果及财务指标等具体情况与投资者进行互动交流 和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 15 日上午 10:00-11:30 （二）会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） （三）会议召开方式：上证 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][5][17]. Core Views - The company is currently facing short-term pressure on performance but is increasing R&D investment to navigate a new round of business transformation [4][5]. - The transition period from a policy-driven market to an open market is crucial for the company, with a focus on enhancing the cost-performance ratio of its general-purpose CPUs and developing competitive embedded/specialized CPU chips [4][5]. Financial Performance Summary - In 2023, the company reported total revenue of 506 million, a year-on-year decrease of 31.54%, and a net profit attributable to shareholders of -329 million, down 736.57% [3][4][6]. - For Q1 2024, the company achieved revenue of 120 million, a year-on-year increase of 1.62%, while the net profit attributable to shareholders was -75 million, a slight decrease of 0.03 million compared to the previous year [3][4]. - The gross margin for the main business in 2023 was 36.04%, down 11.14 percentage points year-on-year [4]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are 714 million, 1,002 million, and 1,384 million, representing year-on-year growth rates of 41.1%, 40.3%, and 38.2% respectively [5][6]. - Expected net profit attributable to shareholders for 2024-2026 is -96 million, 2 million, and 81 million, with significant growth rates of 71%, 102.3%, and 3571.9% respectively [5][6]. Market and Product Insights - The company’s revenue from industrial control chips in 2023 was 162 million, down 41.21% year-on-year, while revenue from information technology chips decreased by 51.23% to 92 million [4]. - The company aims to enhance its product offerings and market presence by focusing on both policy-driven and open markets, emphasizing a dual approach to business strategy [4][5].

重要内容提示： | 回购方案首次披露日 | 2023/8/29 | | --- | --- | | 回购方案实施期限 | 自公司第一届董事会第二十次会议审议通过后 12 个月内 | | 预计回购金额 | 万元 3,000 万元~5,000 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 47.17 | | 累计已回购股数占总股本比例 | 0.12% | | 累计已回购金额 | 3,966.71 万元 | | 实际回购价格区间 | 元/股~94.94 元/股 73.69 | 证券代码：688047 证券简称：龙芯中科 公告编号：2024-022 龙芯中科技术股份有限公司 关于股份回购进展公告 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。 三、 其他事项 一、 回购股份的基本情况 2023 年 8 月 25 日，公司召开第一届董事会第二十次会议，会议审议通过了《关 于以集中竞价交易方式回购公 ...

证券代码：688047 证券简称：龙芯中科 龙芯中科技术股份有限公司 投资者关系活动记录表 □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 UBS、北京城天九投资有限公司、北京清和泉资本、财通证券、 长盛基金、德邦证券、东北证券、东兴证券、光大永明、国海证 券、国金证券、国泰基金、国泰君安、国信证券、海通、券、华 参与单位名称 创证券、华福证券、华金证券、华泰证券、华夏基金、诺安基 金、平安证券、睿远基金、山西证券、首创证券、兴业证券、易 方达基金、银河证券、元昊投资、浙商证券、中金公司、中信建 投、中信证券、中银理财、中银证券。 时间 2024年4月28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 董事长、总经理-胡伟武；董事会秘书-李晓钰；财务总监-曹砚 上市公司接待人员 ...

电子 公 2024年04月29日 司 报 龙芯中科(688047.SH) 告 业绩短期承压，关注政策性市场恢复及开放性市场拓展 推荐 ( 维持 ) 事项： 公司发布2023年报及2024年一季报。2023年，公司实现营收5.06亿元，同比 股价:83.87元 下降31.54%，归母净利润-3.29亿元，扣非归母净利润-4.42亿元；2024Q1， 公 主要数据 公司实现营收1.20亿元，同比增长1.62%，归母净利润-0.75亿元，扣非归母净 行业 电子 司 利润-0.81亿元。公司2023年度拟不派发现金红利，不送红股，不进行资本公 公司网址 www.loongson.cn ...