Investment Rating - Strong Buy (Maintained) [31] Core Views - The company achieved revenue of 363 million yuan in Q1 2024, a year-on-year increase of 18.19% and a quarter-on-quarter decrease of 8.65% [5] - Net profit attributable to the parent company was 55 million yuan, a year-on-year increase of 11.07% and a quarter-on-quarter increase of 0.81% [5] - Non-GAAP net profit attributable to the parent company was 46 million yuan, a year-on-year increase of 24.27% and a quarter-on-quarter increase of 27.93% [5] - The company's gross margin in Q1 2024 was 20.43%, a year-on-year increase of 0.85 percentage points and a quarter-on-quarter decrease of 1.01 percentage points [31] - The company's non-GAAP net profit margin in Q1 2024 was 12.62%, a year-on-year increase of 0.62 percentage points and a quarter-on-quarter increase of 3.61 percentage points [31] - The company is expected to achieve revenue of 1.89 billion yuan, 2.40 billion yuan, and 2.977 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.6%, 27.0%, and 24.0% [16][31] - The company is expected to achieve net profit attributable to the parent company of 320 million yuan, 434 million yuan, and 526 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.0%, 35.7%, and 21.3% [16][31] Financial Highlights - The company's total market capitalization is 7.009 billion yuan, with a circulating market capitalization of 2.501 billion yuan [6] - The company's asset-liability ratio is 24.57%, and the net asset per share is 31.85 yuan [6] - The company's 12-month high and low stock prices are 88.65 yuan and 52.15 yuan, respectively [6] - The company's gross margin is expected to be 24.7%, 25.5%, and 26.0% in 2024, 2025, and 2026, respectively [28] - The company's net profit margin is expected to be 16.9%, 18.1%, and 17.7% in 2024, 2025, and 2026, respectively [28] - The company's ROE is expected to be 7.8%, 9.6%, and 10.4% in 2024, 2025, and 2026, respectively [28] Business Development - The company has launched the BT889X, BT892X, BT893X, and BT895X series of high-end Bluetooth chips, which have been adopted by major brands such as Xiaomi, Realme, and Philips [31] - The company's Xunlong series accounted for 14%-15% of revenue in 2023, and the company plans to further penetrate the brand customer market in 2024 [31] - The company is expanding its product lines, including Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, and AIoT chips, to enhance market coverage and product competitiveness [31] - The company is increasing R&D investment to improve product planning and technical pre-research capabilities, with a focus on Bluetooth, Wi-Fi, and AI voice recognition technologies [31] Valuation and Target Price - The company's target price is set at 79.9 yuan, based on a 30x PE multiple for 2024 [31] - The company's EPS is expected to be 2.66 yuan, 3.61 yuan, and 4.38 yuan in 2024, 2025, and 2026, respectively [31]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 362,943,937.70, representing an increase of 18.19% compared to the same period last year[8]. - The net profit attributable to shareholders for Q1 2024 was CNY 54,886,835.17, reflecting an increase of 11.07% year-over-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 45,797,155.26, which is a 24.27% increase compared to the previous year[8]. - The basic earnings per share for Q1 2024 was CNY 0.46, up by 12.20% from the same period last year[8]. - Total operating revenue for Q1 2024 reached ¥362,943,937.70, a 18.2% increase from ¥307,076,441.03 in Q1 2023[24]. - Net profit for Q1 2024 was ¥54,860,753.26, representing an increase of 10.0% compared to ¥49,416,774.84 in Q1 2023[25]. - Basic and diluted earnings per share for Q1 2024 were both ¥0.46, up from ¥0.41 in Q1 2023[26]. Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 5,081,154,825.30, an increase of 5.84% from the end of the previous year[9]. - As of March 31, 2024, the company's total assets amounted to ¥5,081,154,825.30, an increase from ¥4,800,971,429.08 as of December 31, 2023, representing a growth of approximately 5.8%[20]. - The company's current assets totaled ¥4,970,045,773.29, up from ¥4,685,915,946.85, indicating an increase of about 6.1%[18]. - The total liabilities increased to ¥1,248,669,360.84 from ¥1,028,019,358.33, which is an increase of about 21.4%[20]. - The equity attributable to shareholders of the parent company rose to ¥3,821,769,924.73 from ¥3,763,210,449.11, showing an increase of approximately 1.5%[20]. Cash Flow - The net cash flow from operating activities was CNY 10,649,011.16, attributed to an increase in cash received from sales[12]. - Cash flow from operating activities for Q1 2024 was ¥10,649,011.16, a significant improvement from a negative cash flow of ¥1,829,412.26 in Q1 2023[28]. - Cash and cash equivalents at the end of Q1 2024 totaled ¥1,197,384,246.21, down from ¥218,966,102.18 at the end of Q1 2023[29]. - Investment activities resulted in a net cash outflow of ¥445,512,629.25 in Q1 2024, compared to a net outflow of ¥8,850,357.19 in Q1 2023[28]. - Financing activities generated a net cash inflow of ¥243,790,143.20 in Q1 2024, compared to ¥119,793,790.00 in Q1 2023[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,829[14]. - The largest shareholder, Huang Zhiqiang, held 26.37% of the shares, totaling 31,643,214 shares[14]. - The company has not reported any significant changes in major shareholders or their participation in financing activities during the reporting period[16]. Research and Development - The company's R&D investment totaled CNY 29,801,566.22, accounting for 8.21% of operating revenue, a decrease of 1.31 percentage points year-over-year[9]. - Research and development expenses for Q1 2024 were ¥29,801,566.22, slightly up from ¥29,229,497.99 in Q1 2023[24]. Inventory and Costs - The company's inventory stood at ¥818,991,172.25, slightly up from ¥813,943,982.82, indicating a marginal increase of about 0.6%[18]. - Total operating costs for Q1 2024 were ¥315,255,367.98, up 14.7% from ¥274,620,842.81 in Q1 2023[24]. Future Outlook - The company's total revenue for Q1 2024 is yet to be disclosed, but the focus remains on future product development and market expansion strategies[22].

深圳市中科蓝讯科技股份有限公司 2023 年年度股东大会 会议资料 2024 年 4 月 30 日 深圳 深圳市中科蓝讯科技股份有限公司 2023 年年度股东大会会议资料 目 录 | 2023 | 年年度股东大会会议须知 2 | | --- | --- | | 2023 | 年年度股东大会会议议程 4 | | 议案一《关于公司<2023 | 年度董事会工作报告>的议案》 6 | | 议案二《关于公司<2023 | 年度监事会工作报告>的议案》 12 | | 议案三《关于公司<2023 | 年度财务决算报告>的议案》 17 | | 议案四《关于公司<2023 | 年年度报告>及其摘要的议案》 22 | | 议案五《关于公司 2023 | 年度利润分配预案的议案》 23 | | 议案六《关于公司 2024 | 年度董事薪酬的议案》 24 | | 议案七《关于公司 2024 | 年度监事薪酬的议案》 25 | | 议案八《关于公司 2024 | 年度向银行申请综合授信额度的议案》 26 | 1 深圳市中科蓝讯科技股份有限公司 2023 年年度股东大会会议资料 深圳市中科蓝讯科技股份有限公司 2023 年年度股东大会 ...

43 House of 中排练讯 (688332) 2024年第一季度业绩说明会 形式:网络文字互动 会议时间 2024年4月30日 (周二) 10:00 出席嘉宾 黄志强 董事长 刘助展 董事兼总经理 张任运 副总经理兼董事会秘书 智能穿戴芯片 李 斌 财务总监 张潇颖 独立董事 识别小程序码 发起文字提问 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。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 4 月 30 日 前 访 问 网 址 https://eseb.cn/1dMP4lYtTCU 或使用微信扫描小程序码进行会前提问，公司将通过 本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 一、说明会类型 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）将于 2024 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露《2024 年第一季度报告》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2024 年 4 月 3 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11] Core Views - The company is expected to achieve revenues of 1.89 billion, 2.41 billion, and 3.05 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 345 million, 453 million, and 581 million yuan [11] - The current stock price corresponds to a PE ratio of 19x, 15x, and 12x for 2024-2026, indicating strong growth potential [11] - The company is leveraging its dominant position in the white-label market to gradually penetrate brand customers, with a focus on high-end chips and expanding its product portfolio [10][28] Financial Performance - In 2023, the company achieved revenue of 1.45 billion yuan, a year-on-year increase of 33.98%, and net profit attributable to the parent company of 252 million yuan, a year-on-year increase of 78.64% [17] - The company's gross margin in 2023 was 22.56%, an increase of 1.64 percentage points year-on-year, while the net margin was 17.39%, an increase of 4.34 percentage points [17] - R&D expenses in 2023 were 164 million yuan, a year-on-year increase of 49.30%, with R&D personnel increasing by 27.81% to 216 people [17] Market and Valuation - The company's total market capitalization is 6.7 billion yuan, with a circulating market capitalization of 2.4 billion yuan [8] - The stock's 52-week high and low prices are 88.65 yuan and 52.15 yuan, respectively [16] - The current PE ratio is 26.57, with a latest closing price of 55.79 yuan [17] Product and Market Strategy - The company has launched multiple chip products, including the BT893x series, AB202x series, and AB568X series, with a focus on high-end chips to penetrate the brand market [28] - The company is expanding its product lines to include Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, and AIoT chips, aiming for a more comprehensive market layout [28] Financial Projections - Revenue is projected to grow at a CAGR of 26.22% from 2024 to 2026, with net profit attributable to the parent company growing at a CAGR of 28.20% [19] - The company's ROE is expected to increase from 6.7% in 2023 to 11.3% in 2026, reflecting improved profitability [13]

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2024 年 04 月 12 日 公司研究 评级：买入(维持) 最近一年走势 4 月 9 日，中科蓝讯发布 2023 年年度报告，2023 年实现营收 14.47 亿 元，同比增长 33.98%；实现归母净利润 2.52 亿元，同比增长 78.64%； 实现扣非归母净利润 1.74 亿元，同比增长 55.02%。营收、归母净利润 及扣非归母净利润均高于业绩预告指引中值。 相对沪深 300 表现 2024/04/12 表现 1M 3M 12M 沪深 300 -3.4% 5.8% -15.2% 蓝牙耳机/音箱芯片维持可观增速，数字音频/智能穿戴等新产品高速 增长。2023 年，公司蓝牙耳机芯片实现收入 8.63 亿元，同比增长 24.1%，毛利率 19.65%，销量 9.27 亿颗，同比增长 49.21%，产销 率 87.42%。蓝牙音箱芯片实现收入 3.4 亿元，同比增长 23.04%， 毛利率 25.39%，销量 2.92 亿颗，同比增长 39.92%，产销率 94.57%。 数字音频芯片实现收入 0.93 亿元，同比增长 60%，毛利率 32.91%， 销量 1.33 亿颗，同比增长 102.24%，产销率 ...

中科蓝讯(688332.SH)/电子 证券研究报告/公司点评 2024 年 04 月 09 日 请务必阅读正文之后的重要声明部分 请务必阅读正文之后的重要声明部分 | --- | --- | --- | |-------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未 ...

[盈利预 Table_Forcast] 测与财务指标 推荐 维持评级 当前价格： 56.82 元 1.中科蓝讯(688332.SH）2023 年中报点评： 上半年业绩超预期，终端品牌客户持续突破- 2023/08/25 营业总收入 1,447 1,899 2,440 3,096 成长能力（%） 管理费用 30 36 41 46 盈利能力（%） 资产减值损失 -25 -8 -10 -12 净资产收益率 ROE 6.69 8.20 9.84 11.60 利润总额 252 333 431 554 现金比率 2.71 2.35 2.21 2.11 归属于母公司净利润 252 328 422 541 应收账款周转天数 12.89 80.00 80.00 80.00 全志科技(300458)/电子 全志科技(300458)/电子 评级说明 民生证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 本报告仅供本公司境内客户使用。本公司不会因接收人收到本报告而视其为客户。本报告仅为参考之用，并不构成对客户的投资 建议，不应被视为买卖任何证券、金融工具的要约或要约邀请。本报告所包含的观点及建议并未考 ...

Financial Performance - The company's operating revenue for 2023 reached ¥1,446,887,369.01, representing a year-on-year increase of 33.98% compared to ¥1,079,901,028.14 in 2022[26]. - The net profit attributable to shareholders for 2023 was ¥251,693,156.05, a significant increase of 78.64% from ¥140,896,959.96 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥173,847,884.52, up 55.02% from ¥112,145,575.14 in 2022[26]. - The net cash flow from operating activities for 2023 was -¥105,615,166.58, a decrease of 147.19% compared to ¥223,790,100.21 in 2022[26]. - As of the end of 2023, the total assets amounted to ¥4,800,971,429.08, reflecting a 29.50% increase from ¥3,707,357,512.43 at the end of 2022[26]. - The net assets attributable to shareholders increased to ¥3,763,210,449.11, a growth of 6.14% from ¥3,545,609,348.41 at the end of 2022[26]. - The company achieved operating revenue of CNY 1,446.88 million in 2023, representing a year-on-year growth of 33.98%[27]. - Net profit attributable to shareholders reached CNY 251.69 million, an increase of 78.64% compared to the previous year[27]. - Basic earnings per share were CNY 2.10, up 53.28% year-on-year, while diluted earnings per share were CNY 2.09, reflecting a 52.55% increase[27]. R&D and Innovation - The company’s R&D investment accounted for 11.35% of operating revenue, an increase of 1.17 percentage points from the previous year[27]. - The company increased its R&D personnel to 216, representing a year-on-year growth of 27.81%[40]. - The company is committed to talent acquisition and development, with 78.55% of its workforce dedicated to R&D[48]. - The company has filed over 100 patents in the year, with more than 90% being invention patents, and a total of 12 patents granted during the year[115]. - The company has developed a new generation of wearable SoC chips, integrating RISC-V CPU and image processing capabilities, enhancing product competitiveness[114]. - The company is actively engaged in the development of new technologies, including advanced Bluetooth audio chips with features like Adaptive ANC and LE Audio support[64]. - The company is focusing on enhancing user experience with features like voice wakeup and advanced audio effects in its digital audio interfaces[86]. - The company is continuously upgrading its smart Bluetooth audio chips, improving features such as dynamic bass and spatial audio processing[113]. Market and Product Development - The company is expanding its product lines to include eight categories, such as Bluetooth earphone chips and AIoT chips, to meet diverse market demands[47]. - The company is focusing on the IoT market by developing integrated Wi-Fi and Bluetooth chips to optimize performance and meet various application scenarios[47]. - The company has established partnerships with major brands such as Xiaomi, Tencent, and Philips, enhancing its market presence[129]. - The company achieved sales of over 1.4 billion wireless audio chips in 2023, capturing a significant market share[102]. - The company is leveraging its technological advantages to penetrate new markets and expand sales channels, particularly in emerging sectors[46]. - The company plans to enhance its chip products through technological upgrades and aims to penetrate the high-end market with its "Xunlong" series chips[184]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of 50 million earmarked for potential targets[200]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[7]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[9]. - The company has established a comprehensive internal control system and governance structure, ensuring effective internal controls in all significant aspects during the reporting period[50]. - The board of directors held a total of 10 meetings during the reporting period, ensuring compliance with legal and regulatory requirements[191]. - The supervisory board also convened 10 meetings, effectively maintaining the rights of the company and its shareholders[192]. - The company strictly adhered to information disclosure obligations, ensuring all information was accurate, timely, and complete, thereby enhancing transparency for investors[192]. Risks and Challenges - The company has not reported any significant risks that could materially affect its operations during the reporting period[6]. - The company has detailed potential risks in its management discussion and analysis section, which investors are encouraged to review[6]. - The company faces risks related to market development and management as it expands its operational scale[133][134]. - The company is under pressure to continuously innovate and upgrade its technology to maintain competitiveness in a rapidly evolving industry[137]. - The financial performance is influenced by external economic uncertainties, which may affect order volumes, sales prices, and gross margins[137]. Future Outlook - Future guidance suggests a projected revenue growth of 15% for the upcoming year, driven by new product launches and market expansion strategies[200]. - The company anticipates continued growth in the Bluetooth audio segment, driven by technological maturity and market expansion opportunities in lower-income countries[175]. - The company is focusing on expanding its market presence in regions with low consumer electronics penetration, such as Indonesia and Africa[175]. - The company plans to enhance its chip products through technological upgrades and aims to penetrate the high-end market with its "Xunlong" series chips[184].