Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 98.00 CNY from the previous forecast of 75.60 CNY [3][8]. Core Insights - The company has shown a sequential recovery in gross margin and an increase in revenue across multiple product lines, with brand clients increasingly penetrating the market [4][8]. - For the first three quarters of 2024, the company achieved a revenue of 1.248 billion CNY, representing a year-on-year increase of 18.91%, and a net profit attributable to shareholders of 207 million CNY, up 4.76% year-on-year [8]. - The gross margin for Q3 2024 was reported at 24.50%, reflecting a quarter-on-quarter increase of 1.15 percentage points [8]. Financial Summary - The company’s total market capitalization is 8.295 billion CNY, with a total share capital of 120 million shares, of which 44 million are circulating A shares [5]. - The balance sheet shows total equity of 3.89 billion CNY and a net asset value per share of 32.34 CNY, with a current price-to-book ratio of 2.1 [6]. - The company’s financial forecasts indicate a projected revenue growth to 1.917 billion CNY in 2024, with a net profit of 302 million CNY [10][11]. Product Line Development - The company has diversified its product lines, including Bluetooth audio chips, Bluetooth speakers, and smart wearables, with significant projects in collaboration with major brands [8]. - The second-generation Bluetooth chip series has been successfully mass-produced, becoming a leading solution for high-performance ANC headphones [8]. - The company has also launched a third-generation Bluetooth speaker chip, which has been integrated into new AI products, indicating strong market demand [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [5][11]. Core Views - The company's revenue for Q1-Q3 2024 reached 1.25 billion yuan, a year-on-year increase of 19%, while the net profit attributable to shareholders was 210 million yuan, up 5% year-on-year. In Q3 2024 alone, revenue was 460 million yuan, reflecting a 15% year-on-year increase and a 7% quarter-on-quarter increase. However, net profit for Q3 2024 was 72 million yuan, down 15% year-on-year and 10% quarter-on-quarter [1]. - The gross margin showed improvement, reaching 24.50% in Q3 2024, up 0.07 percentage points year-on-year and 1.15 percentage points quarter-on-quarter. This marks a return to relatively high historical levels, second only to certain quarters in 2021 [2]. - The company is well-positioned to capitalize on the upcoming Q4 peak season in consumer electronics, with inventory levels being optimized and a significant reduction in inventory turnover days [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a net profit margin of 15.76%, down 5.65 percentage points year-on-year and 2.86 percentage points quarter-on-quarter. Sales and management expenses decreased compared to Q2, indicating effective cost control [2]. - The company expects to achieve net profits of 300 million yuan, 385 million yuan, and 459 million yuan for 2024, 2025, and 2026 respectively, corresponding to current PE ratios of 29, 23, and 19 times [5][9]. Market Positioning - The trend of consumers seeking higher cost-performance products is beneficial for the company, which has focused on this segment for years. The introduction of new products and partnerships with various brands enhances its market presence [3]. - The company has been actively developing its brand strategy since 2019, with new chip products being adopted by multiple clients, indicating a strong competitive position in the market [3]. Future Outlook - The report projects a continued positive trajectory for the company, with expectations of revenue growth rates of 34%, 25%, and 30% for 2023, 2024, and 2025 respectively [6][9].

43 play in 深圳市中科蓝讯科技股份有限公司 中科培训 (688332) 2024年第三季度业绩说明会 形式:网络文字互动 会议时间 2024年11月6日 (周三) 15:00 出席嘉宾 | 黄志强 | | 董事长 | | | | --- | --- | --- | --- | --- | | 刘助展 | | 董事兼总经理 | 蓝牙耳机芯片 | | | 张任兵 | | 副总经理兼董事会秘书 | | | | 都 | 河 | 智能穿戴芯片 财务总监 | | 照分首相应门 | | 業 | 不害 | 独立董事 | | | | | | 数字音频芯片 | 无线麦克风芯片 | | 识别小程序码 发起文字提问 证券代码：688332 证券简称：中科蓝讯 公告编号：2024-040 关于召开 2024 年第三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 11 月 6 日 前 访 问 网 址 https://eseb.cn/1iPYu4M ...

Group 1: General Principles of Investor Relations Management - The purpose of investor relations management is to enhance communication between the company and investors, improving understanding and recognition while maximizing overall company interests and protecting investor rights [1][2] - Key principles include full disclosure of information, compliance with regulations, equal treatment of investors, honesty and integrity, efficiency, and interactive communication [1][2][3] Group 2: Objectives of Investor Relations Management - Foster a positive relationship between the company and investors, enhancing their understanding and familiarity with the company [2] - Establish a stable and high-quality investor base to secure long-term market support [2] - Promote a corporate culture that respects and serves investors [2] - Increase transparency in information disclosure and improve corporate governance [2] Group 3: Communication Content and Methods - Communication should cover the company's development strategy, legal disclosures, operational information, significant events, corporate culture, and other relevant information [3][4] - Effective communication channels include announcements, shareholder meetings, the company website, one-on-one communication, and various media interactions [4] Group 4: Responsibilities and Management of Investor Relations - The chairman is the primary responsible person for investor relations, with the board secretary managing daily operations [5][6] - Responsibilities include analyzing investor demographics, facilitating communication, maintaining public relations, and improving investor relations [6][7] Group 5: Crisis and Public Opinion Management - The company must be sensitive to public opinion, responding quickly to negative media coverage and rumors that could impact stock prices [8][9] - A structured approach to managing public opinion includes rapid investigation, communication with media, and timely disclosures to mitigate investor concerns [10][11] Group 6: Compliance and Legal Responsibilities - Internal departments must maintain confidentiality regarding undisclosed information, with legal consequences for breaches [11][12] - The company reserves the right to pursue legal action against media that disseminate false information affecting its reputation [11][12]

证券代码：688332 证券简称：中科蓝讯 公告编号：2024-038 深圳市中科蓝讯科技股份有限公司 第二届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）第二届董事会第十六次会 议通知于 2024 年 10 月 24 日以电子邮件方式向全体董事、监事及高级管理人员发出， 会议于 2024 年 10 月 29 日以通讯方式召开。本次会议由董事长黄志强先生主持，会议 应出席董事 5 名，实际出席董事 5 名，公司监事和高级管理人员列席本次会议。本次 会议的召集、召开及表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 和《深圳市中科蓝讯科技股份有限公司章程》（以下简称"《公司章程》"）等有关法律、 行政法规、规范性文件的规定，会议决议合法有效。 二、董事会会议审议情况 1、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《关于公司<2024 年第三 季度报告>的议案》。 经审议，董事会认为公司根据《公司法》《 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥457,017,038.14, representing a year-over-year increase of 15.27%[2] - Net profit attributable to shareholders was ¥72,073,792.01, a decrease of 15.10% compared to the same period last year[2] - The net profit excluding non-recurring gains and losses was ¥65,131,956.62, showing an increase of 19.34% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 1,248,001,991.73, a 19% increase from CNY 1,049,568,460.34 in the same period of 2023[16] - Net profit for the third quarter of 2024 was CNY 206,632,064.60, compared to CNY 197,249,179.30 in the third quarter of 2023, reflecting a growth of approximately 2%[17] - Basic earnings per share for the third quarter of 2024 were CNY 1.72, up from CNY 1.64 in the same quarter of 2023[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,480,128,485.80, down 6.68% from the end of the previous year[3] - The company's total assets amounted to CNY 4,480,128,485.80 as of the end of the third quarter of 2024, down from CNY 4,800,971,429.08 at the end of 2023[17] - The company's current assets decreased to CNY 4,361,317,402.32 from CNY 4,685,915,946.85, reflecting a reduction of about 6.92%[12] - The total liabilities decreased from CNY 1,028,019,358.33 to CNY 579,166,249.58, a reduction of about 43.67%[14] - The total liabilities and equity amounted to CNY 4,480,128,485.80, a decrease from CNY 4,800,971,429.08 in the previous year[15] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥93,766,456.45, with a significant reduction attributed to decreased inventory purchases[6] - The net cash flow from operating activities for Q3 2024 was ¥93,766,456.45, a significant improvement from a net outflow of ¥-264,311,572.67 in Q3 2023[20] - Total cash inflow from investment activities decreased to ¥1,237,966,635.22 in Q3 2024 from ¥2,264,759,200.69 in Q3 2023[20] - The net cash flow from investment activities was ¥-929,102,911.26 in Q3 2024, compared to a positive cash flow of ¥729,054,074.93 in Q3 2023[20] - Cash inflow from financing activities totaled ¥341,227,391.48 in Q3 2024, down from ¥757,662,166.07 in Q3 2023[21] - The net cash flow from financing activities was ¥-488,736,622.74 in Q3 2024, contrasting with a net inflow of ¥695,189,056.22 in Q3 2023[21] Expenses and Investments - Research and development expenses totaled ¥40,007,441.88, accounting for 8.75% of revenue, a decrease of 1.97 percentage points from the previous year[3] - The company reported a total operating cost of CNY 1,067,034,068.74 for the first three quarters of 2024, which is a 16.4% increase from CNY 917,322,024.59 in the same period of 2023[16] - Investment income for the third quarter of 2024 was CNY 15,981,967.21, down from CNY 34,774,568.10 in the same quarter of 2023[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,731, with the largest shareholder holding 26.30% of the shares[8] - The company has not reported any changes in the participation of major shareholders in margin trading and securities lending activities[11] Government Support - The company received government subsidies amounting to ¥2,832,300.00 during the reporting period[4] Other Information - There are no significant new strategies or product developments mentioned in the report for the upcoming quarters[11] - The company reported a significant increase in trading financial assets from CNY 921,547,863.02 to CNY 1,484,433,970.51, an increase of about 61.00%[12] - The capital reserve increased to CNY 2,884,993,396.04 from CNY 2,865,320,545.17, reflecting a growth of approximately 0.69%[14] - The company's retained earnings increased to CNY 813,773,845.63 from CNY 706,661,369.20, marking a growth of about 15%[15] - Cash and cash equivalents were reported at CNY 1,879,197,213.37, down from CNY 2,779,279,227.88, indicating a decrease of approximately 32.36%[12] - The total cash and cash equivalents at the end of Q3 2024 stood at ¥62,296,909.15, a decrease from ¥1,269,783,640.11 at the end of Q3 2023[21] - The cash outflow for operating activities was ¥1,292,185,552.61 in Q3 2024, compared to ¥1,463,620,981.76 in Q3 2023[20] - The cash paid to employees increased to ¥98,182,164.05 in Q3 2024 from ¥74,790,504.61 in Q3 2023[20] - The cash paid for taxes rose to ¥52,011,178.32 in Q3 2024, compared to ¥26,584,569.58 in Q3 2023[20] - Non-recurring gains for the period totaled ¥6,941,835.39, with a year-to-date total of ¥32,150,232.13[5]

证券代码：688332 证券简称：中科蓝讯 公告编号：2024-039 深圳市中科蓝讯科技股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监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、备查文件 第二届监事会第十六次会议决议。 特此公告。 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）第二届监事会第十六次 会议通知于 2024 年 10 月 24 日以电子邮件方式向全体监事发出，会议于 2024 年 10 月 29 日以通讯方式召开。本次会议由监事会主席徐志东先生主持，会议应出席监事 3 名， 实际出席监事 3 名，董事会秘书列席本次会议。本次会议的召集、召开及表决程序符 合《中华人民共和国公司法》和《深圳市中科蓝讯科技股份有限公司章程》（以下简称 "《公司章程》"）等有关法律、行政法规、规范性文件的规定，会议决议合法有效。 二、 监事会会议审议情况 会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于公司<2024 年第三季度 报告>的议案》。 监事会认为：公司《2024 年第三季度报告》的编制和审议程序符合 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved a revenue of 791 million CNY, representing a year-on-year growth of 21.11% [3] - The net profit attributable to shareholders was 135 million CNY, with a year-on-year increase of 19.83% [3] - The net profit after deducting non-recurring gains and losses was 109 million CNY, showing a year-on-year growth of 31.10% [3] Group 2: Product Development and Market Expansion - The company has expanded its brand client base since 2019, with products recognized by major brands such as Xiaomi, realme, and Anker [3] - The launch of the "Xunlong 2nd Generation +" chip has been well-received, being adopted by various high-end audio products [3] - The company’s BLE chips are now applied in personal care and sports health products, with mass production achieved in collaboration with platforms like Tencent and Honor [3] Group 3: Technological Advancements - The company has developed a comprehensive range of OWS audio SoC chips, covering high-end to entry-level products, supporting the latest Bluetooth protocols [4] - The high-end BT893X series features Hi-Res certification and LDAC decoding, ensuring high audio quality for various premium products [4] - The RISC-V CPU and HiFi DSP in the high-end series support AI algorithm applications, enhancing connectivity with cloud services [4] Group 4: Market Trends and Strategic Responses - The company is positioned to benefit from the trend of brands offering high cost-performance products, as it has a strong foundation in this area [4] - The gross margin improved in Q2 due to expanded product applications and strict cost control measures [4] - The company plans to continue expanding brand clients and increasing new product sales to maintain reasonable gross margins [5] Group 5: Inventory Management and Future Planning - As of June 30, 2024, the company's inventory increased compared to the end of the previous year, driven by proactive stocking for the traditional sales peak in Q3 and Q4 [6] - The inventory management strategy focuses on new product stocking and capacity changes to optimize procurement costs [6] - The company aims to maintain inventory levels within a reasonable turnover range as new products are mass-produced [6]

Investment Rating - The report initiates coverage on Zhongke Lanxun with a "Buy" rating, citing its strong position in the white-label audio SoC market and potential for growth in emerging markets [4][78] Core Views - Zhongke Lanxun is a leading domestic white-label audio SoC manufacturer, leveraging the RISC-V instruction set to achieve cost advantages and high product competitiveness [1] - The company has successfully penetrated emerging markets like India and Africa, with overseas shipments accounting for 60-70% of total shipments [2] - Zhongke Lanxun has diversified its product portfolio to meet the growing demand for smart wearable devices and IoT, with eight major product lines [3] - The company is expected to achieve significant revenue and net profit growth from 2024 to 2026, driven by the recovery of the consumer electronics market and expansion into new application areas [4] Financial Performance and Valuation - In 2023, Zhongke Lanxun reported revenue of 1.447 billion yuan, a 34% YoY increase, and net profit of 252 million yuan, a 79% YoY increase [4] - The company's revenue is projected to grow to 1.810 billion yuan in 2024, 2.351 billion yuan in 2025, and 2.841 billion yuan in 2026, with net profit expected to reach 300 million yuan, 385 million yuan, and 459 million yuan, respectively [4] - The current PE valuation for 2024-2026 is 19x, 15x, and 12x, which is lower than the industry average of 40x, 28x, and 21x [78] Market and Industry Analysis - The global Bluetooth headset market is expected to grow from 144 billion yuan in 2023 to 315.3 billion yuan by 2030, with a CAGR of 11.7% [31] - The global Bluetooth speaker market is projected to grow from 16.58 billion USD in 2021 to 33.4 billion USD by 2026, with a CAGR of 15.04% [34] - The global smart wearable device market is expected to grow from 120.54 billion USD in 2023 to 1,415.26 billion USD by 2032, with a CAGR of 31.5% [36] Product and Technology - Zhongke Lanxun's product lines include Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, wireless microphone chips, digital audio chips, toy voice chips, AIoT chips, and AI voice recognition chips [59] - The company has developed the "Lanxun Xunlong" series of high-end chips, which have achieved performance levels close to industry leaders in key technical indicators such as Bluetooth RF performance, noise reduction, and power consumption [67] - Zhongke Lanxun's RISC-V-based architecture reduces costs by avoiding third-party IP fees, enhancing the overall cost-performance ratio of its products [1][45] Strategic Expansion - Zhongke Lanxun has established partnerships with well-known brands in India and Africa, such as boAt and Noise, and its products are used in realme Buds Wireless 3, which is sold on Amazon India [2][48] - The company is expanding its presence in the brand customer market, with its "Xunlong" series chips being adopted by major brands like Xiaomi, realme, and Baidu [71] - Zhongke Lanxun is also focusing on the AIoT market, with its AIoT SoC chip market expected to grow from 95 billion yuan in 2022 to 279.36 billion yuan by 2027 [65]

Group 1: Company Overview - Zhongke Lanyun specializes in wireless audio SoC chip development, design, and sales, with eight main product lines including Bluetooth headset chips and AIoT chips [2] - The company has established a supply chain with major brands such as Xiaomi, realme, and Anker [2] Group 2: Financial Performance - In the first half of 2024, the company achieved revenue of CNY 791 million, a year-on-year increase of 21.11% [3] - The net profit attributable to shareholders was CNY 135 million, up 19.83% year-on-year, while the net profit excluding non-recurring items reached CNY 109 million, reflecting a growth of 31.10% [3] Group 3: Product Development and Market Strategy - The company has expanded its brand client base since 2019, with the "Xunlong" series high-end chips gaining recognition [3] - The newly launched "Xunlong 2nd Generation +" chip is being adopted by various brands, enhancing the company's market presence [3] - The company has sufficient technical reserves for OWS earphones and has launched optimized Bluetooth audio SoC chips for this segment [4] Group 4: Cost Management and Inventory Strategy - The company has improved its gross margin by expanding product applications and maintaining stable supplier relationships to optimize procurement costs [4][5] - As of June 30, 2024, the company's inventory increased compared to the end of the previous year, in preparation for the traditional sales peak in the third and fourth quarters [5][6] Group 5: Future Outlook and Investment Plans - The company plans to invest its cash reserves primarily in upgrading smart Bluetooth audio chips and developing IoT chip products [5] - Future product lines will include Wi-Fi and Bluetooth integrated chips, enhancing the company's technological capabilities and core competitiveness [5]