Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown strong growth in revenue and net profit, with a 21.11% year-on-year increase in revenue to 790.985 million yuan and a 19.83% increase in net profit to 134.6387 million yuan for the first half of 2024 [3][4] - The company is actively launching new products in the booming headphone market, with a focus on high-performance ANC (Active Noise Cancellation) technology and a wide range of applications [4] - The Bluetooth speaker market is also expanding, with the company introducing new product lines and achieving significant sales growth [5] - The wearable device market is expected to grow, and the company has completed a comprehensive product layout to meet diverse customer needs [5] Summary by Sections Company Overview - The latest closing price is 47.56 yuan, with a total market capitalization of 5.7 billion yuan and a circulating market capitalization of 2.1 billion yuan [1] Financial Performance - For the first half of 2024, the company reported a net cash flow from operating activities of 61.8711 million yuan, indicating improved profitability [3] - The company expects to achieve revenues of 1.84 billion yuan, 2.34 billion yuan, and 2.84 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 308.35 million yuan, 407.74 million yuan, and 540.41 million yuan [6][8] Market Trends - The global Bluetooth headphone market has surpassed 50 billion USD, with significant growth potential in emerging markets due to lower penetration rates [4] - The Chinese Bluetooth speaker market saw a 1.9% increase in sales volume to 23.7 million units in 2023, with a 4.9% increase in sales revenue to 6.64 billion yuan [5] Product Development - The company has launched multiple new products, including the BT892X series for translation headphones and the BT896X series for smart speakers, enhancing its competitive edge in the market [4][5]

证券代码：688332 证券简称：中科蓝讯 深圳市中科蓝讯科技股份有限公司 投资者关系活动记录表 编号：2024-017 √特定对象调研 □分析师会议 投资者关系活动 □媒体采访 □业绩说明会 类别 □现场参观 √电话会议 参与单位名称 长城基金、中欧基金、摩根基金、浦银安盛基金、诺安基金、信达澳亚 基金、工银瑞信基金、中邮证券、西南证券、中泰证券、华安证券 时间 2024 年 8 月 20 日至 23 日 地点 深圳市中科蓝讯科技股份有限公司大会议室 上市公司接待人 董事会办公室主任：曹卉 员姓名 证券事务代表：刘懿瑶 公司简介： 中科蓝讯主营业务为无线音频 SoC 芯片的研发、设计与销售，公司 逐步形成以蓝牙耳机芯片、蓝牙音箱芯片、智能穿戴芯片、无线麦克风 芯片、数字音频芯片、玩具语音芯片、AIoT 芯片、AI 语音识别芯片八 大产品线为主的产品架构，产品可广泛运用于 TWS 蓝牙耳机、蓝牙音 箱、智能可穿戴设备、无线麦克风、语音玩具、物联网设备等无线互联 投资者关系活动 终端。目前产品已进入小米、realme 真我、百度、万魔、倍思、Anker、 主要内容介绍 漫步者、腾讯 QQ 音乐、传音、魅蓝、飞利 ...

深圳市中科蓝讯科技股份有限公司 2024 年第一次临时股东大会会议资料 深圳市中科蓝讯科技股份有限公司 2024 年第一次临时股东大会 会议资料 2024 年 8 月 29 日 深圳 深圳市中科蓝讯科技股份有限公司 2024 年第一次临时股东大会会议资料 | | | | 2024 | 年第一次临时股东大会会议须知 2 | | --- | --- | | 2024 | 年第一次临时股东大会会议议程 4 | | 议案一 | 《关于公司部分募投项目延期、调整投资金额与内部投资结构及节余募 | | | 集资金永久补充流动资金的议案 6 | | 议案二 | 《关于使用部分超募资金永久补充流动资金的议案》 15 | | 议案三 | 《关于变更注册资本、修订<公司章程>并办理工商变更登记的议案》 16 | | 议案四 | 《关于续聘公司 2024 年度会计师事务所的议案》 17 | 1 深圳市中科蓝讯科技股份有限公司 2024 年第一次临时股东大会会议资料 深圳市中科蓝讯科技股份有限公司 2024 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证大会的顺利进行，根据《中华人 ...

Financial Overview - The company has a cash balance primarily from fundraising, which will be allocated to various projects including smart Bluetooth audio chip upgrades and IoT chip product development [2][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 Q3 and Q4 [6] Product Development and Innovation - The company launched the second generation of the Xunlong BT892X series, which supports real-time translation in 40 languages and features adjustable playback speeds [3] - New products include the AB2027A3 data transmission chip used in the Paris Olympics and BLE chips for various smart applications, achieving mass production [3][4] - The company is developing smart wearable glasses chips as part of its fundraising projects, aiming to enhance market competitiveness [4][7] Profitability and Cost Management - The gross profit margin improved in Q2 due to the expansion of product applications and the introduction of new product lines, while maintaining strict cost control [4] - The company plans to continue expanding brand clients and increasing new product sales to sustain a reasonable gross margin [4] Market Strategy and Future Plans - The company is open to business expansion through mergers and acquisitions, while adhering to information disclosure obligations [2][5] - Future product lines will focus on enhancing performance and expanding into new business areas, including Wi-Fi and IoT chips [5] Research and Development - The company has been cautious with R&D investments, focusing on project efficiency and quality, which has led to a decrease in R&D spending [5] - There is an expectation for an increase in R&D expenses as business scales and brand clients are introduced [5] Technology and Applications - The company’s high-end series products are equipped with RISC-V CPU and HiFi DSP, suitable for various AI applications [6] - Bluetooth audio chips have been integrated into smart audio glasses, supporting clear voice calls and music playback [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][5]. Core Views - The company reported a revenue of 791 million yuan for the first half of 2024, representing a year-on-year increase of 21.11%, and a net profit of 135 million yuan, up 19.83% year-on-year. In Q2 2024, the revenue was 428 million yuan, showing a year-on-year growth of 23.71% and a quarter-on-quarter increase of 17.94%. The net profit for Q2 was 80 million yuan, reflecting a year-on-year increase of 26.70% and a quarter-on-quarter rise of 45.30% [4][5]. - The company has a strong competitive edge in the Bluetooth earphone chip market, which accounted for approximately 60% of its revenue in 2023. The market is becoming increasingly competitive, with many manufacturers focusing on cost-performance ratios to gain market share [5]. - The company has established itself as a supplier for several well-known brands, including Xiaomi and realme, and is expected to gradually increase its market share by enhancing the performance of its main control chips while maintaining cost-effectiveness [5]. - The company is continuously investing in R&D and expanding its product lines, which include Bluetooth earphone chips, smart wearable chips, and AIoT chips. The smart wearable chip segment saw a remarkable revenue growth of 153.29% year-on-year in 2023 [5]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.858 billion yuan, with a year-on-year growth rate of 28.4%. The net profit is expected to reach 319 million yuan, reflecting a growth rate of 26.8% [7][9]. - The company's earnings per share (EPS) for 2024 is estimated at 2.65 yuan, with a price-to-earnings (P/E) ratio of 19.90 [7][9]. - The gross profit margin for 2024 is projected to be 22.5%, while the net profit margin is expected to be 17.2% [9].

Financial Performance - In the first half of 2024, the company achieved a revenue of 7.91 billion CNY, representing a year-on-year growth of 21.11% [1] - The net profit attributable to shareholders was 1.35 billion CNY, with a year-on-year increase of 19.83%; the net profit after deducting non-recurring gains and losses was 1.09 billion CNY, reflecting a growth of 31.10% [1] Product Development and Market Expansion - The company has expanded its product line to include Bluetooth audio chips, AI voice recognition chips, and various IoT chips, with applications in TWS headphones, smart wearables, and wireless microphones [1][3] - The second-generation BT892X series is utilized in translation headphones supporting 40 languages, featuring adjustable playback speeds and advanced noise reduction capabilities [3] - The company has successfully integrated its chips into products from major brands such as Xiaomi, realme, and Baidu, enhancing its brand supply system [1][3] Inventory and Cash Management - As of June 30, 2024, the company's inventory increased compared to the end of the previous year, attributed to proactive stocking in preparation for the traditional sales peak in the third and fourth quarters [4] - The cash on hand is primarily from raised funds, which will be allocated to upgrading Bluetooth audio chips, IoT chip development, and establishing a research and development center [4] Market Trends and Competitive Position - The company is well-positioned to benefit from the trend of brands offering more cost-effective products, as it has focused on high cost-performance products for years [5] - The gross margin improved significantly in the second quarter due to expanded product applications and strict cost control measures [5] Future Outlook - The company plans to continue enhancing product performance and expanding its market presence, with a focus on smart wearable technology and new product development [4][5] - There is an ongoing commitment to maintain reasonable inventory levels and manage procurement costs effectively in response to market demand [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 75 CNY, compared to the current price of 52.33 CNY [1][2]. Core Insights - The company achieved a record high revenue of 7.91 billion CNY in the first half of 2024, representing a year-over-year increase of 21.11%. The net profit attributable to shareholders was 1.35 billion CNY, up 19.83% year-over-year [1][2]. - In Q2 2024, the company reported revenue of 4.28 billion CNY, a year-over-year increase of 23.71% and a quarter-over-quarter increase of 17.94%. The net profit attributable to shareholders for this quarter was 0.80 billion CNY, reflecting a year-over-year growth of 26.70% and a quarter-over-quarter growth of 45.30% [1][2]. Summary by Sections Financial Performance - The company’s Q2 2024 gross margin was 23.35%, showing a slight decrease of 0.99 percentage points year-over-year but an increase of 2.92 percentage points quarter-over-quarter. The non-GAAP net profit margin for Q2 was 14.86%, up 1.39 percentage points year-over-year and 2.24 percentage points quarter-over-quarter [2]. - The company expects net profits for 2024-2026 to be 3.01 billion CNY, 4.06 billion CNY, and 4.86 billion CNY respectively, with corresponding EPS of 2.50 CNY, 3.37 CNY, and 4.04 CNY [2][3]. Market Expansion - The company is making significant inroads into high-end markets and steadily expanding into emerging markets. It has established partnerships with various well-known brands and is focusing on increasing brand penetration [2]. - The report highlights the resilience of demand for cost-effective products in the global electronics market, particularly in India, where the penetration rate for Bluetooth headphones is expected to rise from 25% in 2023 to 37% by 2027 [2]. Product Development - The company has diversified its product offerings across multiple segments, including smart wearables, BLE chips, and wireless microphone chips. It has completed a comprehensive product layout for smart wearables and achieved mass production of BLE chips for major platforms [2]. - The company’s wireless microphone solutions are recognized as industry-leading, contributing to its competitive edge in the market [2].

那今天我们依然非常荣幸的邀请到了公司的董秘张总董办主任曹总来和我们分享公司的业绩情况那昨晚公司发了这个半年报可以看到依然是保持了一个相对非常稳定的这样的一个增长之前在我们的这个年报调查会上当时也有提到今年一直以来的这个收入目标是在18个亿左右那全年的同比增速是在24左右那可以看到 虽然之前一直都是略有一些沉压但是QR还是快速的回到了这样的一个增速水平表现还是比较亮眼的我们今天的电话会就先邀请公司领导给我们做一个简单的一个业绩近况的分享然后再进入QA环节有请领导各位投资者然后大家早上好首先也是感谢大家能来参加中泰证券组织的中科南迅的半年度的业绩交流会 我这边的话就先就公司半年度的财务数据然后跟大家做一个简单的介绍然后后面的话就是大家如果对公司的数据经营以及后续的经营然后有提问的话然后我们这边的话再一一为大家做解答我们现在先看一下公司的整体的上半年的情况 公司2024上半年营业收入的话是7.91个亿同比增数是21.11%净利润的话是1.35个亿同比增数是19.83毛利率的话是22.01%那么相比于基本上是和去年的半年度的毛利率是持平的然后大概就掉了0.01个点净利率的话和去年同比也基本上是持平净利率是17.02% ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's revenue for H1 2024 reached 791 million yuan, representing a year-on-year growth of 21.11%, with Q2 revenue at 428 million yuan, up 23.71% year-on-year and 17.94% quarter-on-quarter [2][3]. - The net profit attributable to shareholders for H1 2024 was 135 million yuan, a 19.83% increase year-on-year, with Q2 net profit at 80 million yuan, showing a year-on-year growth of 26.70% and a quarter-on-quarter increase of 45.30% [2][3]. - The company has a strong focus on R&D, with 221 R&D personnel accounting for 77.8% of the total workforce, which enhances its core competitiveness [3][4]. Financial Performance - The company achieved a gross margin of 23.35% and a net margin of 18.63% in Q2 2024, both showing quarter-on-quarter increases [3]. - The operating cash flow for Q2 2024 was 61.87 million yuan, primarily due to revenue growth and a slowdown in inventory buildup [3]. - Revenue projections for 2024-2026 are estimated at 1.821 billion, 2.362 billion, and 3.068 billion yuan, respectively, with net profits expected to be 323 million, 435 million, and 555 million yuan [5][6]. Market Position and Growth Potential - The global Bluetooth headset market is valued at over 50 billion USD, with significant growth potential in emerging markets where penetration rates are still low [3][4]. - The company is actively expanding its product offerings in the Bluetooth headset sector, including multiple new products and optimized audio performance chips [3][4]. - The company is also diversifying into innovative chip sectors, including smart watch chips and wireless microphone chips, which are expected to contribute to a second growth curve [4][5].

中科蓝讯（688332.SH）2024 年中报点评 [盈利预测 Table_Forcast] 与财务指标 业绩稳健增长，高端产品迭代加速 2024 年 08 月 15 日 ➢ 事件：8 月 14 日，中科蓝讯发布 2024 年中报。2024 年上半年，公司实现 营业收入 7.91 亿元，同比增长 21.11%；归属于母公司所有者的净利润 1.35 亿 元，同比增长 19.83%；归属于母公司所有者的扣除非经常性损益的净利润 1.09 亿元，同比增长 31.10%。其中第二季度营业收入 4.28 亿元，同比增长 23.71%， 第二季度归母净利润 0.80 亿元，同比增长 26.70%。 ➢ 下游需求回暖，业绩稳步增长。伴随着消费电子行业逐步回暖，下游及终端 需求有所增强，公司产品种类日益丰富，1H24 实现营收同比增长 21.11%，利 润方面，2Q24 实现归母净利润 0.80 亿元，同比增长 26.70%。盈利能力来看， 公司营收增长及备货放缓导致盈利能力持续向好，2Q24 单季度毛利率为 23.35%，环比增长 2.92pct。 ➢ 重视技术研发，高端产品迭代速度快。公司高度重视技术研发及产品迭代升 级 ...