Investment Rating - Buy (maintained) [1] Core Views - The company's flagship Xunlong 3rd Gen BT895x platform has integrated the Doubao large model, collaborating with professional audio brand FIIL to launch the second AI headset in the market with Doubao model integration [1][2] - The Xunlong 3rd Gen BT895x platform features a multi-core architecture (CPU+DSP+NPU) with high computing power and low power consumption, meeting the demands of AI headset edge computing for voice processing and high-speed audio transmission [2] - The company plans multi-stage collaboration with the Doubao model, currently supporting features like real-time translation, meeting minutes, and real-time dialogue, with more AI functionalities to be introduced for different usage scenarios [2] - AI headphones are expected to drive product value growth, with the company poised for both volume and price increases [2] - The company is a leading player in the domestic smart audio-video SoC industry, with downstream demand gradually recovering and product structure continuously optimizing [3] Financial Performance and Projections Revenue and Profit - Revenue (2022A): 1,080 million RMB, -4% YoY [1] - Revenue (2023A): 1,447 million RMB, +34% YoY [1] - Revenue (2024E): 1,773 million RMB, +23% YoY [1] - Revenue (2025E): 2,197 million RMB, +24% YoY [1] - Revenue (2026E): 2,707 million RMB, +23% YoY [1] - Net profit attributable to parent company (2022A): 141 million RMB, -39% YoY [1] - Net profit attributable to parent company (2023A): 252 million RMB, +79% YoY [1] - Net profit attributable to parent company (2024E): 283 million RMB, +12% YoY [1] - Net profit attributable to parent company (2025E): 380 million RMB, +35% YoY [1] - Net profit attributable to parent company (2026E): 480 million RMB, +26% YoY [1] Key Financial Ratios - EPS (2022A): 1.17 RMB [1] - EPS (2023A): 2.09 RMB [1] - EPS (2024E): 2.35 RMB [1] - EPS (2025E): 3.16 RMB [1] - EPS (2026E): 3.99 RMB [1] - ROE (2022A): 4% [1] - ROE (2023A): 7% [1] - ROE (2024E): 7% [1] - ROE (2025E): 9% [1] - ROE (2026E): 10% [1] - P/E (2022A): 73.6x [1] - P/E (2023A): 41.2x [1] - P/E (2024E): 36.7x [1] - P/E (2025E): 27.2x [1] - P/E (2026E): 21.6x [1] Q3 2024 Performance - Q3 revenue: 457 million RMB, +15.27% YoY, +6.77% QoQ [2] - Q3 net profit attributable to parent company: 72 million RMB, -15.10% YoY, -9.63% QoQ [2] - Q3 gross margin: 24.50%, +1.15 pct QoQ [2] - Q3 net margin: 15.76%, -5.65 pct YoY, -2.87 pct QoQ [2] - Q3 R&D expense ratio: 8.75%, -1.97 pct YoY, +0.76 pct QoQ [2] Market and Industry Analysis - The company's market value as of November 14, 2024: 10,365.50 million RMB [2] - The company's circulating market value as of November 14, 2024: 3,792.88 million RMB [2] - The company's stock price as of November 14, 2024: 86.16 RMB [2] - The company's total shares: 120.31 million [2] - The company's circulating shares: 44.02 million [2] Product and Technology - The Xunlong 3rd Gen BT895x platform is designed for AI headset edge computing, supporting high-speed audio transmission and voice processing [2] - The company's product portfolio includes the Xunlong 2nd Gen+, wearable AB568X, and AB569X series chips, which have gained market and customer recognition [2] - The company's AIoT, smart wearable, and wireless microphone product lines performed well in Q3 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company Zhongke Luanxun (688332) [2] Core Views - In the first three quarters of 2024, the company achieved operating revenue of 1.248 billion yuan, a year-on-year increase of 18.91%, and a net profit attributable to the parent company of 207 million yuan, up 4.80% year-on-year [2] - The company has eight product lines that continue to perform well, with significant sales growth in smart wearables, AIoT, and wireless microphones. The newly launched "Xunlong 2nd Generation+" chip has received widespread market recognition [2] - The company is actively developing high-end AI products, with the Xunlong 3rd Generation series chips being integrated into various AI applications, enhancing user experience through high-quality audio and AI voice interaction [2] - The smart wearable segment is expanding, with notable sales increases expected from the AB568X and AB569X series, which have been well-received in international markets [2] Financial Summary - The company forecasts net profits attributable to the parent company for 2024-2026 to be 290 million, 370 million, and 510 million yuan respectively [2] - The projected operating revenue for 2024-2026 is 1.805 billion, 2.330 billion, and 3.020 billion yuan, with growth rates of 24.75%, 29.09%, and 29.61% respectively [3] - The company's EBITDA is expected to grow from 286.14 million yuan in 2024 to 531.41 million yuan in 2026 [3] - The earnings per share (EPS) is projected to increase from 2.44 yuan in 2024 to 4.27 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 32.41 to 18.55 [3][5]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 1.248 billion CNY, a year-on-year increase of 18.91% [2] - The net profit attributable to shareholders reached 207 million CNY, up 4.80% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 175 million CNY, reflecting a year-on-year growth of 26.45% [2] Group 2: Product Development and AI Integration - The company launched the third generation of the Xunlong chip in the first half of 2024, which supports AI functionalities and has partnered with major models like Baidu [2] - The Xunlong series products are equipped with RISC-V CPU and HiFi 4 DSP, enabling various AI algorithm applications and cloud connectivity [2][4] - The company is actively exploring AI solutions and has plans to integrate with platforms like ChatGPT for enhanced interaction capabilities [3] Group 3: Market Strategy and Product Lines - The company has established a comprehensive product layout in the smart wearable sector, with the AB568X and AB569X series gaining significant market recognition [4] - The high-end Xunlong series chips have been adopted by major brands such as Xiaomi, realme, and Anker, enhancing the company's market presence [3] - The company aims to improve brand recognition and market competitiveness through continuous product performance upgrades and strategic branding [4] Group 4: Gross Margin Improvement - The gross margin improved in Q3 due to the seasonal demand and the introduction of high-margin products like the Xunlong second generation and wearable series [3] - The company plans to expand product categories and enhance application scenarios to ensure steady growth in operations [3]

编号：2024-021 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 | --- | --- | --- | |----------------------|----------------------------------------------|----------------------------------------------------------------| | 投资者关系活动类别 | □ 特定对象调研 \n□ 媒体采访 \n□ 现场参观 | □ 分析师会议 \n√业绩说明会 \n□ 电话会议 | | 参与单位名称 | 线上参与公司 2024 | 年第三季度业绩说明会的投资者 | | 时间 | 2024 年 11 月 6 日 | 15:00-16:00 | | 地点 | 价值在线（ | https://www.ir-online.cn/ ）网络互动 | | | 董事长 黄志强 | | | 上市公司接待人员姓名 | 董事兼总经理 刘助展 副总经理兼董事会秘书 | 张仕兵 | | | 财务总监 李斌 独立董事 姜梅 | | | | 1 、公 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2] Core Views - The company has shown significant revenue growth, with a 12.48 billion yuan revenue for the first three quarters of 2024, representing an 18.91% year-on-year increase. The net profit attributable to shareholders reached 2.07 billion yuan, up 4.80% year-on-year, while the net profit excluding non-recurring items was 1.75 billion yuan, reflecting a 26.45% increase [1] - The Bluetooth headset market in emerging markets is expected to grow, with the company leveraging its cost-effective advantages to expand its brand client base. The penetration rate of Bluetooth headsets in India is projected to rise from 25% in 2023 to 37% by 2027, indicating substantial market potential [1] - The company is increasing its R&D efforts, with a research expense ratio of 8.33% in Q3 2024, maintaining above 8% for eight consecutive quarters. This focus on innovation is aimed at enhancing the company's overall gross margin [1] Financial Summary - For 2023, the company reported a revenue of 14.47 billion yuan, with a year-on-year growth of 34.0%. The net profit attributable to shareholders was 252 million yuan, showing a 78.6% increase [3] - Forecasts for 2024 to 2026 indicate revenues of 18.5 billion yuan, 24.0 billion yuan, and 27.3 billion yuan respectively, with corresponding net profits of 307 million yuan, 381 million yuan, and 485 million yuan [2][3] - The gross margin is expected to improve from 22.6% in 2023 to 26.3% by 2026, reflecting the company's efforts to enhance profitability [3]

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 1.248 billion CNY, representing a year-on-year growth of 4.80% [1] - The net profit attributable to shareholders reached 207 million CNY, with a year-on-year increase of 26.45% [1] - The gross profit margin improved across all eight product lines in Q3 2024 [4] Product Lines and Market Performance - The company has eight main product lines, including 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 [1] - Notable growth was observed in the sales of smart wearables, AIoT, and wireless microphones, with significant year-on-year increases [2] - The newly launched "Xunlong 2nd Generation+" chip has received widespread market recognition [2] Strategic Initiatives - The company is actively exploring mergers and acquisitions to enhance its technological capabilities and product offerings [2] - A focus on high cost-performance products has positioned the company favorably in the competitive market, especially as brands lower their product prices [4] - The company maintains long-term, stable relationships with upstream suppliers to control costs and ensure production stability [4] Brand Expansion and Client Relationships - Since 2019, the company has been expanding its brand strategy, gaining recognition from major brands such as Xiaomi, realme, and Anker [3] - The "Xunlong" high-end chip series has been adopted by various well-known brands, enhancing the company's market presence [3] - The company aims to continuously improve product performance and brand image to enhance market competitiveness [3]

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]