Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, but faced challenges in Q1 2025 with declining net profit despite slight revenue growth Financial Performance - In 2024, the company achieved revenue of 1.819 billion yuan, a year-on-year increase of 25.72%, and a net profit attributable to shareholders of 300 million yuan, up 19.23% [1] - For Q1 2025, revenue was 367 million yuan, a year-on-year increase of 1.2%, but net profit decreased by 18.21% to 45 million yuan [1][3] - Q4 2024 saw substantial growth with revenue of 571 million yuan, a year-on-year increase of 43.72%, and net profit of 93 million yuan, up 71.53% [1] Gross Margin and R&D - The overall gross margin for 2024 was 22.92%, an increase of 0.36 percentage points year-on-year [2] - R&D expenses amounted to 162 million yuan, with an R&D expense ratio of 8.9%, down 2.43 percentage points year-on-year [2] - In Q1 2025, R&D expenses rose to 46 million yuan, a year-on-year increase of 53%, with an R&D expense ratio of 12.53% [3] Product Development and Market Strategy - The company is expanding its product matrix, launching new Bluetooth earphone products and optimizing power consumption and audio performance [2] - The introduction of the BT895X chip, featuring a multi-core architecture, aims to meet the demands of AI earphones for voice processing and high-speed audio transmission [2] - The company is adopting a market-oriented R&D model, focusing on product performance and market needs, which has led to successful integration of its high-end chip series into various brand supply chains [4] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 390 million, 499 million, and 630 million yuan respectively, with corresponding PE ratios of 30, 23, and 19 [4]

深圳市中科蓝讯科技股份有限公司2024年年度 权益分派实施公告 本公司董事会及全体董事保证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： ? 是否涉及差异化分红送转：否 ? 每股分配比例 每股现金红利1.00元 证券代码：688332 证券简称：中科蓝讯 公告编号：2025-019 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、通过分配方案的股东大会届次和日期 本次利润分配方案经深圳市中科蓝讯科技股份有限公司（以下简称"公司" 或"本公司"）2025 年 4 月 29 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本120,305,250股为基数，每股派发现 金红利1.00元（含税），共计派发现金红利120,305,250元。 三、相关日期 股权登记日 除权（息）日 现金红利发放日 四、分配实施办法 （1）对于持有公司无限售条件流通股的自然 ...

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-019 深圳市中科蓝讯科技股份有限公司2024年年度 权益分派实施公告 本公司董事会及全体董事保证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： 每股现金红利1.00元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/15 | 2025/5/16 | 2025/5/16 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案经深圳市中科蓝讯科技股份有限公司（以下简称"公司" 或"本公司"）2025 年 4 月 29 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本120,305,250股为基数，每股派发现 金红利1.00元（含税），共计派发现金 ...

中科蓝讯（688332.SH）2024 年年报及 2025 年一季报点评 深耕研发拓品牌客户，开启 WiFi/视频芯片新篇章 2025 年 05 月 06 日 推荐 维持评级 ➢ 事件：4 月 29 日，中科蓝讯发布 2025 年一季报，公司 1Q25 实现收入 3.67 亿元，同比增长 1.20%，环比减少 35.68%；实现归母净利润 0.45 亿元，同比减 少 18.21%，环比减少 51.93%。 此外，公司于 4 月 8 日发布 2024 年年报，2024 年全年实现营业收入为 18.19 亿元，同比增长 25.72 %；实现归母净利润 3.00 亿元，同比增长 19.23%；实现 扣非归母净利润 2.44 亿元，同比增长 40.44 %。 ➢ 2024 年营收、利润双高增，持续开拓中高端品牌客户。2024 年期间，下游 消费电子行业逐步回暖，终端需求逐渐复苏，同时公司布局新兴市场，产品种类 日益丰富，持续突破和拓展品牌客户，实现出货量及营收同步增长，带动净利润 高速增长。其中，公司 2024 年无线音频芯片销量超 20 亿颗，按销量计算已占 据较高的市场份额。近年来，公司在巩固现有中低阶下沉市场的 ...

中科蓝讯（688332.SH）2024 年年报及 2025 年一季报点评 深耕研发拓品牌客户，开启 WiFi/视频芯片新篇章 2025 年 05 月 06 日 推荐 维持评级 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,819 | 2,354 | 2,879 | 3,429 | | 增长率（%） | 25.7 | 29.4 | 22.3 | 19.1 | | 归属母公司股东净利润（百万元） | 300 | 388 | 491 | 625 | | 增长率（%） | 19.2 | 29.2 | 26.7 | 27.2 | | 每股收益（元） | 2.49 | 3.22 | 4.08 | 5.19 | | PE | 41 | 31 | 25 | 20 | | PB | 3.1 | 2.8 | 2.6 | 2.4 | ➢ 事件：4 月 29 日，中科蓝讯发布 2025 年一季报，公司 1Q25 实现收入 3.67 亿元，同比增长 1 ...

Group 1 - Zhongke Lanyun (688332.SH) reported its Q1 2025 earnings on April 30, 2025, with 51 institutional investors holding a total of 55.099 million shares, representing 45.80% of the total share capital [1] - The top ten institutional investors collectively hold 41.46% of the shares, with a 1.43 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, 26 funds increased their holdings, accounting for 2.83% of the total, including notable funds such as Xinao New Energy Industry Stock and Xinao Leading Intelligent Selection Mixed Fund [2] - Three public funds decreased their holdings, showing a slight decline, while 16 new public funds were disclosed this period [2] - A total of 191 public funds were not disclosed in this period, indicating a significant turnover in the public fund landscape [2]

Group 1: Hanbell Precise Machinery - The company expects a revenue of 3.674 billion yuan in 2024, a decrease of 4.62% year-on-year, and a net profit of 863 million yuan, down 0.28% [1] - In Q1 2025, revenue is projected to be 606 million yuan, a decline of 19.09%, with a net profit of 118 million yuan, down 19.58% [1] - The main business includes compressors and vacuum pumps, with applications in various fields such as commercial air conditioning and food cold chain [1] Group 2: Zhongke Lanyun - In Q1 2025, net profit decreased by 18.21% due to a 53.59% increase in R&D investment [2] - The company is expanding its product lines to ten categories, including Bluetooth headset chips and smart speaker chips [2] - The impact of U.S. tariff policies on the company's overall business is minimal [2] Group 3: Jinhaitong - In Q1 2025, the company achieved a revenue of 129 million yuan, a year-on-year increase of 45.21%, and a net profit of 25.66 million yuan, up 72.29% [3] - The growth is attributed to the recovery in demand for semiconductor packaging and testing equipment [3] - The company plans to enhance operational efficiency and focus on testing machines with more applications [3] Group 4: Huaxiang Co., Ltd. - In 2024, the company reported a core business sales volume of 451,000 tons, a year-on-year increase of 23.7%, and an overall revenue of 3.83 billion yuan, up 17.3% [4] - The net profit margin was 11.8%, with a net profit of 470 million yuan, an increase of 20.9% [4] - In Q1 2025, revenue continued to grow to 980 million yuan, a 3.5% increase, with a net profit margin of 13.2% [4]

Core Viewpoint - The company has a low dependency on the U.S. market, and the recent tariff adjustments by the U.S. government will have minimal impact on its overall business [2] Group 1: Business Impact and Financial Performance - The company's net profit attributable to shareholders decreased by 18.21% year-on-year in Q1 2025, primarily due to a significant increase in R&D investment, which reached 45.7735 million yuan, a year-on-year increase of 53.59% [2] - Revenue in Q1 remained flat year-on-year, influenced by seasonal fluctuations and external factors, with the consumer electronics peak season concentrated in Q3 and Q4 each year [2] - The company anticipates record-high revenue in Q4 2024, but Q1 2025 saw a decline in shipment volume due to seasonal factors such as the Spring Festival and Ramadan [2] Group 2: Product Development and Market Strategy - The company plans to expand its product line from eight categories to ten, adding video chips and Wi-Fi chips, focusing on AI headphones and smart glasses [3] - The Xunlong series chips utilize a multi-core architecture and support cloud-based large model connections, with the BT896X series already applied in Baidu's AI tablet robot [3] - The BT895X chip collaborates with Huoshan Engine to adapt to Doubao's large model, enabling real-time translation and meeting minutes, and is featured in FIIL's open AI headphones [3]

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit for the first quarter, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance - The company achieved operating revenue of 367.30 million yuan, a year-on-year increase of 1.2% [2]. - The net profit attributable to shareholders was 44.89 million yuan, down 18.21% compared to the previous year [2]. - The net profit after deducting non-recurring gains and losses was 36.67 million yuan, reflecting a decrease of 19.93% year-on-year [2]. - The net cash flow from operating activities was negative at -11.57 million yuan, a significant decline from a positive 10.65 million yuan in the same period last year [2]. - Basic and diluted earnings per share were both 0.37 yuan, down 19.57% from 0.46 yuan [2]. - The weighted average return on equity decreased to 1.11%, down 0.33 percentage points from the previous year [2]. Research and Development - The company increased its R&D investment to 45.77 million yuan, a 53.59% increase year-on-year [2]. - R&D expenditure accounted for 12.46% of operating revenue, up 4.25 percentage points from the previous year [2]. - The company has launched several new chip series, including the BT897X series, which features advanced capabilities for AI applications and improved power efficiency [2]. Strategic Outlook - The company aims to enhance its market competitiveness by diversifying its chip products to meet varying brand needs from entry-level to mid-to-high-end products [3]. - The strategic focus includes "AI empowerment, technological leadership, product diversification, and global market expansion" [3]. - The company plans to expand its product lines from eight to ten, including Bluetooth earphone chips, smart wearable device chips, and video chips [3]. - The company is committed to strengthening its domestic market presence while accelerating its overseas market expansion [3].

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-018 深圳市中科蓝讯科技股份有限公司 本次股东大会由公司董事会召集，由董事长黄志强先生主持会议，会议采取 现场投票和网络投票相结合的方式进行表决。会议的召集、召开程序和表决方式 符合《公司法》和《公司章程》的规定。 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 29 日 （二） 股东大会召开的地点：深圳市南山区侨香路 4068 号智慧广场 A 栋 1301-1 公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股 东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 105 | | --- | --- | | 普通股股东人数 | 105 | | 2、出席会议的股东所持有的表决权数量 | 62,772,215 | | 普通股股东所持有表决权数量 | 62,772,21 ...