编号：2024-024 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 | --- | --- | --- | |----------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------| | | √特定对象调研 | □ 分析师会议 | | 投资者关系活动类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 现场参观 | √电话会议 | | 参与单位名称 | | 信达澳亚基金、广金投资、长城基金、中欧基金、远致富海、汇 杰达理、智诚海威、兴全基金、国信证券、天风证券 | | 时间 | 2024 年 11 月 20 日至 11 | 月 21 日 | | 地点 | | 深圳市中科蓝讯科技股份有限公司大会议室 | | 上市公司接待人员姓名 | 董事会办公室主任：曹卉 证券事务代表：刘懿瑶 ...

编号：2024-023 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 | --- | --- | --- | |----------------------|---------------------------------------------|-------------------------------------------------------------------------------------| | | | | | | √特定对象调研 | □ 分析师会议 | | 投资者关系活动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 现场参观 | √电话会议 | | 参与单位名称 | | 广发基金、泰康基金、中泰证券、招商证券 | | 时间 | 2024 年 11 月 12 日至 11 | 月 14 日 | | 地点 | | 深圳市中科蓝讯科技股份有限公司大会议室 | | 上市公司接待人员姓名 | 董事会办公室主任：曹卉 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 ...

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 ...

中科蓝讯（ [Table_StockNameRptType] 688332） | --- | --- | --- | --- | |------------------------------------------------------------------------------|----------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

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].

华福证券 中科蓝讯（688332.SH） Q3 毛利率持续好转，看好 Q4 旺季机遇 投资要点： 营收同环比提升，归母净利润承压 据公司三季报，公司 24Q1-Q3 实现营收 12.5 亿元，yoy+19%，实 现归母净利润 2.1 亿元，yoy+5%。单 24Q3 实现营收 4.6 亿元，yoy+15%， qoq+7%。24Q3 实现归母净利润 0.72 亿元，yoy-15%，qoq-10%。24Q3 实现扣非净利润 0.65 亿元，yoy+19%，qoq+2%。 毛利率持续看到好转迹象，库存进一步优化 （1）毛利率：单 24Q3 毛利率 24.50%，yoy+0.07pcts，qoq+1.15pcts。 我们对比已披露的历史数据来看，在经历了连续两个季度的环比提升 后，24Q3 毛利率基本来到历史相对高位，仅次于 2021 年部分季度。 （2）净利率：单 24Q3 净利率 15.76%，yoy-5.65pcts，qoq-2.86pcts。 我们进一步分析费用项变化，销售费用及管理费用环比 Q2 均有下降， 控费效果显著；研发费用 0.4 亿元，yoy-6%，qoq+17%，从绝对值来 看变化不大。（3）存 ...