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 ...

深圳市中科蓝讯科技股份有限公司 投资者关系管理制度 深圳市中科蓝讯科技股份有限公司 投资者关系管理制度 第一章 总则 第一条 为加强深圳市中科蓝讯科技股份有限公司（以下简称"公司"）与 投资者及潜在投资者（以下简称"投资者"）之间的信息沟通，增进投资者对公 司的了解与认同，提高公司的诚信度，进一步完善公司治理结构，根据《中华人 民共和国公司法》《中华人民共和国证券法》、中国证券监督管理委员会（以下简 称"中国证监会"）《上市公司与投资者关系工作指引》《上海证券交易所科创板 股票上市规则》等法律、法规、规章、规范性文件及《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》"）的有关规定，结合公司实际情况，制 定本制度。 第二条 投资者关系管理是指公司通过信息披露与交流，加强与投资者之间 的沟通，增进投资者对公司的了解和认同，提升公司治理水平，以实现公司整体 利益最大化和保护投资者合法权益的重要工作。 第三条 投资者关系管理的基本原则： （一）充分披露信息原则。除强制的信息披露以外，公司可主动披露投资者 关心的其他相关信息； （二）合规披露原则。严格按照《上市公司与投资者关系工作指引》等法律、 法规、 ...

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]

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 ...

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 ...

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》《 ...

编号：2024-019 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 | 基金 | 参加中金财富"我是股东"走进上市公司活动的个人投资者、惠理 | | 时间 | 2024 年 ...

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]

编号：2024-018 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 | 前海人寿保险、华创证券、招商证券 | 华泰保险、建 ...