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].

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 ...

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 ...

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、 ...

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》《 ...