押中摩尔线程、沐曦股份 中科蓝讯业绩大增超三倍

Core Viewpoint - The entry of major high-tech companies into the A-share market has significantly benefited their "shadow stocks," with Zhongke Lanyun (688332) projecting a substantial increase in its 2025 annual performance due to investments in leading GPU companies [2] Group 1: Performance Forecast - Zhongke Lanyun expects a net profit attributable to shareholders of 1.4 billion to 1.43 billion yuan for 2025, representing an increase of 1.1 billion to 1.13 billion yuan compared to the previous year, which translates to a year-on-year growth of 366.51% to 376.51% [2] - The company attributes this significant growth to strategic investments in high-growth areas such as GPUs and advanced packaging testing, alongside a notable increase in the fair value of its investments in Moer Thread and Muxi Co., which contributed to the profit surge [2] Group 2: Investment Holdings - Zhongke Lanyun directly holds 1.3404 million shares of Moer Thread, accounting for 0.29% of its total share capital post-IPO, and indirectly holds 670,100 shares through Beijing Qichuang Kexin Venture Capital Fund, totaling 0.43% [3] - The company also directly holds 854,300 shares of Muxi Co., representing 0.21% of its total share capital post-IPO [3] Group 3: Market Performance of Investments - Moer Thread, known as the "first domestic GPU stock," debuted on the STAR Market on December 5, 2025, with an opening increase of 468.78%, reaching 650 yuan per share, and its market value peaked at 440 billion yuan [3] - As of January 7, 2026, Moer Thread's closing price was 617.54 yuan per share, with a market value exceeding 290 billion yuan [3] - Muxi Co. launched on the STAR Market on December 17, 2025, with an opening increase of 568.83%, reaching 700 yuan per share, and its market value once surpassed 350 billion yuan [3] - On January 7, 2026, Muxi Co.'s closing price was 603.96 yuan per share, with a market value exceeding 240 billion yuan [3] Group 4: Company Business Overview - For 2025, Zhongke Lanyun anticipates a slight decline in its core business performance, projecting revenue of 1.83 billion to 1.85 billion yuan, an increase of 10.966 million to 30.966 million yuan, or a year-on-year growth of 0.60% to 1.70% [4] - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be 220 million to 240 million yuan, reflecting a decrease of 4.1487 million to 24.1487 million yuan, or a year-on-year decline of 1.70% to 9.89% [4] - Zhongke Lanyun specializes in the design, research, and sales of wireless audio SoC chips, gradually forming a product architecture centered around ten product lines, including Bluetooth headset chips and AIoT chips [5]