Core Viewpoint - Longxin Co., Ltd. focuses on high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with applications in various fields including PC peripherals, displays, video conferencing systems, and AR/VR. The company is expanding into automotive and HPC sectors [1]. Financial Performance - In Q1 2025, the company's revenue was 109 million yuan, representing a year-on-year increase of 4.5% but a quarter-on-quarter decrease of 17.7%. The decline was primarily due to supply constraints, although overall order and demand trends remain positive [1]. - The gross margin for Q1 2025 was 54.43%, showing a year-on-year increase of 0.33 percentage points and a quarter-on-quarter increase of 0.2 percentage points, indicating relative stability [1]. - The net profit margin was 26.15%, reflecting a year-on-year decrease of 3.58 percentage points and a quarter-on-quarter decrease of 11.93 percentage points. Total expenses for Q1 2025 were nearly 40 million yuan, with an expense ratio of approximately 36.59% [1]. Supply Chain Strategy - The company is optimizing its supply chain system to create a dual-cycle model, enhancing supply security while achieving cost reductions. A new domestic wafer foundry is set to be added in 2024, and measures such as introducing new suppliers and negotiating prices with existing suppliers are being implemented to effectively control procurement costs [1]. R&D Focus Areas - Future R&D efforts will concentrate on automotive electronics, micro-displays, AR/VR, and HPC. The company has successfully integrated multiple video bridging and processing chips into automotive head-up display systems and infotainment systems, with nine chips passing AEC-Q100 testing and entering production for several well-known domestic and international automakers [2]. - The company is also producing 4K/8K ultra-high-definition video signal bridging chips that meet the demands of the new wave of commercial displays and VR/AR micro-display markets. Additionally, a general-purpose high-speed signal extension chip based on 12.5Gbps SERDES technology has been domestically applied in the 5G communication sector [2]. - The company is developing a vehicle-mounted SerDes chip set aimed at the high-end automotive market, which has successfully entered the trial production phase. Furthermore, R&D is ongoing for data transmission and processing chips targeting AI, HPC, and next-generation communication fields [2]. Investment Outlook - Longxin Co., Ltd. is deeply engaged in high-speed mixed-signal chips, with expectations for gradual volume growth in vehicle-mounted SerDes chips. The company is also expanding into AR/VR and server sectors. Short-term focus should be on resolving supply chain constraints and monitoring changes in customer demand. Revenue projections for 2025-2027 are anticipated to be in the billions, with corresponding net profit estimates and PE ratios provided [3].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight year-on-year revenue increase of 4.5% in Q1 2025, with revenue of 109 million yuan, but faced a quarter-on-quarter decline of 17.7% due to supply constraints [6] - The company is focusing on improving its supply chain capabilities and has plans to establish a dual-cycle supply system to enhance stability and cost efficiency [6] - Key areas for future research and development include automotive electronics, micro-displays, AR/VR, and high-performance computing (HPC) [6] - The company expects revenue growth to reach 693 million yuan in 2025, with a net profit of 199 million yuan, corresponding to a PE ratio of 49.3 [6] Financial Data and Valuation - Total revenue is projected to grow from 323 million yuan in 2023 to 1.31 billion yuan in 2027, with a compound annual growth rate (CAGR) of 34% to 31% [2][12] - Operating profit is expected to increase from 103 million yuan in 2023 to 391 million yuan in 2027, with a CAGR of 48% to 33% [2][12] - The company's net profit attributable to shareholders is forecasted to rise from 103 million yuan in 2023 to 372 million yuan in 2027, with a CAGR of 48% to 32% [2][12] - The company maintains a healthy balance sheet with a debt ratio of 9.0% and a return on equity (ROE) of 10.2% [3][12] Stock Performance - The company's stock has shown strong performance, with a 1-month absolute return of 31%, a 6-month return of 173%, and a 12-month return of 114% [5]

股票简称：龙迅股份 股票代码：688486 龙迅半导体（合肥）股份有限公司 Lontium Semiconductor Corporation （安徽省合肥市经济技术开发区宿松路3963号智能装备科技园B3栋） 首次公开发行股票科创板上市公告书 保荐机构（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二三年二月二十日 0 特别提示 龙迅半导体（合肥）股份有限公司（以下简称"龙迅股份"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 2 月 21 日在上海证券交易所上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明对 本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 ...