9月30日，中科蓝讯涨5.65%，截至发稿，报162.89元/股，成交11.81亿元，换手率17.27%，总市值 196.44亿元。 资料显示，深圳市中科蓝讯科技股份有限公司位于广东省深圳市南山区沙河街道高发社区侨香路4068号 智慧广场A栋1301-1，成立日期2016年12月19日，上市日期2022年7月15日，公司主营业务涉及无线音 频芯片的研发、设计与销售。主营业务收入构成为：芯片销售收入99.83%，工具及其他0.17%。 截至发稿，朱辰喆累计任职时间3年291天，现任基金资产总规模14.83亿元，任职期间最佳基金回报 16.66%， 任职期间最差基金回报4.43%。 从基金十大重仓股角度 数据显示，民生加银基金旗下1只基金重仓中科蓝讯。民生加银持续成长混合A（007731）二季度持有 股数55.56万股，占基金净值比例为4.24%，位居第九大重仓股。根据测算，今日浮盈赚取约483.89万 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 ...

中科蓝讯所属申万行业为：电子-半导体-数字芯片设计。所属概念板块包括：智能音箱、智能眼镜、智 能穿戴、无线耳机、集成电路等。 截至6月30日，中科蓝讯股东户数1.31万，较上期减少12.56%；人均流通股3381股，较上期增加 15.12%。2025年1月-6月，中科蓝讯实现营业收入8.12亿元，同比增长2.63%；归母净利润1.31亿元，同 比减少2.61%。 分红方面，中科蓝讯A股上市后累计派现3.40亿元。 9月30日，中科蓝讯盘中下跌2.00%，截至09:52，报151.09元/股，成交3.75亿元，换手率5.54%，总市值 182.21亿元。 资金流向方面，主力资金净流出4360.67万元，特大单买入2838.68万元，占比7.57%，卖出5024.86万 元，占比13.41%；大单买入1.08亿元，占比28.83%，卖出1.30亿元，占比34.63%。 中科蓝讯今年以来股价涨16.67%，近5个交易日涨0.06%，近20日涨34.11%，近60日涨49.42%。 今年以来中科蓝讯已经2次登上龙虎榜，最近一次登上龙虎榜为9月23日，当日龙虎榜净买入-3813.97万 元；买入总计2.16亿元 ，占总 ...

Company Overview - Zhongke Lanyun Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on December 19, 2016. The company went public on July 15, 2022. Its main business involves the research, design, and sales of wireless audio chips, with chip sales accounting for 99.83% of its revenue [1][2]. Stock Performance - As of September 26, Zhongke Lanyun's stock price decreased by 2.01% to 141.12 CNY per share, with a total market capitalization of 17.019 billion CNY. The stock has increased by 8.97% year-to-date, with a 21.11% rise over the last five trading days, 15.69% over the last 20 days, and 40.98% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 23, where it recorded a net buy of -38.1397 million CNY [1]. Financial Performance - For the first half of 2025, Zhongke Lanyun reported a revenue of 812 million CNY, representing a year-on-year growth of 2.63%. However, the net profit attributable to shareholders decreased by 2.61% to 131 million CNY [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 12.56% to 13,100, with an average of 3,381 circulating shares per shareholder, an increase of 15.12% [2][4]. - The top circulating shareholders include Xin'ao New Energy Industry Stock A, holding 1.4745 million shares, and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, holding 1.1423 million shares, both showing increases in holdings [4]. Dividend Information - Since its A-share listing, Zhongke Lanyun has distributed a total of 340 million CNY in dividends [3].

Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - The company has achieved rapid revenue growth in the first half of 2025, with revenue reaching 1.938 billion yuan, a year-on-year increase of 26.58%, and a net profit attributable to the parent company of 305 million yuan, up 106.45% year-on-year [5][4] - The company is actively expanding into the AI glasses market, with the penetration rate expected to drive demand [5][4] - The company is developing the next-generation 6000 series chips to meet the high-performance and low-power requirements of the AI era, with samples expected to be delivered in the first half of 2026 [5][4] Financial Performance - Revenue forecasts for the company are as follows: 2024A at 3.263 billion yuan, 2025E at 4.660 billion yuan, 2026E at 6.150 billion yuan, and 2027E at 7.788 billion yuan, with growth rates of 49.94%, 42.80%, 31.97%, and 26.63% respectively [5][6] - The net profit attributable to the parent company is projected to be 460 million yuan in 2024A, 865 million yuan in 2025E, 1.252 billion yuan in 2026E, and 1.645 billion yuan in 2027E, with growth rates of 272.47%, 87.78%, 44.85%, and 31.30% respectively [5][6] - The company's current price-to-earnings (PE) ratio is 70.50, with projected PE ratios of 67.43 for 2024A, 50.36 for 2025E, 34.77 for 2026E, and 26.48 for 2027E [3][5]

Core Viewpoint - Zhongke Lanyun experienced a 5.64% increase in stock price, reaching 119.70 CNY per share, with a trading volume of 388 million CNY and a turnover rate of 7.52%, resulting in a total market capitalization of 14.436 billion CNY [1] Company Overview - Shenzhen Zhongke Lanyun Technology Co., Ltd. was established on December 19, 2016, and went public on July 15, 2022. The company specializes in the research, design, and sales of wireless audio chips, with 99.83% of its revenue coming from chip sales and 0.17% from tools and other sources [1] Shareholder Information - Minsheng Jia Yin Fund's Minsheng Jia Yin Sustained Growth Mixed A (007731) entered the top ten circulating shareholders of Zhongke Lanyun in the second quarter, holding 555,600 shares, which accounts for 1.25% of the circulating shares. The estimated floating profit for today is approximately 3.55 million CNY [2][4] - The Minsheng Jia Yin Sustained Growth Mixed A fund was established on September 24, 2019, with a current scale of 1.111 billion CNY. Year-to-date returns are 27.14%, ranking 3212 out of 8172 in its category, while the one-year return is 63.56%, ranking 2046 out of 7980. Since inception, the fund has achieved a return of 82.12% [2] Fund Management - The fund manager of Minsheng Jia Yin Sustained Growth Mixed A is Zhu Chenzhe, who has been in the position for 3 years and 278 days. The total asset scale of the fund is 1.483 billion CNY, with the best fund return during his tenure being 12.24% and the worst being 0.49% [3] Fund Holdings - Minsheng Jia Yin Sustained Growth Mixed A holds 555,600 shares of Zhongke Lanyun, representing 4.24% of the fund's net value, making it the ninth-largest holding. The estimated floating profit for today is approximately 3.55 million CNY [4]

Group 1 - Zhongke Lanyun experienced a 5% decline on September 2, with a stock price of 117.51 yuan per share, a trading volume of 141 million yuan, a turnover rate of 2.66%, and a total market capitalization of 14.171 billion yuan [1] - The company, Shenzhen Zhongke Lanyun Technology Co., Ltd., was established on December 19, 2016, and went public on July 15, 2022. Its main business involves the research, design, and sales of wireless audio chips, with chip sales accounting for 99.83% of its revenue [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Southern Fund holds Zhongke Lanyun as its largest position. The Southern SSE STAR Market Chip ETF (021607) held 26 shares in the second quarter, resulting in an estimated floating loss of approximately 160.94 yuan today [2] - The Southern SSE STAR Market Chip ETF (021607) was established on July 8, 2024, with a latest scale of 639.105 million yuan. Year-to-date returns are 48.72%, ranking 375 out of 4222 in its category; one-year returns are 124.89%, ranking 82 out of 3781; and since inception returns are 127.54% [2] Group 3 - The fund manager of the Southern SSE STAR Market Chip ETF (021607) is Li Jialiang, who has a cumulative tenure of 9 years and 31 days. The total asset scale of the fund is 5.328 billion yuan, with the best fund return during his tenure being 148.64% and the worst being -29.58% [3]

Group 1 - Zhongke Lanyun's stock price dropped by 5.07% to 121.51 yuan per share, with a trading volume of 383 million yuan and a turnover rate of 7.03%, resulting in a total market capitalization of 14.654 billion yuan [1] - The company, established on December 19, 2016, and listed on July 15, 2022, specializes in the research, design, and sales of wireless audio chips, with 99.83% of its revenue coming from chip sales [1] Group 2 - Among the top ten circulating shareholders of Zhongke Lanyun, the Jiashi Fund's ETF (588200) increased its holdings by 105,600 shares in the second quarter, now holding 1.1423 million shares, which accounts for 2.58% of the circulating shares [2] - The Jiashi ETF has a current scale of 27.806 billion yuan and has achieved a year-to-date return of 54.05%, ranking 180 out of 4222 in its category [2] Group 3 - The fund manager of Jiashi ETF is Tian Guangyuan, who has been in the position for 4 years and 175 days, with the fund's total asset size at 44.323 billion yuan [3] - During Tian's tenure, the best fund return was 127.14%, while the worst was -47.29% [3]

Core Viewpoint - Zhongke Lanyun's stock price increased by 3.56% on August 28, with a trading volume of 638 million yuan, indicating positive market sentiment towards the company [1] Financing Summary - On August 28, Zhongke Lanyun had a financing buy-in amount of 99.17 million yuan and a financing repayment of 85.85 million yuan, resulting in a net financing buy of 13.32 million yuan [1] - The total financing and securities balance for Zhongke Lanyun reached 379 million yuan, with the financing balance accounting for 6.67% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, there were no shares repaid on August 28, with 1,600 shares sold short, amounting to 204,800 yuan at the closing price [1] Company Performance - As of June 30, Zhongke Lanyun reported a total of 13,100 shareholders, a decrease of 12.56% from the previous period, while the average circulating shares per person increased by 15.12% to 3,381 shares [2] - For the first half of 2025, Zhongke Lanyun achieved an operating income of 812 million yuan, a year-on-year increase of 2.63%, while the net profit attributable to shareholders decreased by 2.61% to 131 million yuan [2] - The company has distributed a total of 340 million yuan in dividends since its A-share listing [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Zhongke Lanyun included Xin'ao New Energy Industry Stock A as the largest shareholder with 1.4745 million shares, an increase of 272,000 shares from the previous period [3] - Other notable shareholders included Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and Xin'ao Advanced Intelligent Manufacturing Stock A, both of which increased their holdings [3] - New entrants among the top ten shareholders included Yifangda Strategic Emerging Industries Stock A and Minsheng Jiayin Continuous Growth Mixed A [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - In Q1 2025, the company achieved revenue of 367 million yuan, a year-on-year increase of 1.20%, but a quarter-on-quarter decrease of 35.68%. The net profit attributable to shareholders was 45 million yuan, down 18.21% year-on-year and down 51.93% quarter-on-quarter. For the full year 2024, the company reported total revenue of 1.819 billion yuan, a year-on-year increase of 25.72%, and a net profit of 300 million yuan, up 19.23% year-on-year [3][4]. - The company is focusing on expanding its high-end brand customer base while maintaining strong growth in revenue and profit. In 2024, the company sold over 2 billion wireless audio chips, capturing a significant market share. It has successfully entered the supply chains of major brands such as Xiaomi, realme, Honor, and Philips, which will drive future growth [4][5]. - The company is investing heavily in R&D, with Q1 2025 R&D expenses reaching 46 million yuan, a year-on-year increase of 53.59%. This investment is aimed at product upgrades and meeting the fast-paced demands of the market [4][5]. Financial Summary - The company forecasts revenue growth from 1.819 billion yuan in 2024 to 2.354 billion yuan in 2025, representing a growth rate of 29.4%. Net profit is expected to rise from 300 million yuan in 2024 to 388 million yuan in 2025, with a growth rate of 29.2% [7][9]. - The projected earnings per share (EPS) are expected to increase from 2.49 yuan in 2024 to 3.22 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 41 to 31 over the same period [7][10].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - In Q1 2025, the company achieved revenue of 367 million yuan, a year-on-year increase of 1.20%, but a quarter-on-quarter decrease of 35.68%. The net profit attributable to shareholders was 45 million yuan, down 18.21% year-on-year and down 51.93% quarter-on-quarter. For the full year 2024, the company reported total revenue of 1.819 billion yuan, a year-on-year increase of 25.72%, and a net profit of 300 million yuan, up 19.23% year-on-year [3][4]. - The company is focusing on expanding its high-end brand customer base while maintaining strong growth in revenue and profit. In 2024, the company sold over 2 billion wireless audio chips, capturing a significant market share. It has successfully entered the supply chains of several domestic and international brands, including Xiaomi and Philips, which will drive future growth [4][5]. - The company is investing heavily in R&D, with Q1 2025 R&D expenses reaching 46 million yuan, a year-on-year increase of 53.59%. This investment is aimed at product iteration and meeting the fast-paced demands of the market [4][5]. Financial Summary - The company forecasts revenue growth from 1.819 billion yuan in 2024 to 2.354 billion yuan in 2025, representing a growth rate of 29.4%. The net profit is expected to grow from 300 million yuan in 2024 to 388 million yuan in 2025, with a growth rate of 29.2% [7][9]. - The projected earnings per share (EPS) are expected to increase from 2.49 yuan in 2024 to 3.22 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 41 to 31 over the same period [7][9].