无线音频 SoC 芯片

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东吴证券晨会纪要-20250728
Soochow Securities· 2025-07-27 23:33
Macro Strategy - The significance of the Sci-Tech Innovation Board (STAR Market) reform is highlighted, emphasizing its role in supporting the development of "hard technology" enterprises through a registration-based system [1][7] - The STAR Market has become a hub for domestic "hard technology" companies, with ongoing reforms aimed at enhancing innovation, improving standards, and expanding channels for new productive forces [1][7] - The reform facilitates financing for unprofitable enterprises and guides capital towards hard technology sectors, promoting a shift towards "long-term value" in the capital market [1][7] Fixed Income Analysis - The report discusses the phenomenon of "deflation," characterized by a continuous decline in prices and economic recession, with significant implications for monetary policy [2][8] - In the first half of 2025, China's CPI showed a slight decline of -0.07%, while PPI remained in negative territory at an average of -2.77% [2][8] - Key factors affecting CPI include food prices and transportation costs, with food contributing an average of -0.24 percentage points to CPI [2][8] Industry Insights Ruixinwei (603893) - Ruixinwei is a leading player in the AIoT SoC chip sector, leveraging over 20 years of experience in integrated circuit design to innovate across various applications [4][9] - The company reported a record revenue in 2024, with a net profit of 595 million yuan, driven by strong demand for smart application processors [4][9] - Ruixinwei's strategic focus includes automotive electronics, with significant advancements in smart cockpit and vehicle audio solutions [4][9] Zhongke Lanyun (688332) - Zhongke Lanyun specializes in wireless audio SoC chips, with a diverse product line that includes Bluetooth earphone and speaker chips [5][10] - The TWS market is experiencing a revival, driven by new demands in office and gaming scenarios, as well as growth in emerging markets [5][10] - The company is expanding its product offerings to include Wi-Fi and video chips, aiming to enhance its market presence [5][10]