1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The high-speed mixed-signal chip industry has broad growth prospects. The demand for high-definition video chips in emerging application scenarios such as 4K/8K ultra-high-definition video, AR/VR, and the metaverse is growing explosively. Global AI and HPC demand is also driving the growth of high-speed signal chips. The company will focus on high-definition video processing and high-speed signal transmission technologies, increase R & D investment in automotive, HPC, and micro-display chips, and expand market share [26]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Longxun Co., Ltd. The reception time is May 20, 2025. The listed company's reception personnel include the chairman, general manager FENG CHEN, independent directors Xie Guangjun and Chen Lai, board secretary Zhao Yu, and financial director Wei Yongxiang [16]. 3.2 Detailed Research Institutions - The reception object is all investors participating in the online performance briefing of Longxun Co., Ltd. for the first quarter of 2025 [19]. 3.3 Research Institution Proportion - No relevant information provided. 3.4 Main Content Data - **Reasons for slow revenue growth in Q1 2025**: Affected by holidays, traditional industry off - seasons, and insufficient production capacity of some models, some business orders were not released. The company is optimizing the supply chain system [23]. - **Automotive chip business**: The company has 8 chips certified by AEC - Q100. In 2024, the business of bridge chips in automotive HUD and infotainment systems increased. The in - vehicle SerDes chipset is in full - scale market promotion, with some fields in mass production and others in prototype verification [24]. - **Profitability in Q1 2025**: The total operating revenue was 109 million yuan, a year - on - year increase of 4.52%. The gross profit margin was 54.43%. The net profit attributable to the parent company was 2.85092 million yuan, a year - on - year decrease of 8.06%. The non - recurring profit and loss net profit was 2.11283 million yuan, a year - on - year decrease of 8.93%. The net cash flow from operating activities was 1.80137 million yuan, compared with - 3.55247 million yuan in the same period last year. R & D investment was 2.75914 million yuan, accounting for 25.31% of operating revenue, a year - on - year increase of 23.24% [24]. - **Profit growth points**: In 2025, the company will focus on core technologies, optimize R & D platforms, increase R & D investment in automotive, HPC, and micro - display chips, and expand market share in new products. It will also promote new products in automotive electronics and ultra - high - definition display [25]. - **Industry performance in Q1 2025**: The semiconductor industry has seasonality, and Q1 is usually a relative off - season. The national subsidy policy has promoted the growth of the consumer electronics business [25]. - **Industry development prospects**: The high - speed mixed - signal chip industry has broad growth prospects, driven by emerging application scenarios and AI/HPC demand [26].

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decrease in net profit, primarily due to rising expenses. The company is also investing in a new R&D base to enhance its operational environment [1][2]. Revenue and Profit Summary - In Q1 2025, the company achieved revenue of 1.09 billion, a year-on-year increase of 4.52%. However, the net profit attributable to shareholders was 0.29 billion, reflecting a year-on-year decrease of 8.06%. The non-recurring net profit was 0.21 billion, down 8.93% year-on-year. The gross profit margin was 54.43%, up 0.32 percentage points year-on-year [1][2]. Expense Analysis - The company has been increasing its R&D investment, with R&D expenses in Q1 2025 amounting to 0.28 billion, a year-on-year increase of 23.24%, resulting in an R&D expense ratio of 25.31%. Additionally, sales, management, and financial expenses for the quarter were 11.28%, up 2.19 percentage points year-on-year [2]. Market Opportunities - The company is poised to benefit from the growing demand for automotive SerDes chips, with the market in mainland China expected to reach 1.088 billion by 2025. The average value per vehicle for SerDes is projected to be 44.35. Currently, the market is dominated by foreign manufacturers, with limited domestic competition [3]. - The company’s automotive bridge chip business is also expanding, with significant market share growth in head-up displays and in-car entertainment systems. By the end of Q3 2024, revenue from automotive electronics accounted for approximately 20% of total revenue [3]. Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 7.05 billion, 11.19 billion, and 14.50 billion, respectively. Net profit attributable to shareholders is projected to be 2.09 billion, 3.48 billion, and 4.34 billion for the same period. The company is well-positioned in the domestic market for video bridge chips and is actively expanding in the automotive sector [4].