龙迅股份分析师会议 调研日期：2025年05月20日 调研行业： 参与调研的机构：线上参与龙迅股份2025年第一季度业绩说明会 的全体投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START S ...

龙迅股份（688486） 证券研究报告·公司深度研究·半导体 专注高速混合信号芯片，25 年把握 AR/VR+ 智驾双重机遇 [Table_Tag] [Table_Summary] 投资要点 ◼ 行业崛起之星，致力于高速混合信号芯片领域。公司专注于高速信号与 视频处理芯片研发生产，产品涵盖模拟和数字电路功能，广泛应用于消 费电子、VR/AR、安防监控、5G 通讯、汽车电子、工业控制和医疗等 领域。公司拥有 140 多款芯片，具备高集成度、高性能、低功耗优势， 与高通、英特尔、三星、安霸等知名企业紧密合作，具备较强国际竞争 力。 ◼ 车载、AR/VR、PC 等多领域发展，成长空间广阔。 （1）车载：公司在车载显示领域深入布局。在智能座舱 SoC 方面，公 司部分高清视频桥接芯片凭借兼容性和稳定性优势已导入车载抬头显 示和信息娱乐系统，其中 9 款芯片通过 AEC-Q100 认证。在车载 SerDes 方面，针对汽车市场对于视频长距离传输和超高清视频显示需求开发的 车载 SerDes 芯片组进入全面市场推广。 （2）AR/VR：国内外 AR/VR 市场前景广阔，公司加速布局。目前，公 司研发的 4K/8K 超高清 ...

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].

点击招商研究小程序查看PDF报告原文 龙迅股份主营高清视频桥接及处理芯片和高速信号传输芯片，产品应用于PC及周边、显示器及商显、 视频会议系统、AR/VR等领域，未来大力布局汽车、HPC等领域。龙迅股份发布2024年年度报告，结 合公告信息，点评如下： 1.公司24Q4单季营收再创历史新高，全年毛利率和净利同比保持相对稳定。 2024年：营收4.66亿元， 同比+44.21%，全年汽车电子业务营收增速相对较快、营收占比已提升至较高水平，分产品看高清视频 桥接及处理芯片占比近80%、高速信号传输芯片占比近20%，归母净利润1.44亿元，同比+40.62%，扣 非归母净利润1.11亿元，全年股份支付费用1205万元，全年毛利率55.48%，同比+1.48pcts，净利率 30.99%，同比-0.79pct，全年毛利率和净利率均保持稳定和较高水平。24Q4：单季营收1.32亿元创历史 新高，同比+31.04%/环比+18.45%，归母净利润5042万元，同比+56.21%/环比+58.16%，毛利率 54.24%，同比-0.2pct/环比-4.37pcts。 2.车载Serdes芯片组已进入全面推广阶段，2024年 ...