龙迅半导体(合肥)股份有限公司（以下简称"龙迅股份"或"公司"）11月22日发布公告，拟使用2150万元 超募资金永久补充流动资金，该金额占公司超募资金总额的29.72%。公告显示，本次事项已通过董事 会及监事会审议，尚需提交公司股东大会审议。 募集资金基本情况 超募资金使用安排 公告显示，公司超募资金总额为7233.03万元。截至本次公告披露日，公司前次已累计使用4300万元超 募资金永久补充流动资金，本次拟再使用2150万元，本次使用金额占超募资金总额的29.72%。本次使 用后，公司累计使用超募资金永久补充流动资金金额将达6450万元。 公司表示，本次使用超募资金永久补充流动资金是在保证募集资金投资项目建设资金需求和正常进行的 前提下，为满足公司主营业务流动资金需求，旨在提高募集资金使用效率，降低财务成本，进一步提升 盈利能力。 公司承诺与合规性 公司明确承诺，每12个月内累计使用超募资金永久补充流动资金或归还银行贷款的金额不超过超募资金 总额的30%，本次29.72%的使用比例符合上述规定。同时，公司承诺在补充流动资金后的12个月内不进 行高风险投资，以及不为除控股子公司外的对象提供财务资助。 审议程 ...

Group 1: AI High-Speed Data Transmission Products - The company is actively developing high-speed data transmission chips for AI, edge computing, and advanced communication, with PCIe expected to become a new growth point [1] - Since 2025, the company has made significant progress in the research and development of protocols such as DP2.1, USB, and PCIe, with some projects entering the tape-out stage [1] Group 2: Automotive Electronics - In 2024, the company established an automotive division focusing on automotive entertainment systems, cockpit displays, HUD, and automotive SerDes solutions [2] - The automotive SerDes chip group successfully completed tape-out in 2023, with a general high-speed signal extension chip based on single-channel 12.5Gbps SerDes technology achieving domestic application in the 5G communication field [2] - The company is expanding its automotive AI application scenarios, moving from single cockpit platform adaptation to multi-platform adaptation, increasing the coverage of models and customers [2] Group 3: Traditional Bridging Business - The company has become a global leader in high-speed mixed-signal chip research and production, ranking sixth globally in sales and market share of high-definition video bridging chips [2] - For the first three quarters of 2025, the company achieved revenue of 389 million yuan, a year-on-year increase of 16.67%, and a net profit attributable to shareholders of 125 million yuan, a year-on-year increase of 32.47% [2] Group 4: Future Outlook - The company is continuously expanding and improving its product line for high-definition video bridging and processing chips, with new products in the edge AI video bridging chip sector expected to achieve mass shipments in the second half of 2025 [3] - Revenue projections for the company from 2025 to 2027 are 705 million yuan, 1.119 billion yuan, and 1.450 billion yuan, respectively, with net profits of 206 million yuan, 342 million yuan, and 428 million yuan [3] - The company’s new products in SerDes and PCIe are progressing well and are expected to contribute to incremental growth [3]

Market Overview - On November 18, 16 stocks had sealed orders exceeding 100 million yuan, indicating strong market interest [2] - The top six stocks by sealed order volume were Huaci Co., Ltd. (29.93 million hands), Intelligent Control (26.63 million hands), Huaxia Happiness (26.35 million hands), Sichuang Medical (24.34 million hands), Huasheng Tiancheng (22.63 million hands), and Central Mall (21.96 million hands) [2] Company Highlights - Huaci Co., Ltd. had the highest sealed order amount at 617 million yuan, followed by Huasheng Tiancheng at 483 million yuan, Inspur Software at 281 million yuan, and Intelligent Control at 264 million yuan [2] - Huaci Co., Ltd. focuses on the production and sales of daily ceramics, with its Vietnam production facility having commenced construction on August 28 [2][3] Sector Performance AIGC Sector - Several stocks in the AIGC sector reached their daily limit, including Fushi Holdings, Xuan Ya International, Guangyun Technology, Yuanlong Yatu, Inspur Software, and Vision China [4] - Fushi Holdings announced its "AI MAX" strategy aimed at cost reduction and maximizing marketing effectiveness through AIGC technology [4] Automotive Chip Sector - Stocks such as Longxun Co., Ltd., Geer Software, and Dawi Co., Ltd. saw significant gains [5] - Longxun Co., Ltd. has successfully introduced its video bridge and processing chips into automotive applications, with 11 chips certified by AEC-Q100 [5] Textile and Apparel Sector - Companies like Taiping Bird, True Love Home, Seven Wolves, Jiumuwang, and Jiaxin Silk experienced notable stock performance [6][7] - True Love Home reported a revenue of 724 million yuan for the first three quarters of 2025, a year-on-year increase of 16.16%, with a net profit of 230 million yuan, up 310.28% [6] - Jiumuwang maintained the top market share in men's pants for 25 consecutive years, achieving a net profit of 310 million yuan in the first three quarters, a 129.63% increase year-on-year [7] Investment Trends - Nine stocks on the Dragon and Tiger list had net purchases exceeding 100 million yuan, with Aerospace Development leading at 246 million yuan [8] - Institutional investors showed significant interest in stocks like Deli Jia, Dawi Co., Ltd., and Yongtai Technology, with net purchases of 125 million yuan, 102 million yuan, and 75.97 million yuan respectively [8]

责任编辑：小浪快报 根据喜娜AI异动分析，龙迅股份涨停原因可能如下，业绩增长+研发驱动+H股上市： 1、龙迅股份2025 年三季度营收同比增长27.23%，净利润增长66.20%，扣非净利增78.58%，核心财务指标表现亮眼，展 现出强劲的业绩增长态势。公司持续加大研发投入，2025H1研发费用5706万元，同比增长22.87%，还 新增26项知识产权，研发驱动特征明显。 2、公司积极推进H股上市战略布局，这有助于拓展国际融资 渠道，提升公司的国际影响力和竞争力。此外，公司完成62.3万股股票归属的股权激励计划，覆盖125 名核心员工，能有效激励员工积极性，提升公司凝聚力。 3、从行业来看，高速混合信号芯片市场需求 旺盛，龙迅股份专注于该领域，产品包括高清视频桥接及处理芯片、高速信号传输芯片，应用于显示 器、汽车电子等领域，具有较好的市场前景。东方财富数据显示，2025年11月18日半导体板块资金呈现 一定流入，同板块部分个股也有较好表现，形成板块联动效应。 4、技术面上，若该股MACD指标形成 金叉，且股价突破重要压力位等技术形态，会吸引更多技术派投资者关注。同花顺资金监控显示，当日 超大单资金呈现净流入状 ...

截至发稿，赖礼辉累计任职时间5年26天，现任基金资产总规模29.51亿元，任职期间最佳基金回报 29.11%， 任职期间最差基金回报0.16%。 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 数据显示，嘉实基金旗下1只基金重仓龙迅股份。嘉实润泽量化定期混合（005167）三季度持有股数 5200股，与上期相比持股数量不变，占基金净值比例为1.16%，位居第六大重仓股。根据测算，今日浮 亏损失约1.86万元。 嘉实润泽量化定期混合（005167）成立日期2018年1月19日，最新规模3325.72万。今年以来收益 20.91%，同类排名4289/8147；近一年收益16.91%，同类排名3919/8056；成立以来收益20.45%。 嘉实润泽量化定期混合（005167）基金经理为赖礼辉。 11月12日，龙迅股份跌5.02%，截至发稿，报67.55元/股，成交1.36亿元，换手率2.64%，总市值90.06亿 元。 资料显示，龙迅半导体(合肥)股份有限公 ...

Core Viewpoint - Longxin Co., Ltd. is experiencing steady revenue growth and improving profitability, with a focus on expanding its product lines in high-performance computing (HPC) and automotive sectors [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 389 million yuan, a year-on-year increase of 17%, and a net profit of 125 million yuan, up 32% year-on-year. The gross margin stood at 55.9%, and the net margin was 32%, reflecting a 3.8 percentage point increase year-on-year [1]. - In Q3 2025, revenue reached 142 million yuan, representing a year-on-year growth of 27.2% and a quarter-on-quarter increase of 3.1%. The net profit for the quarter was 53 million yuan, up 66.2% year-on-year and 23.2% quarter-on-quarter, with a gross margin of 57.8% and a net margin of 37.3% [1]. Product Development - The company is in the full promotion phase of its automotive SerDes chips, having entered new business areas such as eBikes, camera gimbals, and drones. In the first half of 2025, two new products received AEC-Q100 Grade 2 certification [2]. - Longxin is expanding its video bridge and processing chip product line, integrating AI technology to meet the growing demand for edge computing. Continuous technical improvements have led to reductions in chip area and power consumption, enhancing market competitiveness [2]. Strategic Initiatives - The company is planning to list H-shares to deepen its international strategy, enhance overseas financing and operational capabilities, and attract top talent to improve overall strength [2]. Investment Outlook - Longxin Co., Ltd. is well-positioned in the high-speed mixed-signal chip market, with expectations for gradual volume growth in automotive SerDes chips and ongoing developments in AI and server sectors. Revenue and net profit forecasts for 2025-2027 have been adjusted accordingly [2].

Core Viewpoint - Longxin Co., Ltd. is a leading domestic company in the design of high-definition video and high-speed signal transmission chips, with a strong technical foundation and a diverse product line [1] Group 1: Business Performance - In Q3 2025, Longxin's revenue was 389 million yuan, ranking 40th in the industry, significantly lower than the top competitors, OmniVision and Jiangbolong, with revenues of 21.783 billion yuan and 16.734 billion yuan respectively [2] - The main business revenue composition includes 233 million yuan from high-definition video bridging and processing chips, accounting for 94.23%, and 13.5 million yuan from high-speed signal transmission chips, accounting for 5.47% [2] - Net profit for Q3 2025 was 125 million yuan, ranking 24th in the industry, again significantly lower than the top competitors, but higher than the industry median of 107 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Longxin's debt-to-asset ratio was 4.75%, which is much lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 55.94%, slightly lower than the previous year's 55.98%, but still above the industry average of 36.52%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 79.14% to 10,700, while the average number of circulating A-shares held per shareholder decreased by 44.18% to 6,957.45 [5] - Among the top ten circulating shareholders, Fuguo New Industry Stock A/B increased its holdings by 2.161 million shares, while other funds like Taixin Zhongxiaopan and Guotai Smart Car Stock A saw reductions in their holdings [5] Group 4: Future Outlook - According to招商证券, Longxin's revenue is expected to grow steadily, with projections for 2025-2027 being 581 million, 846 million, and 1.201 billion yuan respectively, with corresponding net profits of 185 million, 259 million, and 363 million yuan [6] - 华安证券 also forecasts revenue growth for 2025-2027, estimating 670 million, 960 million, and 1.36 billion yuan, with net profits of 200 million, 300 million, and 430 million yuan respectively [6]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Insights - The company, Longxun Co., Ltd. (688486.SH), specializes in high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with applications in PCs, displays, video conferencing systems, AR/VR, and future expansions into automotive and HPC sectors [1][5] - The company reported steady revenue growth in Q1-Q3 2025, with Q3 revenue reaching 142 million yuan, a year-on-year increase of 27.2% and a quarter-on-quarter increase of 3.1% [5] - The company is focusing on enhancing its two core product lines and is making significant advancements in HPC and other high-performance computing chips [5] - Longxun is planning to issue H shares to enhance its international presence and operational capabilities [5] - The financial forecasts for 2025-2027 have been adjusted, with expected revenues of 5.81 billion yuan, 8.46 billion yuan, and 12.01 billion yuan, respectively, and corresponding net profits of 1.85 billion yuan, 2.59 billion yuan, and 3.63 billion yuan [5] Financial Data and Valuation - Total revenue for 2023 is projected at 323 million yuan, with a year-on-year growth of 34%, and expected to reach 1.201 billion yuan by 2027 [1][11] - The company's net profit for 2023 is estimated at 103 million yuan, with a growth rate of 48%, and is expected to grow to 363 million yuan by 2027 [1][11] - The PE ratio is projected to decrease from 88.6 in 2023 to 25.1 in 2027, indicating improving valuation over time [1][11] - The company has a low debt ratio of 4.8%, indicating strong financial health [2]

Group 1 - Longxin Semiconductor (Hefei) Co., Ltd. is located in Hefei Economic and Technological Development Zone, established on November 29, 2006, and listed on February 21, 2023 [1] - The company's main business involves the research, design, and sales of high-definition video signal processing and high-speed signal transmission chips, with revenue composition: 94.23% from high-definition bridging and processing chips, 5.47% from high-speed signal transmission chips, and 0.30% from other sources [1] - As of October 30, Longxin shares increased by 5.4%, trading at 71.97 yuan per share, with a total market capitalization of 9.596 billion yuan [1] Group 2 - According to data, one fund under Jiashi Fund holds Longxin shares, specifically Jiashi Runze Quantitative Regular Mixed Fund (005167), which held 5,200 shares in the third quarter, unchanged from the previous period, accounting for 1.16% of the fund's net value [2] - The Jiashi Runze Quantitative Regular Mixed Fund was established on January 19, 2018, with a latest scale of 33.2572 million yuan, achieving a year-to-date return of 20.21% and a one-year return of 22.63% [2] - The fund manager, Lai Lihui, has been in position for 5 years and 13 days, with the fund's total asset scale at 2.951 billion yuan [3]

Group 1 - Company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance international strategy and operational capabilities [1][2] - Company specializes in high-speed mixed-signal chip development and sales, with products used in displays, automotive electronics, and advanced communications [2] - Revenue for the first half of the year reached 247 million, a year-on-year increase of 11.35%, while net profit was 71.52 million, up 15.16% [2] Group 2 - In the automotive electronics sector, the company has expanded its product line and application scenarios, including AI for in-vehicle systems and multi-platform adaptations [3] - The company maintains a high level of R&D investment, with 57.06 million spent in the first half of the year, representing 23.1% of revenue [3] - Future R&D plans include enhancing chip performance, reducing power consumption, and increasing market share in automotive, HPC, and micro-display chip sectors [3]