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2025年中报，结合公 告信息，点评如下： 25H1营收增速部分受到产能问题限制影响，Q2新品带动毛利率环比提升。 1）25H1：营收2.5亿元，同 比+11.4%，公司H1营收增速部分受到产能问题限制，归母净利润0.72亿元，同比+15.2%，上半年股份 支付费用为663万元，毛利率54.88%，同比微增，净利率29%，同比+1pct；2） 25Q2 ：营收1.38亿元， 同比+17.4%/环比+26.6%，归母净利润0.43亿元，同比+38.3%/环比+50.9%，毛利率55.2%，环比 +0.8pct，毛利率环比提升主要系新产品利润情况相对较好，净利率31.2%，同比+4.7pcts/环比+5pcts。 Serdes新业务领域拓展顺利，AI端侧、超算、数据中心等领域新品研发中。 公司车载Serdes芯片目前处 于全面推广阶段，已进入eBike、摄影云台、无人机等新业务领域，H1新增2个产品通过AEC- ...

公 司 报 告 电子 2025年08月24日 龙迅股份(688486.SH) Q2营收创季度新高，持续加大汽车电子领域的投入和布局 推荐 ( 维持) 股价:75.5元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.lontiumsemi.com | | 大股东/持股 | FENG CHEN/37.53% | | 实际控制人 | 陈峰 | | 总股本(百万股) | 133 | | 流通A股(百万股) | 74 | | 流通B/H股(百万股) | | | 总市值(亿元) | 101 | | 流通A股市值(亿元) | 56 | | 每股净资产(元) | 10.96 | | 资产负债率(%) | 5.1 | 行情走势图 证券分析师 事项： 公司发布2025年半年度报告，实现营业收入2.47亿元，同比增长11.35%，实 现归母净利润0.72亿元，同比增长15.16%。 平安观点： 点 评 证 券 研 究 报 告 公 司 半 年 报 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 徐碧云 投资咨询资格编号 S10605 ...

龙迅半导体（合肥）股份有限公司2025 年半年度报告 公司代码：688486 公司简称：龙迅股份 龙迅半导体（合肥）股份有限公司 龙迅半导体（合肥）股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告第 三节"管理层讨论与分析"之"四、风险因素"。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人FENG CHEN、主管会计工作负责人韦永祥及会计机构负责人（会计主管人员）韦永 祥声明：保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 九、是否存在被控股股东及其他关联 ...

Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the actual usage of the raised funds by Longxun Semiconductor (Hefei) Co., Ltd. for the first half of 2025, ensuring compliance with relevant regulations and highlighting the management of the funds. Fundraising Overview - The company raised a total of RMB 1,121,301,008.16 through the issuance of 17,314,716 shares at a price of RMB 64.76 per share, with net proceeds amounting to RMB 1,030,280,987.25 after deducting issuance costs of RMB 91,020,020.91 [1][2] - As of June 30, 2025, the balance in the fundraising account was RMB 54,652,144.00, which includes interest income after deducting fees [2][3] Fund Management - The company has established a fundraising management system to ensure proper storage and usage of the funds, adhering to various legal and regulatory requirements [2][4] - A tripartite supervision agreement was signed with the underwriter and banks to clarify the rights and obligations of all parties involved in managing the funds [2][4] Actual Usage of Funds - The company has directly invested RMB 213,822,073.62 in fundraising projects, with RMB 52,888,175.13 being invested during the reporting period [2][7] - There were no changes in the implementation locations or methods for the fundraising projects during the reporting period [3][6] - The company did not use idle funds to temporarily supplement working capital during the reporting period [5][8] Cash Management of Idle Funds - The company approved the use of idle funds for cash management, with a maximum amount of RMB 90,000,000.00 allocated for safe and liquid investment products [5][6] - Specific cash management activities included investments in structured deposits and other financial products, ensuring that these activities do not affect the implementation of fundraising projects [5][6] Project Status and Adjustments - The company has postponed the expected completion dates for certain fundraising projects, including the "HD Video Bridge and Processing Chip Development and Industrialization Project" and the "High-Speed Signal Transmission Chip Development and Industrialization Project" [6][8] - The total amount of funds invested in these projects as of the reporting period was RMB 28,432.36 million, with a completion rate of 27.60% [7][8]

Core Viewpoint - Longxin Co., Ltd. is positioned as a leading domestic player in the high-definition video chip market, with growth potential in automotive and AR sectors [1][3]. Group 1: Company Overview - Longxin Semiconductor, established in 2006, focuses on the research and sales of high-speed mixed-signal chips, with products used in various fields including automotive electronics and AR/VR [1]. - The company has a strong client base, including major firms like Foxconn and Qualcomm, and is actively expanding its product offerings [1]. Group 2: Market Position and Growth - Longxin holds a 4.2% share of the global HD video bridge chip market, ranking first among domestic companies, and a 0.9% share of the global high-speed signal transmission chip market, ranking second domestically [3]. - The automotive sector is projected to grow significantly, with the market for automotive SerDes chips expected to increase from $14 million in 2023 to $60 million by 2030, reflecting a CAGR of 23% [3]. - The AR/VR market is also anticipated to grow, with projections indicating an increase from $15.2 billion in 2024 to $39.7 billion by 2029, achieving a CAGR of 21% [3]. Group 3: Financial Projections - Longxin is expected to achieve revenues of 470 million yuan in 2024, a 44% increase year-on-year, and a net profit of 140 million yuan, a 41% increase [1]. - Future revenue projections for 2025, 2026, and 2027 are 700 million, 1.02 billion, and 1.38 billion yuan respectively, with corresponding net profits of 210 million, 310 million, and 430 million yuan [4].

Investment Rating - The report assigns a "Buy" rating for the company, Longxin Co., Ltd. (龙迅股份) [1] Core Views - Longxin Co., Ltd. is positioned as a rising star in the semiconductor industry, focusing on high-speed mixed-signal chips with applications in various fields including consumer electronics, VR/AR, automotive electronics, and more [2][14] - The company has a strong international competitive edge, collaborating closely with major firms like Qualcomm, Intel, and Samsung [2][14] - The growth potential in automotive and AR/VR markets is significant, with the company actively expanding its product offerings and customer base [3][4] Summary by Sections Company Overview - Longxin Co., Ltd. specializes in high-speed mixed-signal chips, offering over 140 models that integrate analog and digital circuit functions [14] - The company has established a solid reputation and trust among global leading manufacturers due to its high-performance, low-power products [14] Financial Analysis - The company has shown robust revenue growth, with total revenue expected to reach 3.23 billion yuan in 2023, a year-on-year increase of approximately 34.12% [1][23] - The net profit attributable to shareholders is projected to grow significantly, reaching 1.02 billion yuan in 2023, reflecting a 48.39% increase year-on-year [1][23] - The gross margin is expected to remain strong, with a forecasted gross margin of 55% in 2024, supported by high-value product offerings [24][26] Automotive Sector - Longxin has made significant inroads into the automotive sector, particularly in in-car display and intelligent cockpit solutions, with several products already certified for automotive applications [3][29] - The company is actively promoting its automotive SerDes chipsets, which are essential for high-definition video transmission in vehicles [42][47] AR/VR Market - The AR/VR market presents a substantial growth opportunity, with Longxin's 4K/8K video signal bridging chips already in mass production to meet market demands [3][4] - The company has established partnerships with leading AR/VR hardware manufacturers, indicating a strong market presence [3][4] PC and Peripheral Development - Longxin is also advancing in the PC and peripheral markets, with its docking and converter chips positioned among the industry's top tier [4][4] - The company is developing PCIe bridge chips and switch chips for high-performance computing applications, further diversifying its product portfolio [4][4]

Investment Rating - The report assigns a "Buy" rating for the company, Longxin Co., Ltd. (龙迅股份) [1] Core Viewpoints - Longxin Co., Ltd. is positioned as a rising star in the semiconductor industry, focusing on high-speed mixed-signal chips, with applications in consumer electronics, VR/AR, automotive electronics, and more [2][14] - The company has a strong international competitive edge, collaborating closely with major firms like Qualcomm, Intel, and Samsung [2][14] - The growth potential in automotive, AR/VR, and PC sectors is significant, with the company actively expanding its product offerings [3][4] Summary by Sections Company Overview - Longxin Co., Ltd. specializes in high-speed mixed-signal chips, offering over 140 models with high integration, performance, and low power consumption [2][14] - The company has established a solid market presence and is recognized for its technological capabilities [14] Financial Performance - The company has shown robust revenue growth, with total revenue projected to reach 6.94 billion yuan in 2025, 9.91 billion yuan in 2026, and 13.78 billion yuan in 2027 [1][4] - The net profit attributable to shareholders is expected to grow significantly, reaching 2.1 billion yuan in 2025 and 4.4 billion yuan in 2027 [1][4] - The company maintains a healthy gross margin of 55% and a net margin of 31% in 2024, indicating strong profitability [23][26] Automotive Sector - Longxin has made significant inroads into the automotive display market, with its video bridge chips being integrated into various vehicle systems [3][29] - The company is actively developing automotive SerDes chips to meet the increasing demand for high-bandwidth data transmission in advanced driver-assistance systems (ADAS) [42][47] - The automotive SerDes market is projected to grow significantly, with a compound annual growth rate of 10.3% from 2021 to 2026 [48] AR/VR Sector - The AR/VR market presents substantial growth opportunities, with Longxin's 4K/8K video signal bridge chips already in mass production [3][4] - The company has established partnerships with leading AR/VR hardware manufacturers, positioning itself well in this expanding market [3][4] PC Sector - Longxin is a leader in the development of docking and converter chips for PCs, supporting resolutions up to 8K60Hz [4] - The company is also working on PCIe bridge chips and switch chips for high-performance computing applications [4]

Core Viewpoint - Longxin Co., Ltd. focuses on high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with applications in various fields including PC peripherals, displays, video conferencing systems, and AR/VR. The company is expanding into automotive and HPC sectors [1]. Financial Performance - In Q1 2025, the company's revenue was 109 million yuan, representing a year-on-year increase of 4.5% but a quarter-on-quarter decrease of 17.7%. The decline was primarily due to supply constraints, although overall order and demand trends remain positive [1]. - The gross margin for Q1 2025 was 54.43%, showing a year-on-year increase of 0.33 percentage points and a quarter-on-quarter increase of 0.2 percentage points, indicating relative stability [1]. - The net profit margin was 26.15%, reflecting a year-on-year decrease of 3.58 percentage points and a quarter-on-quarter decrease of 11.93 percentage points. Total expenses for Q1 2025 were nearly 40 million yuan, with an expense ratio of approximately 36.59% [1]. Supply Chain Strategy - The company is optimizing its supply chain system to create a dual-cycle model, enhancing supply security while achieving cost reductions. A new domestic wafer foundry is set to be added in 2024, and measures such as introducing new suppliers and negotiating prices with existing suppliers are being implemented to effectively control procurement costs [1]. R&D Focus Areas - Future R&D efforts will concentrate on automotive electronics, micro-displays, AR/VR, and HPC. The company has successfully integrated multiple video bridging and processing chips into automotive head-up display systems and infotainment systems, with nine chips passing AEC-Q100 testing and entering production for several well-known domestic and international automakers [2]. - The company is also producing 4K/8K ultra-high-definition video signal bridging chips that meet the demands of the new wave of commercial displays and VR/AR micro-display markets. Additionally, a general-purpose high-speed signal extension chip based on 12.5Gbps SERDES technology has been domestically applied in the 5G communication sector [2]. - The company is developing a vehicle-mounted SerDes chip set aimed at the high-end automotive market, which has successfully entered the trial production phase. Furthermore, R&D is ongoing for data transmission and processing chips targeting AI, HPC, and next-generation communication fields [2]. Investment Outlook - Longxin Co., Ltd. is deeply engaged in high-speed mixed-signal chips, with expectations for gradual volume growth in vehicle-mounted SerDes chips. The company is also expanding into AR/VR and server sectors. Short-term focus should be on resolving supply chain constraints and monitoring changes in customer demand. Revenue projections for 2025-2027 are anticipated to be in the billions, with corresponding net profit estimates and PE ratios provided [3].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight year-on-year revenue increase of 4.5% in Q1 2025, with revenue of 109 million yuan, but faced a quarter-on-quarter decline of 17.7% due to supply constraints [6] - The company is focusing on improving its supply chain capabilities and has plans to establish a dual-cycle supply system to enhance stability and cost efficiency [6] - Key areas for future research and development include automotive electronics, micro-displays, AR/VR, and high-performance computing (HPC) [6] - The company expects revenue growth to reach 693 million yuan in 2025, with a net profit of 199 million yuan, corresponding to a PE ratio of 49.3 [6] Financial Data and Valuation - Total revenue is projected to grow from 323 million yuan in 2023 to 1.31 billion yuan in 2027, with a compound annual growth rate (CAGR) of 34% to 31% [2][12] - Operating profit is expected to increase from 103 million yuan in 2023 to 391 million yuan in 2027, with a CAGR of 48% to 33% [2][12] - The company's net profit attributable to shareholders is forecasted to rise from 103 million yuan in 2023 to 372 million yuan in 2027, with a CAGR of 48% to 32% [2][12] - The company maintains a healthy balance sheet with a debt ratio of 9.0% and a return on equity (ROE) of 10.2% [3][12] Stock Performance - The company's stock has shown strong performance, with a 1-month absolute return of 31%, a 6-month return of 173%, and a 12-month return of 114% [5]

Core Viewpoint - Longxun Co., Ltd. is experiencing significant growth in revenue and profitability, particularly in the automotive electronics sector, while maintaining stable gross and net profit margins [2][3]. Group 1: Financial Performance - In 2024, Longxun's revenue reached 466 million yuan, a year-on-year increase of 44.21%, with a net profit of 144 million yuan, up 40.62% year-on-year [2]. - The company's gross margin for the year was 55.48%, an increase of 1.48 percentage points, while the net margin was 30.99%, a decrease of 0.79 percentage points [2]. - In Q4 2024, the company achieved a record quarterly revenue of 132 million yuan, a year-on-year increase of 31.04% and a quarter-on-quarter increase of 18.45% [2]. Group 2: Business Expansion - Longxun is focusing on the automotive electronics sector, with a significant increase in market share for its bridge chips in automotive HUD and infotainment systems [3]. - The company has entered the full-scale promotion phase for its automotive Serdes chipsets and plans to establish an automotive chip division by the end of 2024 [3]. - Longxun is also expanding into AI and HPC markets, with a research and development investment of nearly 100 million yuan in 2024, accounting for 21.45% of revenue, which is a year-on-year increase of 34.14% [3]. Group 3: Product Development - The company is actively developing data transmission and processing chips for AI, HPC, and next-generation communication fields, with ongoing projects related to PCIe and USB protocols [3]. - Longxun has added a domestic wafer foundry to effectively control procurement costs, enhancing its production capabilities [3].