中科蓝讯（ [Table_StockNameRptType] 688332） 公司点评 [公司价格与沪深 Table_Chart] 300 走势比较 -22% 14% 50% 86% 122% 11/24 2/25 5/25 8/25 中科蓝讯 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 联系人：闫春旭 执业证书号：S0010125060002 邮箱：yanchunxu@hazq.com [Table_CompanyReport] 相关报告 1.中科蓝讯：25Q2 业绩环比改善，AI 端侧布局逐步兑现 2025-09-22 2.中科蓝讯：坚持多元化布局，端侧 AI 赋能未来 2025-05-20 主要观点： ⚫[Table_Summary] 事件：中科蓝讯发布 2025 年第三季度报告 中科蓝讯：Q3 业绩稳健增长，端侧应用合作持续深化 | 投资评级：增持（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： 2025-11-12 | | | | [Table_B ...

Core Viewpoint - The company is focusing on strategic investments and product development in the semiconductor and audio chip sectors, with a particular emphasis on low-power, high-performance solutions and the integration of AI technologies. Group 1: Company Performance and Market Position - As of November 7, 2025, the company's stock price is 131.56 yuan, down 3.49% from the previous week, with a total market capitalization of 15.866 billion yuan, ranking 84th in the semiconductor sector and 1208th in the A-share market [1] - The company has increased its non-current financial assets by investing in Mu Xi Co., Ltd. and other partnerships, indicating a strategic focus on enhancing its financial position [1] Group 2: Strategic Investments - The company holds 0.50% of the total share capital of Mo Er Thread prior to its IPO, with the registration application approved by the CSRC, suggesting potential future gains from this investment [1][5] - The market performance of Mo Er Thread and Mu Xi Co., Ltd. post-listing will impact the company's equity value, which will be reflected in its financial statements as fair value changes or other comprehensive income [1][5] Group 3: Product Development and Innovation - The company specializes in low-power, high-performance wireless audio SoC chip design, being one of the early adopters of the RISC-V instruction set architecture, which enhances its technological independence [2] - The newly launched B6003G chip integrates Wi-Fi, Bluetooth, and audio functionalities, targeting smart home, wearable, and industrial IoT applications, marking a significant step in the company's product offerings [2][4] - The company is expanding its product line from eight to ten categories, including AI headphones, speakers, and toys, to strengthen its market presence [3] Group 4: Collaborations and Market Expansion - The company has established long-term partnerships with various audio brands, leveraging its reputation from the BT series chips to enhance its market competitiveness [4] - The BT8951H chip, which supports AI smart Q&A, has been integrated into new earphone models, showcasing the company's commitment to innovation in audio technology [4][5]