Bluetrum(SH:688332)2024-09-19 09:46Group 1: Company Overview - Zhongke Lanyun specializes in wireless audio SoC chip development, design, and sales, with eight main product lines including Bluetooth headset chips and AIoT chips [2] - The company has established a supply chain with major brands such as Xiaomi, realme, and Anker [2] Group 2: Financial Performance - In the first half of 2024, the company achieved revenue of CNY 791 million, a year-on-year increase of 21.11% [3] - The net profit attributable to shareholders was CNY 135 million, up 19.83% year-on-year, while the net profit excluding non-recurring items reached CNY 109 million, reflecting a growth of 31.10% [3] Group 3: Product Development and Market Strategy - The company has expanded its brand client base since 2019, with the "Xunlong" series high-end chips gaining recognition [3] - The newly launched "Xunlong 2nd Generation +" chip is being adopted by various brands, enhancing the company's market presence [3] - The company has sufficient technical reserves for OWS earphones and has launched optimized Bluetooth audio SoC chips for this segment [4] Group 4: Cost Management and Inventory Strategy - The company has improved its gross margin by expanding product applications and maintaining stable supplier relationships to optimize procurement costs [4][5] - As of June 30, 2024, the company's inventory increased compared to the end of the previous year, in preparation for the traditional sales peak in the third and fourth quarters [5][6] Group 5: Future Outlook and Investment Plans - The company plans to invest its cash reserves primarily in upgrading smart Bluetooth audio chips and developing IoT chip products [5] - Future product lines will include Wi-Fi and Bluetooth integrated chips, enhancing the company's technological capabilities and core competitiveness [5]