Bluetrum(SH:688332)2023-12-08 09:28Group 1: Company Overview - Zhongke Lanyun focuses on the research, design, and sales of wireless audio SoC chips, with eight main product lines including Bluetooth headset chips and IoT chips [2] - The company's products are integrated into brands such as Xiaomi, Philips, and NOKIA, among others [2] Group 2: Market Insights - In Q3 2023, global TWS (True Wireless Stereo) earphone shipments grew by 3.9%, with Apple holding a 27% market share despite an 8.3% decline in shipments [3] - The smartwatch market saw a total shipment of 49.58 million units in Q3 2023, marking a 38% quarter-over-quarter increase [3] Group 3: Research and Development - R&D expenses for the first three quarters of 2023 totaled 114 million CNY, an increase of 84.28% year-on-year [3] - The company plans to continue increasing R&D investments to strengthen its technological advantages and expand its product offerings [4] Group 4: Product Planning and Market Strategy - The company aims to launch new products in 2024, including advanced audio chips and cost-effective smartwatch chips, to enhance profitability [4] - The revenue share from the Xunlong series products has increased, with significant breakthroughs in brand customer acquisition [4] Group 5: Inventory and Sales Strategy - The company maintains a stable shipment level, with proactive inventory management in anticipation of seasonal sales peaks [5] - Approximately 60-70% of the company's sales are from overseas markets, with a recovery trend in wireless earphone exports noted [4]