Bluetrum(688332)2023-10-19 08:41Group 1: Company Overview - Shenzhen Zhongke Lanyun Technology Co., Ltd. specializes in 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 is one of the early adopters of the RISC-V instruction set architecture for chip design, developing high-performance CPU cores and DSP instructions [2] Group 2: Financial Performance - In the first half of 2023, the company achieved operating revenue of 653.09 million yuan, a year-on-year increase of 20.51%, and a net profit of 112 million yuan, up 20.38% [3] - The main products include Bluetooth headset chips (61.56% market share), Bluetooth speaker chips (23.14%), and digital audio chips [3] Group 3: Market Trends and Demand - The consumer electronics industry is gradually recovering, with increased downstream and terminal demand [3] - The global shipment of TWS headphones reached 68.16 million units in Q2 2023, a year-on-year growth of 8% [3] Group 4: Product Development and Innovation - The company has increased R&D investment, launching new products such as OWS headset chips and wireless microphone chips in the first half of 2023 [4] - The company upgraded its entire product line to the latest BT5.4 Bluetooth protocol, enhancing product performance and reducing power consumption [4] Group 5: Revenue Composition and Market Expansion - The company’s revenue from brand clients is estimated to be over 10%, while white-label clients account for over 80% [5] - In the first half of 2023, overseas market shipments increased, accounting for approximately 60-70% of total sales [5] Group 6: Future Projections - The company set performance targets for 2023-2025, aiming for operating revenue of 1.4 billion yuan in 2023, 1.8 billion yuan in 2024, and 2.35 billion yuan in 2025 [5] - The company plans to expand its product offerings in Bluetooth and WiFi applications to sustain healthy growth [6]