与印度、非洲地区知名品牌合作，国际化战略助力海外市场显著增长中科蓝讯通过其高性价比的芯片产品成功渗透进新兴市场，特别是印度和非洲等地，与当地品牌如boAt、Noise 合作，海外出货量占据了公司总出货量的60-70%。产品搭载于realmeBudsWireless3 的耳机产品中，在印度亚马逊销售。得益于非洲智能手机渗透率提升，电子配件需求增长，传音旗下采用讯龙BT893X、BT895X 系列蓝牙SoC 芯片的Oraimo 蓝牙耳机销售量在非洲所有品牌中排名第一，市占率超过30%。随着全球智能穿戴设备和蓝牙产品的普及，中科蓝讯有望进一步扩大其市场份额，实现持续的业务增长。Key points of investment:
A leading white brand audio SoC manufacturer in China, the RISC-V instruction set creates a capital advantage. Since its establishment in 2016, Zhongke Lanxun has focused on the R&D, design and sales of wireless audio SoC chips. The company started with white brand TWS chips. With cost-effective product solutions, the company occupied an advantageous position in market competition. White brand customers account for over 80%. Since its inception, the RISC-V architecture has been used to reduce the costs of procuring third-party IPs, and the design cost is low.
The design method is convenient to improve the overall cost performance of the product. In 2023, the company achieved a significant increase in operating income and net profit to mother.
Cooperation with well-known brands in India and Africa has helped the overseas market grow significantly. Zhongke Lanxun has successfully penetrated into emerging markets through its cost-effective chip products, especially in India and Africa. Through cooperation with local brands such as BoT and Noise, overseas shipments account for 60-70% of the company's total shipments. The product is included in RealmeBudsWireless3 headphone products and is sold on Amazon, India. Thanks to increased smartphone penetration in Africa and increased demand for electronic accessories, Transom's sales volume of Oraimo Bluetooth headsets using the X-Dragon BT893X and BT895X series Bluetooth SoC chips ranked first among all African brands, with a market share of over 30%. With the spread of smart wearables and Bluetooth products around the world, Zhongke Lanxun is expected to further expand its market share and achieve continuous business growth.
Technological innovation meets diversified market needs, and performance improvements break through brand customers. With the spread of smart wearables and the Internet of Things around the world, Zhongke Lanxun continues to enrich its product matrix, forming a product structure centered around eight major product lines to meet growing market demand with technological innovation and product diversification. The company also continuously optimizes processes to improve product performance and accelerate product updates and iterations. At the same time, the launch of the “Lanxun Xunlong” series of high-end chips has successfully expanded the brand customer market and built a customer network with well-known mobile phone brands, professional audio manufacturers and e-commerce Internet companies as the core. Some product technologies have reached the leading level in the industry.
Profit forecasting and investment advice
We believe that with 1) the SoC industry gradually ushered in an upward cycle, 2) the large-scale effects of industry leaders showing, and 3) the rapid development of downstream application fields, the overall performance of the SoC sector in 24 is expected to exceed expectations. Currently, comparable companies' 2024-2026 PE valuation has reached 40/28/21 times.
As a leading white brand company in the SoC industry, we are optimistic that this round of consumer recovery will drive the white label market. Furthermore, we are optimistic that the company will vigorously expand more fields other than headsets to further expand growth space. We expect the company to achieve net profit of 0.3/0.38/0.46 billion yuan in 2024-2026, corresponding to the current PE valuation of 19/15/12 times. The first coverage gives a “buy” rating.
Risk warning
The risk that the consumer electronics recovery will not last as long as expected, the risk of rising raw material prices, the risk of market competition, and the risk of technology iteration falling short of expectations.
