Investment Rating - The report assigns a "Buy" rating to the company, with a target price of ¥35.22 as of November 12, 2024 [5][7] Core Views - The company is a leading provider of professional audio-visual control equipment and solutions, with its traditional business reaching an industry inflection point [1] - The company has developed its own ASIC chips, which are expected to further enhance its competitive advantage [1] - The company has partnered with a global AI leader (referred to as "N company") and has started generating revenue from this collaboration, which is expected to create a second growth curve [1] - The company is expected to achieve revenues of ¥655 million, ¥874 million, and ¥1.22 billion in 2024, 2025, and 2026, respectively, with net profits of ¥107 million, ¥153 million, and ¥233 million, representing YoY growth of 514%, 42%, and 52% [5] Industry Analysis - The professional audio-visual industry is benefiting from technological advancements such as ultra-high-definition (4K/8K) and 5G, which are expanding application scenarios [2] - The global professional audio-visual systems market is projected to reach $363.27 billion by 2029, with a CAGR of 5.0% from 2022 to 2029 [2] - The domestic market is also growing rapidly, with Chinese manufacturers gaining market share due to technological advancements and policy support [2][38] Company Highlights Self-developed ASIC Chips - The company has successfully developed and launched three proprietary ASIC chips, which are expected to enhance its technological leadership and improve product gross margins [4][54] - The chips are designed to address key bottlenecks in the industry and are expected to strengthen the company's market competitiveness [4] Expansion into XR and AI - The company has developed products such as the Pandora immersive interactive entertainment system and Xshadow AR projection control system, positioning itself to capitalize on the growing XR market [4][72] - The company has partnered with a global AI leader (N company) and has started supplying products such as liquid cooling test platforms and AI-based testing platforms, with AI-related revenue reaching ¥15 million in H1 2024 [4][78] Emergency Communication and Defense Industry - The company's products are widely used in emergency management command centers and are expected to benefit from increased government spending on disaster prevention and mitigation [3][65] - The company is also expected to benefit from the recovery of the defense industry, with China's defense budget increasing by 7.2% in 2024 [3][67] Financial Projections - The company is expected to achieve significant revenue and profit growth over the next three years, driven by its core business, new product launches, and partnerships in AI and XR [5][86] - The company's revenue is projected to grow at a CAGR of 31.25%, 33.49%, and 39.56% from 2024 to 2026, with net profit margins improving significantly [5][86]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [3][14]. Core Insights - The company has shown significant improvement in profitability, with a notable recovery in gross margins. The profit growth is attributed to the gradual recovery of business demand from key industry clients, expansion of product categories, and new business increments from the artificial intelligence sector [2]. - The company has made substantial progress in expanding its overseas business, establishing a partnership with a leading company in graphics technology and AI computing, which has resulted in a sequential increase in revenue from this collaboration [2]. - The company emphasizes its commitment to independent research and development, having established multiple R&D centers and obtained numerous patents, which strengthens its competitive edge in the audio and video chip sector [2]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 327 million yuan, a year-on-year decrease of 3.21%, while the net profit attributable to the parent company was 52 million yuan, reflecting a year-on-year increase of 344.55% [1]. - The company’s revenue for the third quarter was 93 million yuan, down 22.22% year-on-year, but the net profit increased by 146.34% year-on-year to 12 million yuan [1]. - The projected net profits for 2024, 2025, and 2026 are expected to be 132 million yuan, 207 million yuan, and 332 million yuan respectively, with corresponding P/E ratios of 47, 30, and 19 times [3].

证券代码：603516 证券简称：淳中科技 公告编号：2024-079 北京淳中科技股份有限公司（以下简称"公司"）于近日收到 2020 年公开发 行可转换公司债券的保荐机构中山证券有限责任公司（以下简称"中山证券"） 出具的《关于变更北京淳中科技股份有限公司持续督导保荐代表人的通知》，原 持续督导保荐代表人张邈、单思因工作变动无法继续履行持续督导工作职责。为 保证持续督导工作的有序进行，中山证券决定由保荐代表人邱羽、陈丽霞接替担 任公司 2020 年公开发行可转换公司债券项目持续督导的保荐代表人，继续履行 对公司的持续督导职责，邱羽、陈丽霞简历附后。 本次变更后，公司 2020 年公开发行可转换公司债券项目持续督导保荐代表 人为邱羽、陈丽霞。中山证券对公司的持续督导期已于 2021 年 12 月 31 日结束， 因募集资金尚未使用完毕，中山证券将继续履行与募集资金的存放、管理及使用 相关的持续督导责任。 特此公告。 北京淳中科技股份有限公司 董事会 北京淳中科技股份有限公司 关于变更持续督导保荐代表人的公告 2024 年 10 月 31 日 附件：保荐代表人简历 本公司董事会及全体董事保证公告内容不存在虚假 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company has shown significant improvements in quality and efficiency, particularly through its collaboration with Company N, which is expected to drive further growth [1][6] - The company's net profit has experienced rapid growth, with a year-on-year increase of 344.55% in the first three quarters of 2024, attributed to various factors including recovery in key industry demand and expansion in AI-related business [5][6] - The company is well-positioned in the AI computing sector, with projected net profits of 1.30 billion, 1.72 billion, and 2.24 billion yuan for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [4][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 327 million yuan, a year-on-year decrease of 3.21%, while net profit reached 51.51 million yuan, a year-on-year increase of 344.55% [5] - The gross margin improved by 7.23 percentage points year-on-year, and operating expenses decreased, contributing to enhanced profitability [5] - The company's earnings per share (EPS) are projected to be 0.64, 0.85, and 1.11 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 53.4, 40.3, and 30.9 [4][7] Collaboration and Growth Potential - The partnership with Company N has led to a breakthrough in product testing and detection platforms, with AI product revenue reaching 15.39 million yuan in the first half of 2024 [6] - The company is expected to benefit from the steady growth of purchase orders and the continuous iteration of products from Company N, which will further enhance its performance [6]

Revenue and Profit - Revenue for the third quarter was RMB 92,899,507.74, a decrease of 22.22% year-over-year[3] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 12,272,369.89, an increase of 146.34% year-over-year[3] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter was RMB 10,748,289.02, an increase of 203.31% year-over-year[3] - Total operating income for the first three quarters of 2024 was 326,519,301.18 RMB, a decrease from 337,340,388.03 RMB in the same period of 2023[16] - Net profit for the first three quarters of 2024 was 48,804,944.54 RMB, a significant increase from 10,768,826.01 RMB in the same period of 2023[17] - Operating profit for the first three quarters of 2024 was 49,819,028.23 RMB, a significant increase from 11,341,300.58 RMB in the same period of 2023[17] - Total comprehensive income for the first three quarters of 2024 was 48,804,944.54 RMB, up from 10,768,826.01 RMB in the same period of 2023[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,476,456,353.32, a decrease of 4.37% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company at the end of the reporting period was RMB 1,361,842,173.71, an increase of 26.91% compared to the end of the previous year[5] - The company's monetary funds decreased to 444,215,996.33 RMB as of September 30, 2024, compared to 556,033,417.37 RMB at the end of 2023[12] - Trade receivables decreased to 223,399,293.28 RMB as of September 30, 2024, from 236,986,481.95 RMB at the end of 2023[12] - Prepayments increased significantly to 48,296,013.10 RMB as of September 30, 2024, compared to 9,492,544.91 RMB at the end of 2023[12] - The company's total current assets decreased to 1,092,529,128.07 RMB as of September 30, 2024, from 1,142,481,654.28 RMB at the end of 2023[12] - Total non-current assets decreased to 383,927,225.25 RMB as of September 30, 2024, compared to 401,520,576.17 RMB at the end of 2023[14] - The company's total assets decreased to 1,476,456,353.32 RMB as of September 30, 2024, from 1,544,002,230.45 RMB at the end of 2023[14] - Accounts payable decreased to 64,620,627.74 RMB as of September 30, 2024, compared to 94,138,650.75 RMB at the end of 2023[14] - Contract liabilities decreased to 12,400,444.88 RMB as of September 30, 2024, from 19,592,814.32 RMB at the end of 2023[14] - Employee benefits payable decreased significantly to 1,086,626.85 RMB as of September 30, 2024, compared to 20,101,784.62 RMB at the end of 2023[14] - Other payables decreased to 2,526,479.32 RMB as of September 30, 2024, from 3,595,591.79 RMB at the end of 2023[14] - Total liabilities increased to 470,283,843.06 RMB, up from 117,404,313.88 RMB[15] - Total equity attributable to the parent company increased to 1,361,842,173.71 RMB from 1,073,094,831.83 RMB[15] - Total assets as of the end of the third quarter of 2024 were 1,476,456,353.32 RMB, a decrease from 1,544,002,230.45 RMB[15] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were RMB 0.06, an increase of 200.00% year-over-year[5] - Diluted earnings per share for the third quarter were RMB 0.06, an increase of 200.00% year-over-year[5] - Weighted average return on equity for the third quarter was 0.94%, an increase of 0.46 percentage points year-over-year[5] - Basic earnings per share (EPS) for the first three quarters of 2024 was 0.26 RMB, up from 0.06 RMB in the same period of 2023[18] Cash Flow - Cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB -12,399,536.55, a decrease of 117.31% year-over-year[3] - Operating cash flow for the first three quarters of 2024 was -12.4 million yuan, compared to 71.61 million yuan in the same period of 2023[20] - Cash received from selling goods and providing services in the first three quarters of 2024 was 373.43 million yuan, down from 458.53 million yuan in 2023[20] - Investment cash flow for the first three quarters of 2024 was -24.14 million yuan, compared to 129.4 million yuan in the same period of 2023[21] - Cash received from investments in the first three quarters of 2024 was 416.06 million yuan, down from 632.7 million yuan in 2023[21] - Cash paid for investments in the first three quarters of 2024 was 440 million yuan, down from 500 million yuan in 2023[21] - Financing cash flow for the first three quarters of 2024 was -75.12 million yuan, compared to 45.88 million yuan in the same period of 2023[21] - Cash paid for dividends, profits, or interest in the first three quarters of 2024 was 20.09 million yuan, down from 22.52 million yuan in 2023[21] - Net increase in cash and cash equivalents for the first three quarters of 2024 was -111.79 million yuan, compared to 248.32 million yuan in 2023[21] - Ending cash and cash equivalents balance as of September 2024 was 442.65 million yuan, down from 496.22 million yuan in 2023[21] Research and Development - Research and development expenses for the first three quarters of 2024 were 50,462,345.27 RMB, a decrease from 56,251,049.25 RMB in the same period of 2023[16] Business Performance and Strategy - The increase in net profit was attributed to the recovery of business demand from key industry customers, expansion of product categories, and new business increments from the AI sector[7]

证券代码：603516 证券简称：淳中科技 公告编号：2024-077 具体内容详见公司同日在上海证券交易所官网（http://www.sse.com.cn） 披露的《北京淳中科技股份有限公司2024年第三季度报告》。 表决结果：3票同意，0票反对，0票弃权。 一、 会议召开情况 北京淳中科技股份有限公司（以下简称"公司"）第四届监事会第二次会议 于2024年10月25日在公司会议室以现场方式召开。会议通知已于2024年10月15 日以邮件方式送达全体监事，与会的各位监事已知悉与所议事项相关的必要信 息。本次监事会会议应出席监事3名，实际出席会议监事3名。会议由公司监事会 主席傅磊明先生主持，会议的召开和表决程序符合《中华人民共和国公司法》和 《北京淳中科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 二、 会议审议情况 本次会议审议通过了如下议案： （一） 审议通过《关于公司2024年第三季度报告的议案》 根据公司2024年第三季度经营发展情况，公司编写了《北京淳中科技股份有 限公司2024年第三季度报告》。 北京淳中科技股份有限公司 第四届监事会第二次会议决议公告 监事会认为：该报告的内容是 ...

北京淳中科技股份有限公司（以下简称"公司"）第四届董事会第二次会议 于2024年10月15日以邮件方式发出会议通知，并于2024年10月25日在公司会议室 以现场结合通讯方式召开。本次会议应到董事6人，实际出席并参与表决的董事6 人，会议由董事长何仕达先生主持。本次会议的召集、召开及表决程序符合《公 司法》等法律、行政法规、规章、规范性文件以及《公司章程》的有关规定。 二、 会议审议情况 经参会董事审议，依法表决，本次会议审议通过了以下议案： （一） 审议通过《关于公司2024年第三季度报告的议案》 证券代码：603516 证券简称：淳中科技 公告编号：2024-076 北京淳中科技股份有限公司 第四届董事会第二次会议决议公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、 会议召开情况 表决结果：6 票同意，0 票反对，0 票弃权。 三、 备查文件 1. 《北京淳中科技股份有限公司第四届董事会第二次会议决议》。 特此公告。 北京淳中科技股份有限公司 董事会 2024 年 10 月 26 日 根据公司 2024 年第三季度的经 ...

证券代码：603516 证券简称：淳中科技 公告编号：2024-075 北京淳中科技股份有限公司 （一）会议召开时间：2024 年 10 月 28 日上午 11:00-12:00 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 21 日(星期一)至 10 月 25 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 security@chinargb.com.cn 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 北京淳中科技股份有限公司（以下简称"公司"）将于 2024 年 10 月 26 日发 布 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 10 月 28 日上午 11:00-12:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会 ...

证券代码：603516 证券简称：淳中科技 公告编号：2024-074 北京淳中科技股份有限公司 "提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》要求，积极响应上海证券交易所（以下简称"上交所"） 《关于开展沪市公司"提质增效重回报"专项行动的倡议》，推动公司持续优化 经营、改善治理，增强投资者信心，以新质生产力推动高质量发展和投资价值提 升，北京淳中科技股份有限公司（以下简称"公司"）结合行业发展情况和自身 发展战略，基于对公司未来发展前景的信心和对公司价值的认可，制定公司"提 质增效重回报"行动方案，具体方案如下： 一、 聚焦主业，持续提升经营质效 未来公司将继续结合战略规划、经营状况、盈利能力等多方面因素，全面统 筹，保持公司发展与股东回报的动态平衡，完善符合公司发展的股东回报计划。 三、 加强科技创新，加快发展新质生产力 公司坚持自主研发道路，先后成立3个研发中心，1个生产中心，1个PCC技术 服务中心，28个全国办事处，业务范围覆盖40多个行业。公司已取得国家高新技 术企业、工信部专精特新"小巨人"、北京市企业技术中心、北京市综 ...

证券代码：603516 证券简称：淳中科技 公告编号：2024-073 北京淳中科技股份有限公司 股东及董监高减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东及董监高持股的基本情况 截至本减持计划披露日，北京淳中科技股份有限公司（以下简称"公司"或 "淳中科技"）董事长何仕达先生直接持有公司股份 49,855,920 股，占公司当前 总股本的比例为 24.7005%；董事付国义先生直接持有公司股份 585,000 股，占 公司当前总股本的比例为 0.2898%；高管程锐先生直接持有公司股份 37,800 股， 占公司当前总股本的比例为 0.0187%。 减持计划的主要内容 何仕达先生、付国义先生、程锐先生出于自身资金需求，计划自本公告披露 之日起 15 个交易日后的 3 个月内以集中竞价交易方式，通过上海证券交易所交 易系统合计减持不超过 2,154,400 股，约占公司当前总股本的 1.0674%（根据中 国证监会及上海证券交易所相关规定禁止减持的期间除外）。上述减持主体保证 ...