专注高速混合信号芯片，25年把握AR/VR+智驾双重机遇

2024A2025E2026E2027E466.00693.87991.441,377.8544.2148.9042.8938.97144.41209.33301.31441.4340.6244.9543.9446.501.091.582.273.3361.3942.3529.4220.08 东吴证券研究所1/262025年05月18日证券分析师陈海进执业证书：S0600525020001chenhj@dwzq.com.cn研究助理李雅文执业证书：S0600125020002liyw@dwzq.com.cn66.81一年最低/最高价39.43/133.984.91流通A股市值(百万元)4,927.81总市值(百万元)8,865.99每股净资产(元,LF)13.62资产负债率(%,LF)8.98总股本(百万股)132.70流通A股(百万股)73.762024/9/172025/1/152025/5/15龙迅股份沪深300 股价走势市场数据收盘价(元)市净率(倍)基础数据相关研究2024/5/20 -28%-13%2%17%32%47%62%77%92%107%122% 内容目录1.行业崛起之星，致力于高速混合信号芯片领域..............................................................................41.1.股权结构：股权集中度高，高管拥有多元化的行业经验.....................................................51.2.财务分析：业绩稳健增长，研发投入不断加强.....................................................................62.车载：从座舱域到智驾域，从桥接芯片拓展到SerDes新市场....................................................92.1.车载显示：桥接芯片为主，汽车“智能化”的产物.................................................................92.2.车载SerDes：“智能驾驶”的关键环节..................................................................................123.AR/VR：从AR/VR到AI眼镜........................................................................................................153.1. AR/VR方案大盘点...................................................................................................................153.2. AR/VR市场空间广阔，公司逐步深入布局...........................................................................174.PC：从PC及周边到高性能计算.....................................................................................................204.1. PC及周边：周边（扩展坞Docking station）是传统优势领域...........................................204.2.面向HPC：公司布局拓展方向..............................................................................................215.盈利预测与投资建议........................................................................................................................225.1.盈利预测...................................................................................................................................225.2.投资建议...................................................................................................................................236.风险提示............................................................................................................................................23 请务必阅读正文之后的免责声明部分东吴证券研究所2/26 图表目录图1：龙迅股份公司介绍及发展历程...................................................................................................4图2：公司股权结构（截至24年报）.................................................................................................5图3：公司高管团队简历.......................................................................................................................6图4：公司营业收入情况（单位：亿元）...........................................................................................7图5：公司归母净利润情况（单位：亿元）.......................................................................................7图6：公司毛利率与净利率情况...........................................................................................................7图7：公司费用率...................................................................................................................................8图8：公司研发费用与研发费用率情况...............................................................................................8图9：公司存货与存货周转率...............................................................................................................8图10：存货占流动资产比重.................................................................................................................8图11：视频桥接芯片应用功能示意图.................................................................................................9图12：车载显示屏种类及功能.............................................................................................................9图13：全球与中国智能座舱SoC市场规模......................................................................................10图14：2023年各企业全球座舱SoC市占率.....................................................................................10图15：龙迅股份部分产品梳理...........................................................................................................10图16：德州仪器部分产品梳理...........................................................................................................11图17：SerDes的概念及用途..............................................................................................................12图18：SerDes在汽车场景的应用......................................................................................................13图19：Tesla HW1.0至HW3.0摄像头方案比较...............................................................................13图20：不同ADAS等级搭载摄像头类型及数量（个）..................................................................14图21：公司部分车载Serdes芯片参数..............................................................................................14图22：一体式AR眼镜与分体式AR眼镜示意图...........................................................................15图23：雷鸟X2与雷鸟Air Plus对比....................................................................