On February 29, Loongson Zhongke (688047SH) released its 2023 annual performance report, and according to the preliminary calculation of the company's financial department, it is expected to achieve revenue of 50.8 billion yuan, down 31 percent year-on-year18%；Loss 32.9 billion yuan, down 736 percent year-on-year35%。
Loongson Zhongke said in the announcement that the huge loss last year was caused by the company's impact on factors such as the macroeconomic environment and the cyclical changes in the semiconductor industry, and the company's traditional industrial control field was temporarily stagnant in procurement due to internal management matters of customers, the e-government market was in the adjustment period and had not yet been expanded, as well as the severe situation of intensifying external competition.
At present, Loongson Zhongke carries out industrial ecological construction based on the two main lines of information system and industrial control system, and maintains comprehensive market cooperation with partners in the fields of network security, office and business informatization, industrial control and Internet of Things, and its series of products have been widely used in e-government, energy, transportation, finance, telecommunications, education and other industries.
As of February 29**, Loongson Zhongke closed at 102 per share4 yuan, an increase of 343%, with a total market capitalization of 410600 million yuan.
Affected by this, Capital ** lowered the performance expectations of Loongson Zhongke. Its estimated revenue from 2023 to 2025 will be 5100 million yuan, 7300 million yuan and 10500 million yuan (originally scheduled for 7.)0.9 billion yuan, 108.5 billion and 16500 million yuan), a year-on-year increase of8% and 431%, and the net profit attributable to the parent company was -3100 million yuan, -1400 million yuan and 10 billion yuan (originally scheduled to -2.)0.2 billion yuan, 02.1 billion yuan and 28.8 billion yuan).
Specifically, last year, the company's operating income of information chips and industrial control chips decreased compared with the same period last year, of which the fixed cost sharing of a single product of information chips increased, and at the same time, the company in order to expand market share, the sales of some products were under pressure. This resulted in a significant decline in the company's gross profit margin compared with the same period last year.
The pressure on the macroeconomic environment also affected the collection of customers, resulting in an increase in credit impairment losses accrued by Loongson Zhongke compared with the same period last year.
In addition, the company continued to increase R&D investment and expand the market, so the expenses increased more than the previous year, of which R&D expenses increased by 36% year-on-year30%, *The subsidy is lower than the same period last year.
At present, Loongson Zhongke's business mainly includes three parts: solutions, industrial control and informatization, and achieved revenue of 1600 million yuan, 1100 million yuan and 0400 million yuan, a year-on-year increase and decrease of 869%、-37.1% and -548% out of a total of 3100 million yuan.
Capital ** said that at present, Loongson Zhongke is under short-term revenue pressure, and can pay long-term attention to the progress of new server products and GPGPU research and development.
According to Loongson's plan, its GPUs are mainly oriented to computing, artificial intelligence and other fields, and it is also because the market for GPUs or special AI chips used for computing is broader. In addition, the graphics card of Moore Threads S30 can support Loongson CPU, so the input cost of the graphics card can be reduced. China is relatively backward in terms of computing power, which is also an important opportunity for Loongson Zhongke in the next few years.
On February 28, Loongson Zhongke said in an investor survey that Loongson is currently mainly making inference-oriented AI chips to form the best solution for CPU + GPGPU. Loongson's second-generation GPU core LG200 will be applied in 2K3000, supporting graphics acceleration, scientific computing acceleration, and AI acceleration. The 2K3000 is scheduled to be taped out in the first half of this year. On this basis, the follow-up will be based on the 2K3000 GPGPU technology and 3C6000 dragon chain technology to develop special GPGPU chips. At present, the structural design and preliminary physical design evaluation of the LG200 have been completed, and the supporting driver prototype is also ready and is being fully verified.
In addition, in the second half of last year, since the launch of Loongson's new products, the market's attention to Loongson3A6000 products is very high, according to the MC evaluation room, computer newspaper and other institutions, 3A6000 full default setting performance is indeed as officially disclosed information, can be benchmarked against Intel 10th generation Core i3 processor.
This article was first published by Guo Mengyi).