跟踪报告之一：中国多媒体平台型龙头，20Q4经营有望创历史新高

中国多媒体平台型龙头20Q4经营有望创历史新高 -26%-7%12%31%49%10-1902-2005-2009-20晶晨股份沪深30014.72 8.79 -14.92 17.08 9.93 6.99 要点 SoCSoCWi-FiAI——AI——19240801350283200~19020193.52.5321.47--20190.500.2700.1300201924.8732.38~1018.74--%14.3%10.7%0%8.8%0%0%201912.58.602.400%5.21%10.75%0%8.57%0%0%2019%37.19%28.07%-38.00%-- oPtOtQmRpMrOpRpQmNmMmQ7NaO8OnPrRsQnMeRoOoMkPnNxP7NpOpQNZnRnRxNoMoP -40%-20%0%20%40%60%051015202520162017201820192020Q3营业总收入同比(%)-200%-100%0%100%200%300%-0.50.51.52.53.520162017201820192020Q3归属母公司股东的净利润同比(%) -40%-20%0%20%40%60%80%024681012营业总收入同比(%)-300%-200%-100%0%100%200%300%-0.50.00.51.01.5归属母公司股东的净利润同比(%) 2,369.07 2,357.73 2,900.01 4,167.05 5,980.87 40.14% -0.48% 23.00% 43.69% 43.53% 282.53 158.04 79.43 429.95 662.06 261.80% -44.06% -49.74% 441.27% 53.98% 0.76 0.38 0.19 1.05 1.61 25.19% 5.65% 2.81% 13.29% 17.57% 119 235 469 87 56 29.9 13.3 13.2 11.5 9.9 11.50 16.92 23.69 23.58 29.00 41.67 59.80 9.36 12.90 13.18 12.51 16.39 24.04 35.40 2.05 3.61 7.85 8.63 9.38 10.79 12.62 0.00 0.39 2.66 2.43 2.45 3.19 4.78 0.00 0.00 0.00 0.00 0.77 3.15 6.00 0.09 0.02 0.01 0.01 0.01 0.50 1.00 47.09% 40.05% -0.49% 23.00% 43.69% 43.53% 37.82% 2.17% -5.08% 30.98% 46.73% 47.25% 76.10% 117.45% 9.94% 8.71% 15.00% 17.00% 580.77% -8.47% 0.83% 30.00% 50.00% 309.09% 90.48% 31.51% 35.19% 34.81% 33.93% 31.17% 35.42% 37.24% 32.04% 36.37% 36.73% 37.19% 33.00% 38.00% 39.00% 28.23% 30.38% 30.67% 28.07% 26.00% 28.00% 30.00% 41.28% 37.61% 38.00% 36.00% 38.00% 41.00% 40.00% 41.00% 42.00% 52.47% 19.94% 20.00% 20.00% 20.00% 20.00% 20.00% 2,369 2,358 2,900 4,167 5,981 1,544 1,558 1,996 2,691 3,753 74 91 22 28 35 10 4 3 13 18 56 64 104 158 227 70 91 110 146 203 4 -13 -21 -33 -51 376 462 624 792 1,166 0.47 -1.98 0.00 0.00 0.00 297.37 169.04 79.60 460.84 710.42 295.98 169.12 84.34 461.24 710.82 13.64 12.07 5.90 32.29 49.76 282.34 157.06 78.43 428.95 661.06 -0.19 -0.99 -1.00 -1.00 -1.00 282.53 158.04 79.43 429.95 662.06 0.76 0.38 0.19 1.05 1.61 185 341 381 921 951 283 158 79 430 662 74 91 22 28 35 328 -31 -192 -257 20 -499 123 471 721 234 -309 -1,825 -216 -200 -200 -368 -176 -200 -200 -200 10 11 0 0 0 49 -1,660 -16 0 0 2 1,512 134 517 648 0 41 0 0 0 -14 -2 0 0 0 211 3 787 1,679 2,473 -102 35 298 1,238 1,399 1,646 3,323 4,139 6,224 9,229 387 1,702 2,001 3,238 4,637 0 384 384 384 384 239 242 287 371 651 0 0 15 21 36 0 22 87 42 60 529 463 519 734 1,234 64 41 144 461 951 1,223 2,862 3,456 5,292 8,005 0 0 0 0 0 10 11 11 11 11 189 224 279 354 442 4 0 105 184 243 105 96 94 92 90 0 0 0 0 0 4 4 20 20 20 424 462 683 932 1,224 520 521 1,308 2,987 5,460 0 0 0 0 0 274 212 339 484 713 0 0 14 22 26 13 27 87 125 190 64 50 430 1,380 2,740 492 459 1,083 2,255 4,002 0 0 0 0 0 0 0 0 0 0 28 49 211 718 1,444 28 62 225 732 1,457 1,126 2,802 2,832 3,237 3,769 370 411 411 411 411 547 2,026 2,034 2,077 2,144 234 385 407 771 1,238 1,122 2,799 2,829 3,235 3,769 4 4 3 2 1 34.8% 33.9% 31.2% 35.4% 37.2% 17.5% 15.6% 4.1% 9.0% 11.0% 12.7% 9.8% 3.3% 8.4% 10.4% 12.5% 7.2% 2.9% 11.1% 11.9% 11.9% 6.7% 2.7% 10.3% 11.1% 17.2% 4.7% 1.9% 6.9% 7.2% 25.2% 5.6% 2.8% 13.3% 17.6% 21.3% 16.2% 7.5% 48.3% 224.3% 32% 16% 32% 48% 59% 2.48 6.24 3.19 2.35 2.00 1.41 5.23 2.71 2.02 1.69 40.43 108.54 109.70 125.47 146.15 51.50 120.23 151.95 232.85 349.48 2% 3% 4% 4% 4% 3% 4% 4% 4% 3% 0% -1% -1% -1% -1% 16% 20% 22% 19% 20% 5% 7% 7% 7% 7% 0.00 0.12 0.06 0.31 0.48 0.50 0.83 0.93 2.24 2.31 3.03 6.81 6.88 7.87 9.17 6.40 5.73 7.05 10.14 14.55 119 235 469 87 56 29.9 13.3 13.2 11.5 9.9 90 111 303 92 51 0% 0% 0% 0% 1% 原点资产