C龙芯:深耕CPU行业20余年,国产替代大有可为

（以下内容从天风证券《C龙芯:深耕CPU行业20余年,国产替代大有可为》研报附件原文摘录）
　　Loongson Technology (688047 CH) 深耕CPU行业20余年，国产替代大有可为 Initiating coverage: Chinese proprietary chip prime mover is well positioned for CPU substitution BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司背靠中科院计算所，深耕国产CPU 20余年，技术实力雄厚。2001年中科院计算所开始牵头研制龙芯处理器，公司主要产品包括面向专门应用的龙芯1号系列、面向终端类应用的龙芯2号系列，以及面向桌面、服务器及高端工控应用的龙芯3号系列。2020年，公司基于20年的技术和生态建设积累，推出了自主指令系统LoongArch，2021年，基于LoongArch自主指令系统的4核3A5000处理器芯片发布。基于LoongArch自主指令系统的16核3C5000处理器芯片研制成功，关键IP源代码均为自研，性能逼近市场主流产品水平。 Backed by Institute of Computing Technology, Chinese Academy of Sciences Loongson’s tech capability drove its production of Chinese CPUs for over 20 years. In 2001, the institute initiated Loongson’s development of processors, with the main products being the Loongson 1 series for specialized applications, Loongson 2 for terminal applications and Loongson 3 for desktops, servers and high-end industrial control applications. After a 20-year tech and ecosystem buildup, Loongson launched LoongArch, its proprietary-tech instruction system, in 2020, followed by the launch of its LoongArch-based 4-core 3A5000 processor chip in 2021. It has developed a 16-core 3C5000 processor chip, also based on LoongArch, using proprietary key IP source codes, with a performance level close to those of mainstream products. CPU黄金赛道，国产厂商大有可为。CPU的重要应用领域包括桌面和服务器等。根据IDC数据，PC市场，2018年-2021年全球出货量保持增长，增速不断上升，2021年增幅达到14.8%，整体出货量达到3.49亿台/年。服务器领域，2020年与2021年增速显著，2021年全球服务器出货量达1354万台，同比增长11%。中国是全球服务器及PC主要市场，成长幅度超过全球增速。根据IDC数据2021年中国服务器出货量为391.1万台，占全球出货量的28.9%，是全球主要的服务器市场，同比增长率达12%，超过全球增速。国内PC出货量增速19-21年持续提升，2021年整体出货量达0.57亿台/年左右，占全球出货量的16.33%，增速达16%，超过全球增速。国内PC和服务器CPU主要依赖进口，国产替代空间广阔。 Vast growth potential of CPU market for Chinese manufacturers The key application areas in the CPU market include desktops and servers. Global PC shipments maintained a growth trend over 2018-21, tracking 14.8% yoy and 349m units in 2021, based on IDC data. Global server shipment growth was also significant in 2020 and 2021, reaching 13.54m units in 2021, up 11% yoy. China represents the major market for servers and PCs, and its growth rate outpaces global growth. Chinese servers account for 28.9% of the global market and its shipments came to 391.1m units in 2021, up 12% yoy, faster than global growth, according to IDC. Chinese PCs account for 16.33% of the global market, with shipment growth rates improving over 2019-21 to reach about 57m units in 2021, up 16%, outpacing global growth. Chinese PC and server manufacturers currently rely on imported CPUs, implying a vast substitution market. 拥有自主指令集，自研IP核，提升单核性能，龙芯引领国产CPU自主可控。在芯片研发方面，公司发布了龙芯自主指令集LoongArch，研制出包括系列化CPU IP核、GPU IP核、内存控制器及PHY、高速总线控制器及PHY等上百种IP核。从性能看，龙芯产品不断优化演进，新发布的龙芯3C5000L处理器采用完全自主的LoongArch指令架构；16核心单芯片unixbench分值9500以上，双精度计算能力达560GFlops，16核处理器峰值性能与典型ARM 64核处理器的峰值性能相当，龙芯引领国产CPU走向自主可控。 Loongson’s proprietary instruction set architecture; 16-core single-chip capability Loongson’s proprietary tech has bestowed its command of the Chinese CPU market. Its chip R&D resulted in LoongArch, its independent-tech instruction set architecture. Its line-up of hundreds of IP cores includes serialized CPU IP cores, GPU IP cores, memory controllers and PHYs, as well as high-speed bus controllers and PHYs. In continuing to optimize product performance, it recently released the Loongson 3C5000L processor, which is LoongArch-based and features a 16-core single-chip with a UnixBench score of over 9500, a double-precision computing capability of 560GFlops. In terms of peak performance, its 16-core processor is on par with the typical ARM 64-core processor. 投资建议/Investment Ideas 投资建议：我们看好公司作为国产CPU领军者未来的发展空间，预计公司2022/23/24年营收达到15.94/21.84/29.44亿元，归母净利润达到3.49/4.75/6.19亿元，考虑到公司为国产领先CPU公司，我们选取半导体产业链细分赛道领先企业景嘉微（国产GPU领先）、澜起科技（国产内存接口芯片领先）、概伦电子（国产EDA领先）、芯原股份-U（国产IP领先）作为对标公司，根据Wind一致预期，对标公司2023年平均PE为88.0倍，考虑到公司是A股上市公司中国产CPU第一股，具有稀缺性，截至6月27日收盘，公司股价对应22/23/24年PE倍数为115.7/85.1/65.2，首次覆盖给予“买入”评级。 Valuation and risks: As China’s CPU market leader, we see rosy prospects for Loongson’s development in this lucrative industry. We expect revenue to reach RMB1.59bn/2.18bn/2.94bn and net profit to come to RMB349m/475m/619m in 2022/23/24E. To gauge its valuation as a market leader, we selected Chinese semiconductor supply segment leaders Jingjia Microelectronics (GPUs), Montage Technology (memory interface chips), Primarius Technologies (EDA), Verisilicon Microelectronics (IP); Wind consensus estimates an average 88.0x 2023E PE for the benchmark companies. Factoring Loongson’s rare premium position as the first Chinese-produced CPU A-share, and corresponding to PEs of 115.7x/85.1x/65.2x in 2022/23/24E, based on its 27 June closing price, we initiate coverage with a BUY rating. 风险提示：中美贸易摩擦加剧，疫情加剧，市场竞争加剧，产能不足风险，产品迭代不及预期，短期内股价波动风险，未来芯片价格下跌风险 Risks include: intensifying Sino-US trade friction; worsening pandemic conditions; intensifying competition; insufficient production capacities; weaker product iteration than expected; share price fluctuations in the short term; and future chip price falls. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. 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