688047.SH Loongson: LoongArch autonomous ISA CPU platform

Snapshot

Price

CNY 120

Mkt cap

CNY 48.0B

Revenue

CNY 550.0M

3A5000/next-gen chip adoption

0.25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Loongson One of few LoongArch autonomous-ISA CPU platforms—see ISA landscape vs Hygon (x86). Base = gov/critical-industry PC/embedded; upside = software ecosystem and 3A6000/server SKUs.

Business

Model: self-developed CPU/IP licensing and chip sales. Flagships: Loongson 3 desktop/embedded; server/industrial lines. Edge: autonomous ISA narrative; critical-sector adoption. Strategy: binary translation/open ecosystem; higher-performance cores/SoCs.

Value chain

Fabless CPU; upstream foundry/OSAT; downstream OEMs/terminals. Gov/enterprise-heavy customers; risks: software ecosystem maturity, performance gap, tape-out cost, procurement cadence.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 120	688047.SH · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

Small cap, R&D-heavy; volatile PE—prices ISA autonomy option more than near-term earnings.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: neutral/tight—small revenue base, high R&D ratio; watch cash buffer and gov project collection.

Operations

Volume: chip shipments and信创 PC penetration; price: ASP; cost: tape-outs and ecosystem spend.

Key financial points

Key financial points

Item	Value	YoY	Note
营收规模	约 5–6 亿	+30% 量级	基数小
毛利率	约 36%	承压	规模效应不足
生态	LoongArch 软件栈	建设中	长期关键
服务器	导入早期	高弹性	3A6000 等

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
龙芯	LoongArch	36%	ISA 自主	生态/规模
海光	x86	63%	性能/客户	授权依赖
Intel	x86 全球	40%+	生态	对华限制
AMD	x86/Arm	50%+	性能	非自主叙事

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长/核心	胡伟武	长期	创始人技术路线稳定
总经理	经营团队	在任	无重大变动
CFO	财务负责人	在任	科创板披露

Stability: Founder-led technical roadmap with strong continuity; commercial team still scaling.

Outlook

Track 3A6000 server adoption, open-source package count,信创 tenders, margin improvement.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. LoongArch-compatible software/distro count accelerating
2. 3A6000 server chips entering scaled tenders
3. Gross margin exiting ~30% trough
4. R&D capitalization and cash burn
5. 信创 PC/server tender share shifts

References

Issuer / key sources:

• https://www.loongson.cn/
• https://www.sse.com.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.