赛腾股份：业绩符合预告，有望受益AI手机产业趋势

Investment Rating - The investment rating for the company is "Buy" with a current price of 59.41 CNY and a fair value of 80.45 CNY [1]. Core Views - The company's performance aligns with previous forecasts, achieving a revenue of 1.631 billion CNY in the first half of 2024, a year-on-year increase of 16.21%, and a net profit of 154 million CNY, up 48.87% year-on-year [2]. - The AI trend is expected to trigger a new innovation cycle in the smartphone industry, benefiting the company as it is positioned to take advantage of new technologies and capital expenditures [2]. - The revenue forecast for the company from 2024 to 2026 is projected at 5.303 billion CNY, 6.741 billion CNY, and 7.636 billion CNY respectively, with net profits of 806 million CNY, 1.052 billion CNY, and 1.200 billion CNY [2]. Financial Summary - Revenue growth rates are projected at 26.4% for 2022, 51.8% for 2023, 19.3% for 2024, 27.1% for 2025, and 13.3% for 2026 [1][5]. - The EBITDA for the years 2022 to 2026 is forecasted to be 405 million CNY, 947 million CNY, 1.043 billion CNY, 1.352 billion CNY, and 1.545 billion CNY respectively [1][5]. - The earnings per share (EPS) is expected to grow from 1.66 CNY in 2022 to 5.99 CNY in 2026 [1][5]. - The company maintains a strong return on equity (ROE) of 18.3% in 2022, projected to be 31.5% in 2023, and stabilizing around 27.9% by 2026 [1][5].