Bluetrum(SH:688332) Guohai Securities·2024-08-15 12:00Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's revenue for H1 2024 reached 791 million yuan, representing a year-on-year growth of 21.11%, with Q2 revenue at 428 million yuan, up 23.71% year-on-year and 17.94% quarter-on-quarter [2][3]. - The net profit attributable to shareholders for H1 2024 was 135 million yuan, a 19.83% increase year-on-year, with Q2 net profit at 80 million yuan, showing a year-on-year growth of 26.70% and a quarter-on-quarter increase of 45.30% [2][3]. - The company has a strong focus on R&D, with 221 R&D personnel accounting for 77.8% of the total workforce, which enhances its core competitiveness [3][4]. Financial Performance - The company achieved a gross margin of 23.35% and a net margin of 18.63% in Q2 2024, both showing quarter-on-quarter increases [3]. - The operating cash flow for Q2 2024 was 61.87 million yuan, primarily due to revenue growth and a slowdown in inventory buildup [3]. - Revenue projections for 2024-2026 are estimated at 1.821 billion, 2.362 billion, and 3.068 billion yuan, respectively, with net profits expected to be 323 million, 435 million, and 555 million yuan [5][6]. Market Position and Growth Potential - The global Bluetooth headset market is valued at over 50 billion USD, with significant growth potential in emerging markets where penetration rates are still low [3][4]. - The company is actively expanding its product offerings in the Bluetooth headset sector, including multiple new products and optimized audio performance chips [3][4]. - The company is also diversifying into innovative chip sectors, including smart watch chips and wireless microphone chips, which are expected to contribute to a second growth curve [4][5].