Bluetrum(SH:688332) Shanghai Securities·2024-08-20 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4][5]. Core Views - The company reported a revenue of 791 million yuan for the first half of 2024, representing a year-on-year increase of 21.11%, and a net profit of 135 million yuan, up 19.83% year-on-year. In Q2 2024, the revenue was 428 million yuan, showing a year-on-year growth of 23.71% and a quarter-on-quarter increase of 17.94%. The net profit for Q2 was 80 million yuan, reflecting a year-on-year increase of 26.70% and a quarter-on-quarter rise of 45.30% [4][5]. - The company has a strong competitive edge in the Bluetooth earphone chip market, which accounted for approximately 60% of its revenue in 2023. The market is becoming increasingly competitive, with many manufacturers focusing on cost-performance ratios to gain market share [5]. - The company has established itself as a supplier for several well-known brands, including Xiaomi and realme, and is expected to gradually increase its market share by enhancing the performance of its main control chips while maintaining cost-effectiveness [5]. - The company is continuously investing in R&D and expanding its product lines, which include Bluetooth earphone chips, smart wearable chips, and AIoT chips. The smart wearable chip segment saw a remarkable revenue growth of 153.29% year-on-year in 2023 [5]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.858 billion yuan, with a year-on-year growth rate of 28.4%. The net profit is expected to reach 319 million yuan, reflecting a growth rate of 26.8% [7][9]. - The company's earnings per share (EPS) for 2024 is estimated at 2.65 yuan, with a price-to-earnings (P/E) ratio of 19.90 [7][9]. - The gross profit margin for 2024 is projected to be 22.5%, while the net profit margin is expected to be 17.2% [9].