Bestechnic (Shanghai) (SH:688608) Zhongyuan Securities·2024-08-29 08:11Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12]. Core Insights - The company has experienced rapid growth in the smart wearable chip market, with the new generation 6nm chip expected to gradually ramp up production [1][2]. - In the first half of 2024, the company achieved a revenue of 1.531 billion yuan, a year-on-year increase of 68.26%, and a net profit attributable to shareholders of 148 million yuan, up 199.76% year-on-year [1]. - The company’s R&D investment in the first half of 2024 was 322 million yuan, representing a year-on-year increase of 36.76%, which is crucial for maintaining its core competitiveness [1][2]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 878 million yuan, a year-on-year increase of 66.80% and a quarter-on-quarter increase of 34.45% [1]. - The gross profit margin for Q2 2024 was 33.39%, showing a year-on-year decrease of 1.30% but a quarter-on-quarter increase of 0.46% [1]. - The net profit margin for Q2 2024 was 13.67%, reflecting a year-on-year increase of 4.17% and a quarter-on-quarter increase of 9.44% [1]. Revenue and Profit Forecast - The company’s revenue is projected to reach 3.338 billion yuan in 2024, with a growth rate of 53.37%, and net profit is expected to be 370 million yuan, marking a 199.10% increase [3][10]. - For the years 2025 and 2026, revenue forecasts are 4.034 billion yuan and 4.781 billion yuan, respectively, with corresponding net profits of 531 million yuan and 713 million yuan [3][10]. Market Position and Product Development - The company is positioned as a leading player in the domestic smart audio and video SoC chip market, with a significant increase in market share for smart watch and band chips [2]. - The BES2800 chip, which utilizes advanced 6nm FinFET technology, has begun mass production and is expected to be widely adopted in various wearable devices [2][4].