Bestechnic (Shanghai) (SH:688608) Huaxin Securities·2024-09-02 23:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant revenue growth driven by the increasing demand for smart wearable products, achieving a revenue of 1.531 billion yuan in the first half of 2024, representing a year-on-year increase of 68.26% [1] - The net profit attributable to shareholders reached 148 million yuan, a remarkable year-on-year growth of 199.76% [1] - The company's market share and competitiveness in the smart wearable sector have rapidly improved due to the accelerated shipment of products and the introduction of new 6nm chips [1][3] Summary by Relevant Sections Market Demand and Product Development - The company's revenue from smartwatches and wristbands accounted for approximately 28% of total revenue in the first half of 2024, indicating a significant increase compared to the previous year [1] - The company has launched new products based on its flagship chip, BES2700BP, including BES2700iBP and BES2700iMP, achieving full coverage of smartwatches, sports watches, and wristbands [1] - The introduction of ultra-low power technology and the new generation of 6nm chips has met the growing demand for low-power, high-performance wearable devices [1] Financial Forecast - The company is projected to achieve revenues of 3.204 billion yuan, 4.095 billion yuan, and 5.036 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.93 yuan, 4.45 yuan, and 5.96 yuan [3][5] - The current price-to-earnings (P/E) ratios are forecasted to be 49.7, 32.8, and 24.5 for the years 2024, 2025, and 2026, respectively, reflecting the company's strengthening core competitiveness as wearable demand continues to grow [3]