Actions(SH:688049) Huaxin Securities·2024-09-03 03:00Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company has demonstrated steady operational growth, with a significant increase in R&D investment aimed at low-power edge computing [1]. - In the first half of 2024, the company achieved operating revenue of 280 million yuan, representing a year-on-year growth of 27.90%, and a net profit attributable to shareholders of 41 million yuan, up 65.73% year-on-year [1]. - The company is focusing on a multi-matrix product layout to meet diverse market demands and continuously optimizing its product structure [1]. Financial Performance - The company reported a comprehensive gross margin of 46.43%, an increase of 5.17 percentage points year-on-year, and a main business gross profit growth of 43.96% [1]. - R&D expenses reached approximately 100 million yuan, a year-on-year increase of 35.37%, accounting for 35.73% of the company's operating revenue [1]. - The company forecasts revenues of 690 million yuan, 866 million yuan, and 1.153 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63 yuan, 1.01 yuan, and 1.33 yuan [3][5]. Market Position and Product Development - The company has successfully developed a tri-core heterogeneous architecture based on CPU, DSP, and NPU, which will be applied in high-end audio SoC chips and low-latency high-quality wireless audio SoC chips [1]. - The company’s Bluetooth audio chips are characterized by low latency and high sound quality, and have been adopted by brands such as Harman, SONY, and Razer [1]. - The second-generation smart watch chip is also gaining traction with brands like TITAN and realme [2].