Actions(SH:688049) Huajin Securities·2024-09-05 12:12Investment Rating - The report assigns a "Buy-A" rating for the company, indicating an expected investment return exceeding 15% over the next six months [1][3]. Core Insights - The company reported a record high revenue of 280.30 million yuan for the first half of 2024, representing a year-on-year growth of 27.93%. The gross profit margin improved to 46.43%, up by 5.17 percentage points [1]. - The company is focused on the AIoT smart terminal audio sector, with significant growth in partnerships with leading international brands in the Bluetooth speaker chip market [1]. - The company is increasing its investment in edge AI processing capabilities, with R&D expenses accounting for 35.73% of its revenue in the first half of 2024 [1][3]. Financial Performance - For the first half of 2024, the company achieved a net profit of 40.94 million yuan, a year-on-year increase of 65.73% [1]. - Revenue forecasts for 2024, 2025, and 2026 have been adjusted to 680 million yuan, 846 million yuan, and 1.048 billion yuan, respectively, with expected growth rates of 30.8%, 24.3%, and 23.9% [3][4]. - The projected net profit for 2024, 2025, and 2026 is 9.1 million yuan, 12.3 million yuan, and 15.8 million yuan, with corresponding P/E ratios of 35.6, 26.3, and 20.4 [3][4]. Market Position and Strategy - The company is a leading low-power AIoT chip designer in China, specializing in mid-to-high-end smart audio SoC chips, with applications in wireless audio, smart wearables, and smart interaction [1]. - The company is enhancing its product offerings by transitioning to a three-core AI heterogeneous architecture, which is expected to significantly improve computing power and energy efficiency [1][3].