Bestechnic (Shanghai) (SH:688608) Huafu Securities·2024-10-25 05:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [11]. Core Insights - The company achieved a record high revenue of 940 million yuan in Q3 2024, representing a year-over-year increase of 44% and a quarter-over-quarter increase of 7%, benefiting from strong demand in the smart wearable and smart home sectors [1]. - Cumulative revenue for the first three quarters of 2024 reached 2.47 billion yuan, up 58% year-over-year, driven by growth in the domestic Bluetooth headset market, which saw a total shipment of 73.38 million units, a 19.5% increase year-over-year [1]. - The company's net profit attributable to shareholders for Q3 2024 was 140 million yuan, a 106% increase year-over-year, with a net profit margin of 15.02% [1]. - The report highlights the structural opportunities in the market, particularly in the OWS and TWS headset segments, with significant growth rates observed [1][2]. Financial Summary - The company is projected to achieve net profits of 420 million yuan, 620 million yuan, and 840 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 71, 48, and 35 [4]. - Revenue growth rates are forecasted at 47% for 2023, 53% for 2024, 27% for 2025, and 23% for 2026 [5][9]. - The gross profit margin for Q3 2024 was reported at 34.69%, showing a gradual improvement due to changes in product mix and reduced upstream costs [1][4]. Market Position and Trends - The company is positioned as a leader in the AIoT SoC market, with expectations for continuous innovation in consumer terminal products driven by the AI wave [2]. - The collaboration with Oladance for AI-enabled OWS headsets is anticipated to strengthen the company's market presence and product offerings [2].