Bestechnic (Shanghai) (688608) 民生证券·2024-10-27 12:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a record high quarterly revenue of 9.42 billion yuan in Q3 2024, marking a year-on-year growth of 44.01% and a quarter-on-quarter increase of 7.23% [2]. - The company's net profit for Q3 2024 reached 1.41 billion yuan, a year-on-year increase of 106.45%, driven by rapid revenue growth and improved gross margins [2]. - Continuous growth in downstream demand for smart wearable and smart home markets has significantly contributed to the company's performance [2]. - The company has increased its R&D investment, with R&D expenses for the first three quarters of 2024 amounting to 4.74 billion yuan, a year-on-year increase of 29.06% [2]. - New product launches, including the BES2800 smart wearable chip and Wi-Fi 6 connection chip, are expected to drive future growth [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 24.73 billion yuan, a year-on-year increase of 58.12% [2]. - The net profit attributable to shareholders for the first three quarters of 2024 was 2.89 billion yuan, reflecting a year-on-year growth of 145.47% [2]. - The company forecasts net profits of 4.03 billion yuan, 6.14 billion yuan, and 8.57 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 226.1%, 52.3%, and 39.5% [2][3]. - The projected PE ratios for 2024, 2025, and 2026 are 71, 46, and 33, respectively [3][5].