Bluetrum(SH:688332) Huaan Securities·2024-11-05 01:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2] Core Views - The company has shown significant revenue growth, with a 12.48 billion yuan revenue for the first three quarters of 2024, representing an 18.91% year-on-year increase. The net profit attributable to shareholders reached 2.07 billion yuan, up 4.80% year-on-year, while the net profit excluding non-recurring items was 1.75 billion yuan, reflecting a 26.45% increase [1] - The Bluetooth headset market in emerging markets is expected to grow, with the company leveraging its cost-effective advantages to expand its brand client base. The penetration rate of Bluetooth headsets in India is projected to rise from 25% in 2023 to 37% by 2027, indicating substantial market potential [1] - The company is increasing its R&D efforts, with a research expense ratio of 8.33% in Q3 2024, maintaining above 8% for eight consecutive quarters. This focus on innovation is aimed at enhancing the company's overall gross margin [1] Financial Summary - For 2023, the company reported a revenue of 14.47 billion yuan, with a year-on-year growth of 34.0%. The net profit attributable to shareholders was 252 million yuan, showing a 78.6% increase [3] - Forecasts for 2024 to 2026 indicate revenues of 18.5 billion yuan, 24.0 billion yuan, and 27.3 billion yuan respectively, with corresponding net profits of 307 million yuan, 381 million yuan, and 485 million yuan [2][3] - The gross margin is expected to improve from 22.6% in 2023 to 26.3% by 2026, reflecting the company's efforts to enhance profitability [3]