Bestechnic (Shanghai) (688608) 首创证券·2024-11-15 09:43Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue growth rate of 44.01% in Q3 2024, with total revenue reaching 942 million yuan, and a year-to-date revenue of 2.473 billion yuan, reflecting a 58.12% increase year-on-year [3] - The net profit attributable to shareholders for Q3 2024 was 141 million yuan, up 106.45% year-on-year, with a year-to-date net profit of 289 million yuan, representing a 145.47% increase [3] - The company's gross margin improved to 33.76% for the first three quarters of 2024, with a Q3 gross margin of 34.68%, an increase of 1.29 percentage points quarter-on-quarter [4] - The company has a broad customer base, including major global brands in the Android smartphone, professional audio, and home appliance sectors [4] - The new ultra-low power wireless wearable chip, BES2700iMP, has been mass-produced for smartwatches and wristbands [4] - The latest generation chip, BES2800, has also been mass-produced, featuring a 6nm FinFET process and supporting Wi-Fi 6 technology [4] - Profit forecasts remain unchanged, with expected net profits of 400 million, 614 million, and 841 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 73, 48, and 35 times based on the stock price as of November 12 [4] Financial Summary - For 2024, the company is projected to achieve revenues of 2.176 billion yuan, with a growth rate of 52.63% [5] - The net profit for 2024 is expected to be 124 million yuan, with a significant growth rate of 223.64% [5] - The earnings per share (EPS) is forecasted to be 3.33 yuan for 2024 [5] - The company’s gross margin is projected to be around 33.8% in 2024, with a net profit margin of 12% [7]