Bestechnic (Shanghai) (688608) 太平洋·2025-01-22 04:33Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][17]. Core Insights - The company achieved record-high revenue in Q3 2024, with total revenue reaching 2.473 billion yuan, a year-on-year increase of 58.12%. The net profit attributable to shareholders was 289 million yuan, up 145.47% year-on-year [3][4]. - The growth in revenue is driven by strong demand in the smart wearable and smart home markets, with Q3 revenue alone reaching 942 million yuan, a 44.01% increase year-on-year and a 7.23% increase quarter-on-quarter [4][5]. - The company's gross profit margin improved to 33.76% for the first three quarters of 2024, with Q3 margin at 34.68%, reflecting a positive trend due to changes in product structure and reduced upstream costs [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.473 billion yuan, with Q3 revenue at 942 million yuan [3][4]. - The net profit for the first three quarters was 289 million yuan, with Q3 net profit at 141 million yuan [3][4]. - The company expects revenues of 3.156 billion, 4.136 billion, and 5.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 379 million, 565 million, and 790 million yuan [6][14]. Product Development and Market Position - The company is benefiting from the long-term development trend of AI, with continuous upgrades to its chip products. New Bluetooth chip products have been launched, including the BES2700iBP and BES2800, which are designed for smart wearables [5][6]. - The BES2800 chip, utilizing advanced 6nm FinFET technology, integrates multiple cores and low-power connectivity features, enhancing the performance of wearable devices [5]. Operational Efficiency - The company reported operating expenses of 195 million yuan in Q3 2024, with an expense ratio of 20.70%, a decrease of 4.62 percentage points year-on-year, attributed to rapid revenue growth and economies of scale [4].