Bestechnic (Shanghai) (688608) 平安证券·2025-01-23 01:35Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9]. Core Insights - The company is expected to achieve a revenue of approximately 324.3 million to 328.3 million yuan in 2024, representing a year-on-year growth of 49.02% to 50.85%. The net profit attributable to the parent company is projected to be between 45 million to 47 million yuan, indicating a significant year-on-year increase of 264.00% to 280.18% [3][6]. - The wearable market is experiencing rapid growth, with the company enhancing its market share in smart Bluetooth headsets and smartwatches through the introduction of new low-power SoC chips [6][7]. - The company has reported a steady improvement in gross margin, with an expected gross margin of around 34.70% for 2024, reflecting a year-on-year increase of 0.5 percentage points [6][9]. Financial Summary - The company's revenue is projected to grow from 2,176 million yuan in 2023 to 3,282 million yuan in 2024, with a year-on-year growth rate of 50.8% [5][11]. - Net profit is expected to rise from 124 million yuan in 2023 to 459 million yuan in 2024, marking a year-on-year growth of 271.1% [5][11]. - The company’s R&D expenses are anticipated to be approximately 620 million yuan in 2024, an increase of about 12.93% compared to the previous year [6][10]. Market Position and Strategy - The company focuses on the development and sales of ultra-low power computing SoC chips, which are widely used in smart wearable and smart home products, establishing a strong brand influence in the industry [9][10]. - The new generation of 6nm smart wearable chip, BES2800, is expected to enhance the performance of TWS headsets, smartwatches, and smart glasses, benefiting from the trend towards AI integration in wearable products [9][10]. - The company plans to continue its strategy of focusing on brand clients and developing competitive chip products to capture new opportunities in the wearable and smart home markets [7][9].