Bestechnic (Shanghai) (688608) 长江证券·2025-02-23 05:29Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company is a leader in the smart Bluetooth SoC market, with proven capabilities in expanding product categories from TWS headphones to smartwatches and wristbands, and potential growth in AI glasses [2][4] - The company has a clear growth path driven by product innovation, application expansion, and strong brand partnerships with major global players [4][14] - The company is expected to achieve significant revenue growth, with projected net profits of 460 million, 751 million, and 1.025 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Company Overview - The company was established in 2015 and has evolved into an industry leader, initially focusing on Bluetooth audio chips and expanding into smart wearables and AI glasses [14] - The company emphasizes low-power, smart audio-video interaction, and wireless communication technologies, creating a product matrix that includes smart audio, wearables, smart home, and wireless connectivity [4][14] Bluetooth Headphones - Bluetooth audio chips represent the company's first growth curve, with rapid revenue growth driven by the TWS headphone market [5][46] - The company has successfully partnered with major brands like Samsung, OPPO, and Xiaomi to increase TWS headphone adoption [5][46] - The introduction of OWS and AI headphones is expected to enhance the company's product structure and ASP, leading to sustained revenue growth [53] Smartwatches - The smartwatch SoC is identified as the company's second growth curve, with significant revenue growth from the introduction of new SoC products [6][62] - The company has established partnerships with major brands, and the revenue from smartwatch SoCs is projected to continue increasing [6][62] AI Glasses - The global AI glasses market is anticipated to grow significantly, with the company positioned to capitalize on this trend by providing SoC solutions [7][66] - The company is actively developing SoC solutions for AI glasses, aiming to replicate its success in the headphone and smartwatch markets [7][66] Financial Performance - The company is expected to achieve revenue of 3.243 to 3.283 billion yuan in 2024, representing a year-on-year growth of 49.02% to 50.85% [24] - The net profit for 2024 is projected to be between 450 million and 470 million yuan, indicating a substantial increase compared to previous years [24]