Bestechnic (Shanghai) (688608) 国盛证券·2025-03-04 01:26Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leader in SoC chips, focusing on AIoT applications with a diverse product portfolio, including TWS audio chips, smart wearable devices, and AI/AR glasses [1][4] - The company achieved record high annual performance in 2024, with total revenue reaching 3.26 billion yuan, a 50% year-on-year increase, and net profit attributable to shareholders reaching 460 million yuan, a 272% increase [1][4] - The company is expected to continue its growth trajectory, with projected revenues of 4.4 billion yuan and 5.6 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 34.9% and 27.3% [4] Summary by Sections 1. SoC Chip Leadership and Diverse Business Layout - The company has established itself as a leader in wireless SoC chips, continuously iterating its product technology [12][14] - The company has expanded its business into various applications, including smart audio devices and AIoT platforms, with a focus on low-power and intelligent audio-video interaction technologies [14][15] - The company has maintained a stable shareholding structure and actively promotes employee stock incentive plans to foster innovation [20] 2. TWS Market Foundation and AI-Driven Growth - The TWS earphone market is solid, with a 5.6% year-on-year increase in shipments in the first half of 2024 [2] - The company has developed proprietary technologies for TWS earphones, enhancing audio processing capabilities and user experience [2] - The company’s TWS audio chips are gaining traction, supported by innovative products like the BES2600 and BES2700 series [2] 3. Smart Watch Growth and New Product Launches - The smart watch market continues to grow, with domestic brands like Xiaomi and Huawei gaining market share [3] - The company’s BES2700BP is the first 12nm SoC platform for sports watches, offering strong performance and low power consumption [3] - Revenue from smart watch and band chips has increased, accounting for 28% of total revenue in the first half of 2024 [3] 4. AI/AR Glasses Market Potential - The global AI smart glasses market is expected to grow significantly, with sales projected to reach 5.5 million units by 2025 [4] - The company has established partnerships with major brands like Xiaomi and Huawei to develop audio glasses, leveraging its BES2700 series chips [4] - The company aims to capture more market share in the AI glasses segment with the upcoming BES2800 series products [4] 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 4.4 billion yuan and 5.6 billion yuan in 2025 and 2026, respectively, with net profits of 746 million yuan and 1 billion yuan [4][5] - The current stock price corresponds to a PE ratio of 59 and 44 for 2025 and 2026, respectively, indicating a favorable investment opportunity [4][5]