Bestechnic (Shanghai) (688608) 中邮证券·2025-03-10 12:33Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is experiencing significant growth in the smart wearable market, with a projected revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%. The net profit attributable to the parent company is expected to reach 460 million yuan, a remarkable growth of 271.70% [5][7] - The company is heavily investing in R&D, with an estimated R&D expenditure of 621 million yuan in 2024, an increase of approximately 12.93% year-on-year. This investment is aimed at advancing low-power SoC technology and enhancing product capabilities [6][7] Financial Summary - The company’s revenue projections for 2024, 2025, and 2026 are 3.263 billion yuan, 4.315 billion yuan, and 5.416 billion yuan, respectively. The net profit attributable to the parent company is expected to be 460 million yuan in 2024, 639 million yuan in 2025, and 842 million yuan in 2026 [7][10] - The company’s EBITDA for the same years is projected to be 546.93 million yuan in 2024, 724.18 million yuan in 2025, and 925.91 million yuan in 2026 [10] - The company’s earnings per share (EPS) is expected to increase from 3.83 yuan in 2024 to 7.01 yuan in 2026, reflecting strong growth potential [10]