Actions(SH:688049) China Post Securities·2025-05-13 02:56Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company specializes in wireless audio ICs, targeting high-end consumer and professional audio markets globally. Its main products include Bluetooth audio SoC chip series, portable audio and video SoC chip series, and smart voice interaction SoC chip series, which are widely used in Bluetooth speakers, headphones, smart education, and smart home applications. The company has become a mainstream supplier in the low-power wireless IoT field and is gradually achieving domestic substitution in related chip areas [2][14] - The company serves both international and domestic top-tier brands, including Harman, Sony, Bose, and Xiaomi, by providing differentiated chip combinations to meet diverse market demands, which has led to increased penetration in mainstream brands [2][14] - The company is continuously enhancing its product development and upgrades for 2.4G private communication protocols, which are widely applied in smart offices, smart homes, and industrial control. The latest products support high transmission power and improved wireless communication technology, showcasing strong wireless connection capabilities [2][14] - The company is leveraging AI advancements to enhance audio applications, with its edge AI processor chips providing low-power computing platforms for smart IoT applications, meeting the AI needs of low-power edge devices [2][14] Financial Projections and Indicators - The company forecasts revenue growth from 652 million in 2024 to 1,493 million by 2027, with a compound annual growth rate (CAGR) of approximately 29.87% [3] - The projected net profit attributable to the parent company is expected to grow from 107 million in 2024 to 309 million by 2027, reflecting a strong growth trajectory [3] - The company's EBITDA is projected to increase from 80 million in 2024 to 346 million by 2027, indicating robust operational performance [3] - The earnings per share (EPS) is expected to rise from 0.73 yuan in 2024 to 2.12 yuan by 2027, showcasing significant profitability improvement [3] Product and Market Development - The company is deepening its focus on smart audio SoC technology, leading innovations in audio technology [5][7] - The company is expanding its market presence in portable and home audio markets, with a gradual increase in market share for private protocol products like wireless microphones and soundbars [23][45] - The company is actively exploring the wireless microphone market, which is expanding due to the rise of video streaming and content creation, with its products gaining popularity for their low power consumption and excellent noise reduction capabilities [49][50]