Bestechnic (Shanghai) (SH:688608) Huachuang Securities·2025-08-27 13:55Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [7][22]. Core Views - The company achieved a revenue of 1.938 billion yuan in the first half of 2025, representing a year-on-year increase of 26.58%. The net profit attributable to shareholders reached 305 million yuan, up 106.45% year-on-year [1]. - The gross margin has steadily increased, reaching 40.12% in Q2 2025, the highest level since Q4 2022. This growth is attributed to the successful launch of the new BES2800 chip, which has significantly improved performance and power efficiency [7][8]. - The company is focusing on the growing market for edge AI applications, leveraging its leading position in the smart audio SoC sector to capitalize on new opportunities in wearable devices and smart home products [7][8]. Financial Summary - For 2025, the company is projected to generate total revenue of 4.92 billion yuan, with a year-on-year growth rate of 50.8%. The net profit is expected to reach 923 million yuan, reflecting a growth rate of 100.5% [3][8]. - The earnings per share (EPS) is forecasted to be 5.48 yuan in 2025, with a price-to-earnings (P/E) ratio of 52 [3][8]. - The company maintains a low debt-to-equity ratio of 0.8%, indicating strong financial health and low leverage [8].