Actions(SH:688049) Huaxin Securities·2024-03-28 16:00Investment Rating - The report assigns an "Add" rating for the company, marking it as the first coverage [10]. Core Views - The company achieved a revenue of 520 million yuan in 2023, representing a year-on-year growth of 25.41%, and a net profit attributable to shareholders of 65 million yuan, which is a 21.04% increase [10]. - The gross margin improved to 43.69%, an increase of 4.45 percentage points year-on-year, indicating enhanced profitability [10]. - The company is strategically positioning itself in various wireless communication technologies, including UWB, WIFI6, and StarFlash, and has joined the StarFlash Alliance to collaborate with ecosystem partners [2]. Financial Forecast - The forecasted revenue for 2024, 2025, and 2026 is 690 million yuan, 866 million yuan, and 1,153 million yuan, respectively, with growth rates of 32.7%, 25.6%, and 33.1% [4]. - The net profit attributable to shareholders is projected to be 92 million yuan in 2024, 148 million yuan in 2025, and 195 million yuan in 2026, with growth rates of 42.0%, 60.3%, and 31.4% [4]. - The diluted earnings per share (EPS) are expected to be 0.76 yuan in 2024, 1.21 yuan in 2025, and 1.59 yuan in 2026 [4]. Market Position and Product Development - The company has successfully penetrated leading brand clients in the Bluetooth audio SoC chip market, driving revenue growth [10]. - The Bluetooth audio SoC chip business generated 386 million yuan in revenue in 2023, a year-on-year increase of 42.58%, accounting for 74.25% of total revenue [10]. - The company is enhancing its SoC chips with a three-core AI heterogeneous architecture, aiming to meet the growing demand for edge AI computing in low-power devices [12].