Bestechnic (Shanghai) (688608) 民生证券·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [11][12]. Core Views - The company achieved a revenue of 2.176 billion yuan in 2023, representing a year-on-year growth of 46.57%. The net profit attributable to shareholders was 124 million yuan, with a slight increase of 0.99% [11]. - The company is benefiting from a recovery in the global economy and an increase in demand for chips from downstream customers, leading to a significant revenue increase [11]. - The company is focusing on innovation, with R&D expenses rising by 25.04% to 550 million yuan in 2023, maintaining industry leadership in key technologies [11]. - The company has successfully launched new products, including the BES2800 chip, which is expected to enter mass production in 2024 [11]. - The company has established strong partnerships with major brand clients, enhancing its competitive advantage in the market [11]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 2.808 billion yuan, 3.548 billion yuan, and 4.423 billion yuan, respectively, with growth rates of 29.0%, 26.4%, and 24.7% [2]. - The net profit attributable to shareholders is expected to reach 299 million yuan in 2024, 465 million yuan in 2025, and 646 million yuan in 2026, with growth rates of 141.6%, 55.7%, and 38.9% [2]. - The company's PE ratio is projected to decrease from 99 in 2023 to 41 in 2024, 26 in 2025, and 19 in 2026 [2].