Actions(SH:688049) Capital Securities·2024-04-10 16:00Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company reported a strong performance in 2023, achieving revenue of 520 million yuan, a year-on-year increase of 25.41%, and a net profit attributable to shareholders of 65 million yuan, up 21.04% year-on-year [2]. - The Bluetooth audio SoC chips generated revenue of 386 million yuan, reflecting a significant year-on-year growth of 42.58% [2]. - The company has successfully penetrated the smartwatch chip market, with the first-generation smartwatch chip achieving over 10 million units shipped in 2023, driven by partnerships with major brands [2]. - The company has become a mainstream supplier in the Bluetooth speaker market, particularly for mid-to-high-end products, and aims to continue increasing its market share in 2024 [2]. - The transition from wired to wireless audio products is evident, with the company leveraging its expertise in low-latency, high-quality wireless audio solutions [2]. - Profit forecasts for the company indicate net profits of 87 million yuan, 114 million yuan, and 144 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 40, 31, and 24 times [2]. Financial Summary - In 2023, the company achieved a gross margin of 43.73%, an increase of 4.40 percentage points year-on-year, with a net margin of 12.51% [2]. - The revenue growth rate is projected to be 29.35% in 2024, 27.62% in 2025, and 25.00% in 2026 [11]. - The gross margin for Bluetooth audio SoC chips was 42.66%, up 6.07 percentage points year-on-year [2]. - The company’s total assets are expected to grow from 192.66 billion yuan in 2023 to 219.46 billion yuan by 2026 [5].