夯实白牌市场优势地位，逐步渗透品牌客户

Investment Rating - The report maintains a "Buy" rating for the company [4][11] Core Views - The company is expected to achieve revenues of 1.89 billion, 2.41 billion, and 3.05 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 345 million, 453 million, and 581 million yuan [11] - The current stock price corresponds to a PE ratio of 19x, 15x, and 12x for 2024-2026, indicating strong growth potential [11] - The company is leveraging its dominant position in the white-label market to gradually penetrate brand customers, with a focus on high-end chips and expanding its product portfolio [10][28] Financial Performance - In 2023, the company achieved revenue of 1.45 billion yuan, a year-on-year increase of 33.98%, and net profit attributable to the parent company of 252 million yuan, a year-on-year increase of 78.64% [17] - The company's gross margin in 2023 was 22.56%, an increase of 1.64 percentage points year-on-year, while the net margin was 17.39%, an increase of 4.34 percentage points [17] - R&D expenses in 2023 were 164 million yuan, a year-on-year increase of 49.30%, with R&D personnel increasing by 27.81% to 216 people [17] Market and Valuation - The company's total market capitalization is 6.7 billion yuan, with a circulating market capitalization of 2.4 billion yuan [8] - The stock's 52-week high and low prices are 88.65 yuan and 52.15 yuan, respectively [16] - The current PE ratio is 26.57, with a latest closing price of 55.79 yuan [17] Product and Market Strategy - The company has launched multiple chip products, including the BT893x series, AB202x series, and AB568X series, with a focus on high-end chips to penetrate the brand market [28] - The company is expanding its product lines to include Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, and AIoT chips, aiming for a more comprehensive market layout [28] Financial Projections - Revenue is projected to grow at a CAGR of 26.22% from 2024 to 2026, with net profit attributable to the parent company growing at a CAGR of 28.20% [19] - The company's ROE is expected to increase from 6.7% in 2023 to 11.3% in 2026, reflecting improved profitability [13]