Bestechnic (Shanghai) (688608) 中原证券·2024-04-19 02:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [13][24]. Core Insights - 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 the parent company was 124 million yuan, a slight increase of 0.99% year-on-year [13][15]. - The new BES2800 chip, utilizing advanced 6nm FinFET technology, is expected to enhance AI applications in wearable devices, opening new growth opportunities [12][15]. - The company is positioned to benefit from the recovery in the consumer market and the rapid adoption of its BES2700 series wearable control chips [15]. Financial Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 2.770 billion yuan, 3.417 billion yuan, and 4.129 billion yuan, respectively, with growth rates of 27.30%, 23.34%, and 20.83% [4][15]. - Net Profit Forecast: Expected net profits for the same years are 276 million yuan, 396 million yuan, and 530 million yuan, with growth rates of 122.93%, 43.64%, and 33.87% [4][15]. - Earnings Per Share (EPS): The EPS is projected to be 2.30 yuan, 3.30 yuan, and 4.42 yuan for 2024, 2025, and 2026, respectively [4][15]. - Valuation Metrics: Corresponding price-to-earnings (PE) ratios are expected to be 51.95, 36.17, and 27.02 for the next three years [4][15]. Market Position and Competitive Advantage - The company has a strong competitive edge in the wearable chip sector, having introduced the BES2700 series, which has gained rapid market acceptance [15]. - The company maintains industry leadership through advancements in multi-core heterogeneous SoC technology and low-power Wi-Fi solutions [15].