Bluetrum(688332) Huachuang Securities·2024-04-26 17:01Investment Rating - Strong Buy (Maintained) [31] Core Views - The company achieved revenue of 363 million yuan in Q1 2024, a year-on-year increase of 18.19% and a quarter-on-quarter decrease of 8.65% [5] - Net profit attributable to the parent company was 55 million yuan, a year-on-year increase of 11.07% and a quarter-on-quarter increase of 0.81% [5] - Non-GAAP net profit attributable to the parent company was 46 million yuan, a year-on-year increase of 24.27% and a quarter-on-quarter increase of 27.93% [5] - The company's gross margin in Q1 2024 was 20.43%, a year-on-year increase of 0.85 percentage points and a quarter-on-quarter decrease of 1.01 percentage points [31] - The company's non-GAAP net profit margin in Q1 2024 was 12.62%, a year-on-year increase of 0.62 percentage points and a quarter-on-quarter increase of 3.61 percentage points [31] - The company is expected to achieve revenue of 1.89 billion yuan, 2.40 billion yuan, and 2.977 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.6%, 27.0%, and 24.0% [16][31] - The company is expected to achieve net profit attributable to the parent company of 320 million yuan, 434 million yuan, and 526 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.0%, 35.7%, and 21.3% [16][31] Financial Highlights - The company's total market capitalization is 7.009 billion yuan, with a circulating market capitalization of 2.501 billion yuan [6] - The company's asset-liability ratio is 24.57%, and the net asset per share is 31.85 yuan [6] - The company's 12-month high and low stock prices are 88.65 yuan and 52.15 yuan, respectively [6] - The company's gross margin is expected to be 24.7%, 25.5%, and 26.0% in 2024, 2025, and 2026, respectively [28] - The company's net profit margin is expected to be 16.9%, 18.1%, and 17.7% in 2024, 2025, and 2026, respectively [28] - The company's ROE is expected to be 7.8%, 9.6%, and 10.4% in 2024, 2025, and 2026, respectively [28] Business Development - The company has launched the BT889X, BT892X, BT893X, and BT895X series of high-end Bluetooth chips, which have been adopted by major brands such as Xiaomi, Realme, and Philips [31] - The company's Xunlong series accounted for 14%-15% of revenue in 2023, and the company plans to further penetrate the brand customer market in 2024 [31] - The company is expanding its product lines, including Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, and AIoT chips, to enhance market coverage and product competitiveness [31] - The company is increasing R&D investment to improve product planning and technical pre-research capabilities, with a focus on Bluetooth, Wi-Fi, and AI voice recognition technologies [31] Valuation and Target Price - The company's target price is set at 79.9 yuan, based on a 30x PE multiple for 2024 [31] - The company's EPS is expected to be 2.66 yuan, 3.61 yuan, and 4.38 yuan in 2024, 2025, and 2026, respectively [31]