Bestechnic (Shanghai) (SH:688608) Capital Securities·2024-04-29 02:30Investment Rating - The investment rating for the company is "Buy" [2][22]. Core Views - The company achieved a record high 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, with a slight increase of 0.99% year-on-year [18]. - The company has a broad customer base, including major global brands in various sectors, and continues to focus on product development based on brand customer needs [18]. - The new BES2700iBP chip for wearable devices has been launched, enhancing the company's product offerings in the wearable market [18]. - The latest BES2800 chip is expected to enter mass production in 2024, utilizing advanced 6nm FinFET technology to provide high performance for wearable devices [18]. - Profit forecasts for the company indicate net profits of 266 million yuan, 415 million yuan, and 569 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 53, 34, and 25 [18]. Summary by Sections Company Basic Data - Latest closing price: 118.60 yuan - Market capitalization: 14.236 billion yuan - Total shares: 1.20 billion [9]. Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 2.813 billion yuan, 3.520 billion yuan, and 4.390 billion yuan respectively, with growth rates of 29.24%, 25.16%, and 24.71% [10]. - The expected net profit for 2024, 2025, and 2026 is 266 million yuan, 415 million yuan, and 569 million yuan, with growth rates of 115.43%, 55.92%, and 37.08% respectively [10]. Financial Data - The company's gross margin for 2023 was 34.20%, a decrease of 5.17 percentage points year-on-year, while the net margin was 5.68%, down 2.56 percentage points year-on-year [18]. - R&D expenses for 2023 were 550 million yuan, representing a year-on-year increase of 25.04% [18].