Bluetrum(SH:688332) Great Wall Securities·2024-05-31 01:31Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [20]. Core Insights - The company reported a revenue of 1.447 billion yuan in 2023, a year-on-year increase of 33.98%, and a net profit attributable to shareholders of 252 million yuan, up 78.64% year-on-year [1]. - The growth in revenue is attributed to the recovery in the consumer electronics sector and increased demand from downstream and end-users, with steady growth in product shipments [2]. - The company has a strong focus on optimizing its product structure, with high-margin products like the Xunlong series gaining a larger sales share, contributing to improved profitability [2]. - The company is expanding its market presence, particularly in emerging markets such as India and Southeast Asia, where demand for TWS headphones and wearable products is increasing [4]. - The company is continuously innovating and upgrading its product lines, with significant investments in R&D, which reached 164 million yuan in 2023, a 49.30% increase year-on-year [22]. Financial Performance Summary - In 2023, the company's gross margin was 22.56%, an increase of 1.64 percentage points year-on-year, while the net profit margin was 17.39%, up 4.34 percentage points year-on-year [2]. - For Q1 2024, the company reported a revenue of 363 million yuan, a year-on-year increase of 18.19%, but a quarter-on-quarter decrease of 8.65% [1]. - The company forecasts net profits of 336 million yuan, 446 million yuan, and 568 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.80 yuan, 3.72 yuan, and 4.73 yuan [25].