Investment Rating - The report maintains a "Buy" rating for the company with a target price of 447.20 CNY [5][10] Core Insights - The company reported a 50% year-on-year revenue growth in 2024, reaching 32.6 billion CNY, and a 272% increase in net profit attributable to shareholders, amounting to 460 million CNY. In Q1 2025, revenue surged to 9.9 billion CNY, reflecting a 523% year-on-year growth, while net profit soared to 1.91 billion CNY, up 590% [1][4][9] Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 47.12 billion CNY in 2025, 60.44 billion CNY in 2026, and 77.55 billion CNY in 2027, with year-on-year growth rates of 44%, 28%, and 28% respectively [4][10] - **Net Profit**: Forecasted net profit for 2025 is 837 million CNY, increasing to 1.25 billion CNY in 2026 and 1.83 billion CNY in 2027, with growth rates of 82%, 49%, and 47% respectively [4][10] - **Earnings Per Share (EPS)**: Expected EPS is 6.97 CNY for 2025, 10.40 CNY for 2026, and 15.23 CNY for 2027 [4][10] - **Profit Margins**: Gross margin is expected to improve from 34.7% in 2024 to 39.9% in 2027, while net margin is projected to rise from 14.1% to 23.6% over the same period [4][10] Strategic Developments - The company is enhancing its strategic positioning in the smart wearable market, with the new generation of wearable chips, BES2800, entering mass production in 2024. This chip utilizes 6nm FinFET technology and integrates multiple functionalities, significantly reducing power consumption [9] - The revenue from smart wearable chips is expected to reach 1.05 billion CNY in 2024, marking a 116% increase and contributing approximately 32% to total revenue [9] R&D Investment - The company plans to invest 617 million CNY in R&D in 2024, a 12% increase from the previous year, focusing on low-power wireless computing platforms and advanced technologies [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 447.20 CNY [5][11] Core Insights - The company reported a 50% year-on-year increase in revenue for 2024, reaching 3.26 billion CNY, and a 272% increase in net profit attributable to shareholders, amounting to 460 million CNY. In Q1 2025, revenue reached 990 million CNY, a 52.3% year-on-year growth, with net profit at 191 million CNY, reflecting a 590% increase [1][2] - The company is transitioning towards a platform-based chip company, with significant growth in its smart wearable chip segment, which generated 1.05 billion CNY in revenue in 2024, a 116% increase, contributing approximately 32% to total revenue [10] - The new generation of smart wearable chips, BES2800, has entered mass production, utilizing 6nm FinFET technology, which significantly reduces power consumption and supports various applications in smartwatches, smart glasses, and audio devices [10] Financial Performance Summary - Revenue projections for 2025-2027 are 4.71 billion CNY, 6.04 billion CNY, and 7.76 billion CNY, respectively, with year-on-year growth rates of 44%, 28%, and 28% [4] - The company's net profit attributable to shareholders is expected to reach 837 million CNY in 2025, with a growth rate of 82%, and further increase to 1.83 billion CNY by 2027 [4] - The earnings per share (EPS) forecast for 2025-2027 is 6.97 CNY, 10.40 CNY, and 15.23 CNY, respectively [2][11] Research and Development - The company plans to invest 617 million CNY in R&D in 2024, a 12% increase from the previous year, focusing on low-power wireless computing platforms and audio processing technologies [10]

Investment Rating - The report maintains a "Buy" rating for the company [10][16]. Core Insights - The company achieved a record high revenue of 3.263 billion yuan in 2024, representing a year-on-year growth of 49.94%, and a net profit of 460 million yuan, up 272.47% year-on-year [4][5]. - In Q1 2025, the company reported revenue of 999.5 million yuan, a 52.25% increase year-on-year, and a net profit of 191 million yuan, reflecting a staggering growth of 590.22% year-on-year [4][5]. - The growth in revenue and profit is attributed to the expanding smart wearable market, increased sales of smart watch chips, and improved average selling prices due to product iterations [5][6]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.856 billion yuan, 6.196 billion yuan, and 7.765 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 780.91 million yuan, 1.07561 billion yuan, and 1.47177 billion yuan [10][12]. Financial Metrics - The company’s PE ratios for 2025, 2026, and 2027 are expected to be 67, 49, and 36, respectively [10][12]. - The gross margin for Q1 2025 reached 38.47%, an increase of 5.54 percentage points year-on-year [5][6]. Market Position and Product Development - The company has successfully expanded its smart watch and band chip business, with revenue contribution rising from approximately 22% in 2023 to around 32% in 2024 [6]. - The new generation chip, BES2800, is expected to be widely applied in TWS earphones, smart watches, and smart glasses in 2025, utilizing advanced 6nm FinFET technology [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company achieved a revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%, and a net profit of 460 million yuan, up 272.47% year-on-year [5]. - In Q1 2025, the company reported a revenue of 999.5 million yuan, a year-on-year increase of 52.25%, and a net profit of 191 million yuan, up 590.22% year-on-year [5]. - The new generation 6nm chip, BES2800, has been mass-produced and is expected to drive continuous high growth for the company [9]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 34.71%, which improved by 0.51% year-on-year, while the gross margin for Q1 2025 was 38.47%, an increase of 5.54% year-on-year [8]. - The net profit margin for 2024 was 14.11%, up 8.43% year-on-year, and for Q1 2025, it was 19.16%, an increase of 14.93% year-on-year [8]. Market Position - The company has seen a significant increase in its market share in the smart wearable market, with revenue from smart watch and band chips reaching 1.045 billion yuan in 2024, a year-on-year increase of 116% [8]. - The product structure is diversifying, with Bluetooth audio chips accounting for approximately 62% and smart watch/band chips about 32% of total revenue in 2024 [8]. Future Outlook - The company is expected to achieve revenues of 4.8 billion yuan, 6.19 billion yuan, and 7.594 billion yuan for the years 2025, 2026, and 2027, respectively [10]. - The projected net profits for the same years are 874 million yuan, 1.182 billion yuan, and 1.541 billion yuan, respectively [10].