Bluetrum(SH:688332)2024-09-25 07:40Group 1: Financial Performance - In the first half of 2024, the company achieved a revenue of 791 million CNY, representing a year-on-year growth of 21.11% [3] - The net profit attributable to shareholders was 135 million CNY, with a year-on-year increase of 19.83% [3] - The net profit after deducting non-recurring gains and losses was 109 million CNY, showing a year-on-year growth of 31.10% [3] Group 2: Product Development and Market Expansion - The company has expanded its brand client base since 2019, with products recognized by major brands such as Xiaomi, realme, and Anker [3] - The launch of the "Xunlong 2nd Generation +" chip has been well-received, being adopted by various high-end audio products [3] - The company’s BLE chips are now applied in personal care and sports health products, with mass production achieved in collaboration with platforms like Tencent and Honor [3] Group 3: Technological Advancements - The company has developed a comprehensive range of OWS audio SoC chips, covering high-end to entry-level products, supporting the latest Bluetooth protocols [4] - The high-end BT893X series features Hi-Res certification and LDAC decoding, ensuring high audio quality for various premium products [4] - The RISC-V CPU and HiFi DSP in the high-end series support AI algorithm applications, enhancing connectivity with cloud services [4] Group 4: Market Trends and Strategic Responses - The company is positioned to benefit from the trend of brands offering high cost-performance products, as it has a strong foundation in this area [4] - The gross margin improved in Q2 due to expanded product applications and strict cost control measures [4] - The company plans to continue expanding brand clients and increasing new product sales to maintain reasonable gross margins [5] Group 5: Inventory Management and Future Planning - As of June 30, 2024, the company's inventory increased compared to the end of the previous year, driven by proactive stocking for the traditional sales peak in Q3 and Q4 [6] - The inventory management strategy focuses on new product stocking and capacity changes to optimize procurement costs [6] - The company aims to maintain inventory levels within a reasonable turnover range as new products are mass-produced [6]