Bluetrum(688332)2023-12-14 08:42Market Trends and Performance - Global TWS (True Wireless Stereo) headset shipments increased by 3.9% in Q3 2023, with Apple leading at 27% market share despite an 8.3% decline in shipments [3] - Samsung held an 8% market share in TWS, with a 9.5% decline in shipments, while boAt and小米 saw double-digit growth, capturing 7% and 5% market shares respectively [3] - Smartwatch shipments reached 49.58 million units in Q3 2023, a 38.0% increase from the previous quarter, with 52.6% of units priced below $150 and 31.6% above $300 [3] Company Operations and Strategy - The company focuses on wireless audio SoC chips, with product lines including Bluetooth耳机, Bluetooth音箱, smart wearables, wireless microphones, digital audio, toy voice, IoT, and voice recognition chips [2] - Key clients include小米, 万魔, realme, 传音, 魅蓝, 漫步者, 倍思, 飞利浦, NOKIA, 摩托罗拉, 联想, 铁三角, 喜马拉雅, boAt, Noise, 沃尔玛, 科大讯飞, and TCL [2] - The company plans to launch "讯龙二代 +"耳机芯片, "讯龙三代"高端音箱芯片, and cost-effective watch chips in 2024 to expand market applications and enhance profitability [4] Financial and R&D Insights - R&D expenses for the first three quarters of 2023 totaled 114 million yuan, an 84.28% year-over-year increase, driven by talent recruitment and material investments [3] - The company's inventory increased due to proactive stockpiling for the traditional sales peak in Q3 and Q4, with stable shipments and reasonable inventory levels [5] - Overseas market shipments accounted for 60-70% of total revenue, with significant growth in regions like India, Southeast Asia, Africa, and欧美 [4] Future Outlook - The company aims to leverage its technological advantages and client resources to explore new market areas and expand sales channels, focusing on Bluetooth and WIFI applications [4] - A股权激励计划 was disclosed in February 2023, outlining detailed revenue targets for 2023 to 2025, with a focus on sustainable growth and shareholder value creation [3]