Actions(688049) 中邮证券·2024-11-04 06:23Company Overview - Latest closing price: 29.85 yuan [1] - Total shares outstanding / float (billion shares): 1.46 / 1.09 [1] - Total market cap / float market cap (billion yuan): 44 / 32 [1] - 52-week high/low price: 40.05 / 19.96 yuan [1] - Asset-liability ratio: 6.1% [1] - P/E ratio: 56.32 [1] - Largest shareholder: Zhuhai Ruisheng Investment Partnership (Limited Partnership) [1] Investment Rating - Stock rating: Buy | Maintain [3] - Target period: August 2024 [3] - Analyst: Wu Wenji, SAC registration number: S1340523050004 [3] Core Investment Highlights - AI and wireless trends drive revenue growth: The company is capitalizing on the AI and wireless trends in the consumer electronics market, focusing on Bluetooth audio SoC chips and edge AI processor chips [4] - Record-high quarterly revenue: The company achieved a record-high quarterly revenue through aggressive sales strategies and optimized product and customer structures [4] - Market leadership in wireless low-latency private protocol products: The company has become a major supplier in this niche market, attracting collaborations with international brands like Harman and Sony [4] - Expansion into new markets: The company is expanding from portable audio to home audio and smart home markets, with a focus on wireless home theater systems, gaming headsets, microphones, and wireless dongles [4] R&D and Market Expansion - Increased R&D investment: R&D expenses for the first three quarters reached 160 million yuan, up 33.76% YoY [5] - Development of low-power, high-performance edge devices: The company is focusing on new products for home audio and has successfully developed a CPU+DSP+NPU tri-core heterogeneous architecture [5] - AI processor adoption: The company's AI processors have been adopted by multiple customers, primarily for audio noise reduction and voice processing, with potential applications in smartwatches and other AI devices [5] Financial Projections - Revenue growth: Expected to grow from 520 million yuan in 2023 to 1.15 billion yuan in 2026, with a CAGR of 30.68% [8] - Net profit growth: Net profit attributable to the parent company is projected to increase from 65.06 million yuan in 2023 to 208.23 million yuan in 2026, with a CAGR of 40.15% [8] - EPS growth: Expected to rise from 0.45 yuan in 2023 to 1.42 yuan in 2026 [8] - P/E ratio: Expected to decline from 67.05 in 2023 to 20.95 in 2026 [8] Financial Ratios and Performance - Gross margin: Expected to increase from 43.7% in 2023 to 49.1% in 2026 [11] - Net margin: Projected to rise from 12.5% in 2023 to 18.1% in 2026 [11] - ROE: Expected to grow from 3.6% in 2023 to 9.1% in 2026 [11] - Asset-liability ratio: Forecasted to increase from 6.1% in 2023 to 43.4% in 2026 [11]