中科蓝讯：Ai赋能蓝牙音频

Investment Rating - The report maintains a "Buy" rating for the company Zhongke Luanxun (688332) [2] Core Views - In the first three quarters of 2024, the company achieved operating revenue of 1.248 billion yuan, a year-on-year increase of 18.91%, and a net profit attributable to the parent company of 207 million yuan, up 4.80% year-on-year [2] - The company has eight product lines that continue to perform well, with significant sales growth in smart wearables, AIoT, and wireless microphones. The newly launched "Xunlong 2nd Generation+" chip has received widespread market recognition [2] - The company is actively developing high-end AI products, with the Xunlong 3rd Generation series chips being integrated into various AI applications, enhancing user experience through high-quality audio and AI voice interaction [2] - The smart wearable segment is expanding, with notable sales increases expected from the AB568X and AB569X series, which have been well-received in international markets [2] Financial Summary - The company forecasts net profits attributable to the parent company for 2024-2026 to be 290 million, 370 million, and 510 million yuan respectively [2] - The projected operating revenue for 2024-2026 is 1.805 billion, 2.330 billion, and 3.020 billion yuan, with growth rates of 24.75%, 29.09%, and 29.61% respectively [3] - The company's EBITDA is expected to grow from 286.14 million yuan in 2024 to 531.41 million yuan in 2026 [3] - The earnings per share (EPS) is projected to increase from 2.44 yuan in 2024 to 4.27 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 32.41 to 18.55 [3][5]