Bestechnic (Shanghai) (688608) 国盛证券·2025-04-26 09:32Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company achieved a record high revenue of 3.26 billion yuan in 2024, representing a year-on-year growth of 50%, primarily driven by the doubling growth in smart watch and band business [1] - The first quarter of 2025 also saw a record high revenue of 990 million yuan, up 52% year-on-year and 26% quarter-on-quarter, attributed to government subsidies and an increase in the proportion of smart watch business [1] - The company is expected to continue its growth trajectory, with projected revenues of 4.95 billion yuan and 6.49 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth rates of 51.7% and 31.2% [5] Revenue Breakdown - In 2024, revenue from different business segments is as follows: 1) Ordinary Bluetooth: 520 million yuan, up 45%, accounting for 16% of total revenue, with a gross margin of 31.4% [3] 2) Smart Bluetooth: 1.5 billion yuan, up 28%, accounting for 46% of total revenue, with a gross margin of 32.2% [3] 3) Other chips: 1.24 billion yuan, up 92%, accounting for 38% of total revenue, with a gross margin of 39.2% [3] - The smart watch and band chip segment generated 1.05 billion yuan in revenue, up 116% year-on-year, becoming the largest growth driver for the company [3] Profitability Metrics - The company achieved a gross margin of 34.7% in 2024, up 0.5 percentage points year-on-year, and a net margin of 14.1%, up 8.4 percentage points year-on-year [2] - In the first quarter of 2025, the gross margin was 38.5%, up 5.5 percentage points year-on-year, and the net margin was 19.2%, up 14.9 percentage points year-on-year [2] Future Earnings Forecast - The company is projected to achieve a net profit of 971 million yuan in 2025, representing a year-on-year growth of 110.8%, and 1.37 billion yuan in 2026, with a growth of 40.9% [5] - The earnings per share (EPS) is expected to reach 8.09 yuan in 2025 and 11.39 yuan in 2026 [7]