Bestechnic (Shanghai) (688608) 国海证券·2025-04-26 11:32Investment Rating - The report maintains a "Buy" rating for the company [1][11] Core Insights - The company has shown significant growth in revenue, gross margin, and net profit in Q1 2025, driven by high-end product volume and government subsidies [2][10] - The company achieved a record quarterly revenue of 9.95 billion yuan in Q1 2025, representing a year-over-year increase of 52.25% and a quarter-over-quarter increase of 25.88% [6][10] - The gross margin for Q1 2025 reached 38.47%, up 5.54 percentage points year-over-year, indicating improved profitability [6][10] - The net profit attributable to the parent company for Q1 2025 was 1.91 billion yuan, a remarkable year-over-year increase of 590.22% [6][10] - The company is transitioning towards becoming a platform-type chip company, with a focus on low-power wireless computing SoC chips, particularly in the smart wearable and smart home markets [7][10] Financial Performance Summary - For the full year 2024, the company reported revenue of 32.63 billion yuan, a year-over-year increase of 49.94%, and a net profit of 4.6 billion yuan, up 272.47% [5][10] - The company expects to achieve revenues of 48.31 billion yuan, 60.74 billion yuan, and 75.48 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 48%, 26%, and 24% [9][10] - The projected net profit for 2025, 2026, and 2027 is 9.93 billion yuan, 13.26 billion yuan, and 17.02 billion yuan, with growth rates of 116%, 34%, and 28% [9][10] Market Position and Product Development - The company has significantly increased its market share in the smart watch segment, with revenue from smart watch and band chips reaching 10.45 billion yuan in 2024, a year-over-year increase of 116% [7][10] - The new generation product, BES2800, has been successfully mass-produced, enhancing the company's market position and technological leadership in the industry [7][10]