Bestechnic (Shanghai) (688608) 华创证券·2025-04-28 03:43Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][23]. Core Views - The company achieved record high performance in 2024, with a revenue of 3.263 billion yuan, representing a year-on-year increase of 49.94%, and a net profit of 460 million yuan, up 272.47% year-on-year [7][8]. - The company is positioned as a leader in the domestic smart audio SoC sector, with a diversified revenue structure and a strong focus on R&D in AI and wearable technology [7][8]. - The report highlights the company's strategic partnerships and product innovations, particularly in the wearable device market, which are expected to drive future growth [7][8]. Financial Performance Summary - In 2024, the company reported a total revenue of 3.263 billion yuan, with a year-on-year growth rate of 49.9% and a net profit of 460 million yuan, reflecting a significant increase of 272.5% [8]. - For Q1 2025, the company achieved a revenue of 999.5 million yuan, marking a year-on-year increase of 52.25% and a quarter-on-quarter increase of 25.88% [7]. - The gross margin for Q1 2025 reached 38.47%, with net profit margins of 19.16%, indicating improved profitability [7][8]. Revenue and Profit Forecast - The company is projected to generate revenues of 4.920 billion yuan in 2025, 6.315 billion yuan in 2026, and 7.557 billion yuan in 2027, with corresponding net profits of 923 million yuan, 1.304 billion yuan, and 1.660 billion yuan respectively [8]. - The expected earnings per share (EPS) are forecasted to be 7.69 yuan in 2025, 10.86 yuan in 2026, and 13.83 yuan in 2027 [8]. Market Position and Strategy - The company is focusing on enhancing its R&D capabilities, particularly in Wi-Fi, NPU, and ISP technologies, to maintain its competitive edge in the smart wearable and smart home markets [7][8]. - The report emphasizes the growing trend of edge AI, which is expected to create new opportunities for the company, particularly in the development of low-power, high-performance SoC chips [7][8].