Bestechnic (Shanghai) (688608) 华创证券·2025-04-28 04:40Investment 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]. Financial Performance Summary - In 2024, the company reported a total revenue of 3.263 billion yuan, with a year-on-year growth of 49.94%, and a net profit of 460 million yuan, reflecting a significant increase of 272.47% [7][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 14.11% for 2024 and 19.16% for Q1 2025, indicating improved profitability [7][8]. Revenue and Profit Forecast - The company forecasts revenues of 4.920 billion yuan, 6.315 billion yuan, and 7.557 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 923 million yuan, 1.304 billion yuan, and 1.660 billion yuan [8][9]. - The expected EPS for 2025, 2026, and 2027 are 7.69 yuan, 10.86 yuan, and 13.83 yuan respectively [8][9]. 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]. - The report highlights the growing trend of edge AI, with the company launching new products like the MYVU AR smart glasses and Ola Friend AI earphones, which are expected to drive future growth [7][8].