Bestechnic (Shanghai) (688608) 东吴证券·2025-05-25 00:25Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading platform-type SoC chip manufacturer, exploring new opportunities in the AI glasses and wearable markets [1]. - The company's revenue and net profit are expected to reach historical highs in 2024, indicating strong growth momentum [1]. - The shift towards high-margin smart Bluetooth audio chips and the expansion into smartwatches and glasses markets are key drivers for future growth [1]. Summary by Sections Company Overview - The company, established in 2015, specializes in low-power wireless SoC chips, with applications in AIoT scenarios, including smart wearables and home devices [12]. - The product lineup includes various generations of smart audio chips, with significant partnerships with major brands like Xiaomi, OPPO, and Huawei [12]. Financial Analysis - The company achieved a revenue of 3,263 million yuan in 2024, a year-on-year increase of 49.94%, and a net profit of 460.47 million yuan, up 272.47% [1][20]. - The revenue structure is diversifying, with significant growth in the smartwatch segment, which is expected to contribute 1,045 million yuan in revenue in 2024, a 116% increase year-on-year [22]. TWS Market - The TWS earphone market is experiencing a new growth phase driven by AI capabilities, enhancing user experience with features like real-time translation and intelligent noise cancellation [32][33]. - The company is well-positioned to challenge Qualcomm's ecosystem by offering competitive products across various price segments, with a market share of 16.07% in TWS chip applications [49]. Smartwatch and Wearable Devices - The global wearable wristband market is projected to grow, with the company focusing on smartwatches as a new growth engine, leveraging its advanced chip technology [58]. - The BES2800 chip, launched in 2024, integrates multiple functionalities and is expected to drive significant growth in the smartwatch market [59]. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 48.40 billion yuan in 2025, 64.72 billion yuan in 2026, and 79.80 billion yuan in 2027, with corresponding net profits of 9.3 billion yuan, 13.2 billion yuan, and 17.4 billion yuan [1]. - The current P/E ratios are 49, 35, and 26 for the years 2025, 2026, and 2027, respectively, which are slightly below the industry average, indicating potential for valuation appreciation [1].