Event: the company issued a 23H1 performance forecast, 23H1 is expected to achieve operating income of 646 million yuan, + 31% year-on-year; increase the deduction of non-parent net profit to 0.47-51 million yuan (originally expected to be 34 million yuan), + 59% 52% compared with the same period last year. According to the calculation, the estimated net profit of returning home is 0.66-70 million yuan, which is + 145% RMB160% compared with the same period last year; the performance exceeds expectations. In a single quarter, 23Q2's revenue was 374 million yuan, year-on-year + 40%, month-on-month + 38%; net profit of return to the mother was 0.47-51 million yuan, compared with the same period last year, 272%, + 147%, 168%; deducting non-return net profit of 0.32-36 million yuan, + 48%, 67%; month-on-month, + 112%, 139%. The company's high growth in the second quarter was mainly due to the higher-than-expected shipments of some of the company's products and the foreign exchange gains contributed by overseas sales.

Consumer electronics: rely on the core competitiveness, actively expand new products, new technologies, new customers. 1) Technical level: the company insists on independent research and development, and has innovative technology reserves such as LE Audio technology, open wearing headset technology and space audio technology, which has laid a solid foundation for the implementation of follow-up new projects and the development of new products; 2) at the customer level, the company has reached long-term and stable cooperation with international leading manufacturers such as Harman, Philips and Motorola by virtue of its technological and manufacturing advantages. 3) Product level: the company extends the layout of AR/VR glasses, and the product is expected to become a new performance growth point.

Health care: there is a broad space for market growth, and the second growth curve is constructed. 1) Medical hearing aids: Tianjian entered the field of health acoustics in 17 years, differentiated layout of OTC hearing aids, and online sales, not only bypassing the market for qualified hearing aids monopolized by five major foreign hearing groups (market share 90%), but also solving the pain points of new entrants laying offline channels. 2) Medical products under research: based on its own technology accumulation in acoustics and Bluetooth, Skykey is currently developing CGM, 3D ear canal scanners, electronic stethoscopes and other products. We believe that with the continuous launch and industrialization of the company's new products, health care is expected to become the company's second growth curve.

Profit forecast: as a leading acoustics manufacturer in China, the company continues to innovate and expand the industrial boundary and extend the layout of the health care field. We estimate that the return net profit of the company in 2023-25 is 1.41,2.00 and 306 million yuan respectively, and the CAGR in 2023-25 is 47.22%. Maintain a "buy" rating.

Risk tips: new product development is not as expected; consumer electronics demand slows; exchange rate fluctuation risk and so on.