健康医疗：市场成长空间广阔，构筑第二成长曲线。1）医疗助听器：天键17 年进入健康声学领域，差异化布局OTC 助听器。目前天键OTC 助听器已在国内线上渠道销售，并已完成海外商标注册和团队建设，后续有望加速拓展海外市场，贡献显著业绩增量。2）在研医疗产品：天键基于自身在声学、蓝牙的技术积累，目前正在进行智能指环、CGM、3D 耳道扫描仪、电子听诊器等产品的研发。我们认为，伴随公司助听器产品出海放量叠加新品批量生产，健康医疗有望成为公司第二成长曲线，助力公司业绩加速增长。Incident: On January 30, 2024, the company released its 2023 performance forecast. It is expected to achieve net profit of 120-144 million yuan for the whole year, +79.50%-115.40% year-on-year; after deducting non-net profit of 110-132 million yuan, +54.51%-85.42% year-on-year.
Full year results are in line with expectations. In terms of median value, the company is expected to achieve net profit of 132 million yuan in 2023, +97.45% year on year; after deducting non-net profit of 121 million yuan, +69.96% year over year, the performance is in line with expectations. On a quarterly basis (in terms of median value), 23Q4 is expected to achieve net profit of 0.22 million yuan, or -44.75% year-on-year, and -60.05% month-on-month; after deducting non-net profit of 0.19 million yuan, -63.51% month-on-month.
Consumer electronics: Relying on core competitiveness, actively expanding new products, new technologies, and new customers. 1) Technical level: The company adheres to independent research and development, and has innovative technological reserves such as LE Audio technology, open wearable headphone technology and spatial audio technology, which has laid a solid foundation for the implementation of subsequent new projects and the development of new products; 2) Customer level: With its technical advantages and manufacturing advantages, the company has reached long-term stable cooperation with leading international manufacturers such as Harman, Philips, Motorola, etc., and continues to introduce new major customers to help the company achieve long-term stable development; 3) Product level: The company extends the layout of smart speakers, AR/VR glasses to the field of sound, optoelectronics integration Steady progress, and it is expected to become a new performance growth point after the product is released.
Health care: The market has broad room for growth, building a second growth curve. 1) Medical hearing aids: Tianjian entered the field of health acoustics in 17 years, with a differentiated layout of OTC hearing aids. At present, Tianjian OTC hearing aids have been sold through domestic online channels, and overseas trademark registration and team building have been completed. It is expected that the expansion of overseas markets will be accelerated in the future, contributing to a significant increase in performance. 2) Medical products under development: Based on its own acoustics and Bluetooth technology accumulation, Tianjian is currently developing products such as smart rings, CGM, 3D ear canal scanners, and electronic stethoscopes. We believe that with the release of the company's hearing aid products and mass production of new products, health care is expected to become the company's second growth curve, helping the company's performance to grow faster.
Profit forecast: Based on the equity incentive costs that the company will incur in 24 years, we expect the company's net profit to be 1.32, 1.81, and 268 million yuan respectively in 2023-25, maintaining a “buy” rating.
Risk warning: new product development falls short of expectations; consumer electronics demand slows down; risk of exchange rate fluctuations, etc.
