风险提示。产品市场推动不及预期，新业务拓展不及预期，市场竞争加剧。The first half of 2024 saw high year-on-year performance growth, and breakthroughs continued in the segment. The company released a performance forecast. It is expected to achieve revenue of about 1.531 billion yuan in the half-year of 2024, an increase of about 0.621 billion yuan, an increase of about 68.24% compared with the same period last year. Among them, the second quarter is expected to achieve revenue of about 0.878 billion yuan, an increase of about 66.76% over the previous year, and record revenue for the single quarter. Net profit attributable to owners of the parent company is expected to be around 0.148 billion yuan in the first half year of 2024. Compared with the same period last year, it will increase by about 0.098 billion yuan, an increase of about 199.68% over the previous year. Demand from customers in the downstream smart wearables and smart home sector continues to grow, driving the company's revenue growth; it continues to expand new products and customers in the smartwatch/bracelet market, and its market share is gradually increasing.
6nm chips have been mass-produced, in line with the trend of wearables. The company's next-generation smart wearable 6nm chip, BES2800, achieved mass production and shipment. The BES2800 can provide powerful computing power and a high-quality seamless connection experience for wearable devices, especially products such as TWS earphones, smart watches, smart glasses, and smart hearing aids, and is also in line with the development trend of AI in wearable products.
Profit forecasts and investment recommendations. We expect the company's corresponding EPS for 24-26 to be 2.65/3.47/4.72 yuan/share, respectively. Considering the valuation level of comparable companies, the 24-year PS valuation range was 7-7.5 times, corresponding to a reasonable value range of 178.64-191.40 yuan, and a “superior to the market” rating was given.
Risk warning. Product market promotion fell short of expectations, new business expansion fell short of expectations, and market competition intensified.
