行业：24H1 国内可穿戴市场高速增长，国内复苏势头明显强于全球根据公司公告援引IDC 数据，24Q1 全球可穿戴出货量1.1 亿台，同比+8.8%，国内出货量为3,367 万台，同比+36.2%。国内智能手表市场24Q1 出货量910 万台，同比+54.1%，其中，成人智能手表505 万台，同比+62.8%；儿童智能手表出货量404 万台，同比+44.4%。国内手环市场24Q1 出货量370 万台，同比+29.6%。除此之外，开放式耳机市场快速增长，2024 年上半年出货1,184 万台，同比+303.6%。Key points of investment:
24H1 performance: Revenue reached a new high, and gross margin recovered steadily (1) Revenue: The market share of the company's smartwatch/bracelet chips increased rapidly, becoming an important driving force for revenue growth. 24H1 achieved revenue of 1.531 billion yuan, yoy +68%, single Q2 revenue of 0.878 billion yuan, yoy +67%, and QoQ +34%. On the basis of the flagship chip BES2700BP, the company has successively launched new products such as BES2700IBP and BES2700iMP to achieve full coverage of smartwatches, sports watches and bracelets. 24H1's smartwatch/bracelet chips account for about 28% of revenue, which is a significant increase over last year, driving the company's revenue growth rapidly.
(2) Net profit to mother: 24H1 achieved net profit of 0.148 billion yuan, yoy +199.76%, single Q2 to mother 0.12 billion yuan, yoy +140%, and qoq +335%. (3) Profitability: 24H1 gross profit margin 33.19%, month-on-month -1.01pcts, net profit margin 9.64%, month-on-month +3.96pcts; single Q2 gross profit margin 33.39%, month-on-month +0.46pcts, net profit margin 13.67%, month-on-month +9.44pcts.
Industry: The 24H1 domestic wearable market is growing rapidly, and the domestic recovery momentum is significantly stronger than that of the world. According to IDC data, 24Q1 global wearable shipments were 0.11 billion units, +8.8% year over year, and domestic shipments were 33.67 million units, +36.2% year over year. The domestic smartwatch market shipped 9.1 million units in 24Q1, +54.1% year-on-year, including 5.05 million adult smartwatches, +62.8% YoY; children's smartwatches shipped 4.04 million units, +44.4% YoY. The domestic bracelet market shipped 3.7 million units in 24Q1, +29.6% year-on-year. In addition, the open headphone market is growing rapidly, with 11.84 million units shipped in the first half of 2024, or +303.6% year over year.
Company: Continued expansion of new categories, cutting-edge layout in the AR field
Low-power SoC technology continues to evolve, and may open up more innovative application scenarios. The BES2700iMP ultra-low power wireless wearable chip launched by 24H1 has been mass-produced and shipped in watch/bracelet products for brand customers. The chip greatly reduces the dynamic and static power consumption of the chip, greatly increases the standby time of the terminal, and can be widely used in extremely low power MCU scenarios such as smart watches/bracelets, rings, and tag losers. BES2800 is expected to gradually begin to increase in 24H2, relaying a new round of growth. 24H1's next-generation smart wearable chip, the BES2800, has been mass-produced and shipped. It has now been introduced in the headsets, smartwatches, smart glasses and other projects of many customers. It is expected that volume will gradually begin in the second half of the year. We are actively reserving technology in the field of AR glasses. The 24H1 report added a smart glasses SoC chip project to the research project. The total investment scale is estimated at 0.15 billion yuan. The 24H1 has invested 15.68 million yuan. The goal of the project is to integrate low-power display technology, image sensing technology, and position acceleration sensor technology into a single chip, while also upgrading multi-protocol and multi-standard wireless transmission technology.
Profit forecasting and investment advice
We believe that the company's 24H1 performance exceeded expectations. We forecast the company's 2024-2026 net profit of 0.37/0.56/0.79 billion yuan (previous value: 0.26/0.41/0.58 billion yuan), corresponding to the current P/E ratio of 50/33/23 times. As a leading smart audio and video SoC company, the company has significant advantages in terms of technology and customers. It can enjoy a certain valuation premium and maintain a “buy” rating.
Risk warning
The risks posed by macropolitical and economic issues, the risk that the consumer electronics recovery will not last as long as expected, the risk of increased market competition, and the risk of relatively single product terminal application.