增长驱动#2：AI 技术赋能，助力耳机应用场景丰富。2024 年以来已有多款AI 耳机陆续上市，AI 技术的引入助力耳机实现智能交互（语音助手）、实时翻译、音质提升（降噪处理）等功能，提高用户使用体验的同时，驱动耳机实现从传统的音频输出设备向全面的智能生活助手转变。据洛图科技预测，2024 年中国AI耳机线上电商市场销量有望突破20 万副，同比+488.7%。随着端侧AI 技术的日益成熟，AI 耳机有望持续拓展和深化场景应用，为耳机市场带来新的增长驱动力。Deeply involved in acoustic technology, the leading domestic audio manufacturer Rambler: The company was founded in 1996 and listed on the Shenzhen Stock Exchange in 2010. With the corporate mission of “adhering to the spirit of craftsmanship and empowering with sound”, the company has focused on the research and development of audio technology and product application for many years. The products cover hundreds of models in several categories such as home audio, professional audio, car audio, headsets and microphones. Relying on its strong product R&D and design capabilities, excellent manufacturing capabilities and accurate product positioning, Rambler's sales in the domestic market have been growing steadily over the years and has gradually grown into a leading brand in the industry.
The headphone market continues to expand, and OWS+AI stimulates new demand
Growth drives the new form of #1：OWS headsets and enhances the user experience. According to Lotu Technology, the online market sales volume of the headset/headset market in China in the first half of 2024 was 42.95 million pairs. Among them, online sales of open earphones increased 165% year on year, and online channel sales accounted for 20.9%, +12.7 pct year on year. With continuous breakthroughs in targeted audio technology and the continuous integration of functions such as active noise cancellation, OWS headphone shipments are expected to maintain a high growth rate.
Growth drives #2：AI technology, helping to enrich headphone application scenarios. Since 2024, a number of AI headsets have been launched. The introduction of AI technology has helped earphones achieve functions such as intelligent interaction (voice assistant), real-time translation, and sound quality improvement (noise reduction processing). While improving the user experience, the headphone has also driven the headphone to transform from a traditional audio output device to a comprehensive smart life assistant. According to Lotu Technology's forecast, the online e-commerce market sales of AI headsets in China are expected to exceed 0.2 million pairs in 2024, or +488.7% compared to the same period last year. As end-side AI technology becomes more mature, AI headsets are expected to continue to expand and deepen scene applications, bringing new growth drivers to the headphone market.
Ramblers: Use the industry's momentum to create new performance growth points. The company continues to upgrade OWS headsets and AI headsets. Up to now, the company has fully deployed ear-hook, back-mounted, and ear-clip product types, and has launched 11 models. At the same time, the company's “Rambler Summary Extraction Algorithm” and “Rambler Machine Translation Algorithm” have completed the filing by the State Internet Information Office on deep synthesis service algorithms, and various new products equipped with AI-related functions are under development.
Product+brand+channel to build core competitiveness
Product layout: The company has a rich product matrix, covering the diverse needs of customers in different fields. Aiming at market segments, Rambler has successively launched the “Xemal Shengmai”, “Volona”, “HECATE”, and “STAX SPIRIT” brands, which complement the main brand “Rambler” to fully tap the potential of the market segment.
Brand strategy: Strengthen independent brand building and build a brand with Internet genes. The company strengthens brand building through strategies such as social media marketing, IP co-branding, and celebrity endorsements, effectively expanding user reach and enhancing brand influence.
Channel expansion: Seek new channels for internet marketing and actively expand overseas markets. For the domestic market, on the one hand, the company vigorously develops traditional online channels, leading in sales on leading domestic online platforms such as JD and Tmall. On the other hand, it continues to increase investment in content-based social e-commerce channels such as Douyin and Xiaohongshu to further increase sales. For overseas markets, the company continues to develop direct online sales channels, fully covering international e-commerce platforms such as Amazon, Rakuten, LAZADA, and SHOPEE. At the same time, it has achieved rapid revenue growth through active operation of independent brand websites and official accounts on overseas social media such as Instagram, Youtube, Facebook, and TikTok.
Investment advice
We expect the company's revenue for 2024-26 to be 3.127, 3.622 and 4.173 billion yuan, respectively, +16.10%, +15.82%, and +15.20%; net profit to mother will be 0.5, 0.601, and 0.701 billion yuan, respectively, +19.22%, +20.13%, and +16.62%; EPS will be 0.56, 0.68, and 0.79 yuan, respectively. The stock price on March 19, 2025 was 16.17 yuan, and the corresponding PE was 28.74x, 23.92x, and 20.52x, respectively. Covered for the first time, a “gain” rating was given.
Risk Alerts
Downstream demand falls short of expectations, new product promotion progress falls short of expectations, and industry competition intensifies
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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