Investment summary:
We believe that Android brand TWS earphones are expected to gradually replace airplads and white brand. In 2025, the shipment volume of Android brand TWS is expected to reach 600 million pairs.
According to canalys’ data, after Apple released the third-generation airplads, the global shipment of TWS headphones increased by 21% to 103.8 million in the fourth quarter. We believe that the launch of new products can effectively boost the market demand. The products need to be upgraded iteratively in the cycle, and the market scale has not reached the top;
In terms of transmission technology, apple, Qualcomm, hengxuan and Luoda have formed four main transmission schemes, and there is no qualitative difference between Android and apple; In terms of price, according to sunrise big data, 57% of the price of TWS headphones announced in 2021 is below 500 yuan, and 71% are equipped with active noise reduction function, which has sufficient cost performance compared with the price of airpods 1000 yuan without noise reduction;
We believe that with the gradual price reduction of brand headphones, the market space of low-cost and poor quality white headphones will be further compressed;
Investment strategy:
We believe that the Bluetooth audio SOC chip has a high technical threshold, and the Bluetooth audio master chip is the key to affecting the quality of TWS headphones. In 2025, the market scale of Bluetooth SOC chip of brand TWS headphones will reach 10 billion yuan;
To sum up, we believe that with the expansion of the market scale of TWS headphones and the substitution and penetration of Android brand, China’s leading intelligent Bluetooth audio chip Bestechnic (Shanghai) Co.Ltd(688608) ( Bestechnic (Shanghai) Co.Ltd(688608) . SH) is expected to continue the momentum of rapid performance growth. At the same time, we suggest paying attention to torch core technology (688049. SH) that makes great investment in R & D and gradually cuts into Bluetooth speakers.
Market review:
The performance of the computer industry rose slightly last week, by 0.23%..
The top ten gainers in the computer sector are mainly digital RMB, finance and bank it.
Risk tips: market sentiment risk, policy implementation less than expected, technology and actual construction implementation less than expected, downstream demand risk, insufficient supply of chip components, etc.
