According to the "2024 Bluetooth Market Latest Information" released by the Bluetooth Technology Alliance, the global shipment of Bluetooth devices in 2023 was 5 billion units, and it is expected that the annual shipment of Bluetooth devices will grow to 7.5 billion units by 2028, with a compound annual growth rate of 8%.

One change that exceeded expectations is that under the dual drive of "end-side AI + domestic substitution", the leading companies in the Bluetooth chip field have achieved new highs in performance in 2024.

Hengxuan Technology: Both the full-year revenue and net profit in 2024 are historical highs since the establishment of the company-the revenue in 2024 is expected to reach 3.263 billion yuan, a year-on-year increase of nearly 50%; the net profit attributable to the parent company's owners is 460 million yuan, a year-on-year increase of 272%.

Torchcore Technology: The gross profit and net profit in the fourth quarter of 2024 both hit a single-quarter record-the net profit attributable to the parent company's owners in the fourth quarter increased by 93% year-on-year. In 2024, ActionCore Technology achieved operating income of 652 million yuan, a year-on-year increase of 25%; net profit attributable to the parent company's owners was 106 million yuan, a year-on-year increase of 63%; net profit after deducting non-recurring items was 77.57 million yuan, a year-on-year increase of 52%.

Zhongke Lanxun: In 2024, the company achieved operating income of 1.819 billion yuan, a year-on-year increase of 25.72%; net profit attributable to the parent company's owners was 300 million yuan, a year-on-year increase of 19.38%; net profit after deducting non-recurring items was 245 million yuan, a year-on-year increase of 40.65%.

Tailingwei: In 2024, the company achieved operating income of 844 million yuan, a year-on-year increase of 32.71%; net profit attributable to the parent company's owners was 96.49 million yuan, a year-on-year increase of 93.87%; net profit after deducting non-recurring items was 90.61 million yuan, a year-on-year increase of 295.57%.

Hengxuan Technology: 2024 revenue and net profit hit a record high

During 2021-2023, Hengxuan Technology's smart Bluetooth chips and ordinary Bluetooth chips are used in audio products such as TWS headphones, OWS headphones, neckband headphones, and headphones. However, smart Bluetooth chips are more advanced in process technology, lower in power consumption, and support intelligent voice interaction compared to ordinary Bluetooth chips; "other" chips mainly include smart watch/bracelet chips, smart home chips, and Type-C chips.

In 2024, in addition to adapting to headphones and watches, Hengxuan Technology's new generation of smart wearable chips will also be introduced into smart glasses products such as Meizu, and it is expected to gradually increase in volume in 2025 and beyond. In the field of AI glasses chips, Hengxuan Technology's competitors will be Qualcomm and Unisoc, which has also attracted greater attention from Hengxuan Technology in the capital market.

In 2023, Hengxuan Technology's chip sales will be close to 200 million, with an average unit price of about 11 yuan per chip, and its products are positioned in the middle and high end of the industry. In 2024, the brand customer strategy was also implemented, and revenue and net profit soared, and it is expected to perform better in these two data. In 2025, Hengxuan Technology plans to seize new opportunities in edge AI based on the existing route and further develop the smart wearable (including headphones/watches) and smart home markets.

Actions Technology: Gross profit and net profit in the fourth quarter of 2024 hit the highest level in a single quarter

During 2021-2023, Actions Technology's Bluetooth audio chips are mainly used in Bluetooth speakers, Bluetooth headsets, smart watches/bracelets, wireless home theater audio systems, wireless microphones, wireless gaming headsets and other scenarios; portable audio and video chips are mainly used in high-quality music players, voice recorders, high-quality video players, advertising machines, digital photo frames, video story machines, etc.; the end-side AI processor chip series is mainly used in smart office products (such as conference speakers), smart homes and home appliance voice interaction modules, smart voice recorders, Bluetooth voice remote controls, voice mice, voice keyboards, translation sticks and other data transmission products.

In 2024, while continuing to expand the AIoT application market, Actions Technology's end-side AI processor chip sales revenue will increase exponentially; sales of low-latency and high-quality wireless audio products will increase; the penetration rate of Bluetooth speaker SoC chips in the top mid-to-high-end audio brands will further increase.

In addition, in 2024, Actions Technology developed a CPU+DSP+NPU three-core heterogeneous core architecture and launched the first generation of end-side AI audio chips based on the three-core AI heterogeneous architecture, which has the significant characteristics of low power consumption and high computing power, covering three chip series: 1) ATS323X, for low-latency private wireless audio field; 2) ATS286X, for Bluetooth AI audio field; 3) ATS362X, for AI DSP field.

Zhongke Bluexun: 2024 net profit after deducting non-recurring items increased by 40% year-on-year

During the period of 2021-2023, the main business of Zhongke Bluexun is characterized by the continuous growth of product sales and the gradual reduction of the average unit price of products, including the sales of more than 1.4 billion chips in 2023, with an average unit price of about 1 yuan per chip, mostly for white-label customers.

However, Zhongke Bluexun has also launched a series of mid-to-high-end products and laid out brand strategies.

In terms of AI headphones, Zhongke Bluexun cooperated with Volcano Engine under ByteDance, and its Xunlong third-generation BT895x chip completed the docking with the Volcano Ark MaaS platform, which can provide users with software and hardware solutions adapted to the Doubao large model. AI headphones can currently realize functions such as real-time translation, meeting minutes, and real-time conversation.

Zhongke Bluexun has also laid out AI glasses products. Currently, many Bluetooth audio chips are used in MINISO smart music glasses and WITGOER Zhiguozhe S03 smart audio glasses. AI glasses have functions such as voice calls, music playback, and smart photography.

Tailingwei: 2024 operating income increased by 33% year-on-year

In addition to Bluetooth audio products, the application scenarios of Jier Technology's "smart IoT terminal chips" include smart door locks, driving recorders, surveillance cameras, electric vehicle dashboards, smart home control panels, smart body fat scales, wireless blood pressure monitors, blood oximeters, etc.; "universal multimedia chips" are suitable for smart voice toys, Type-C wired headphones, multimedia speakers, smart voice lights and other products.

In addition, in Jier Technology's explanation of the use of funds raised from the listing, the planned investment projects include "AIoT edge computing chip research and development and industrialization projects, with an investment of 185 million yuan."

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