证券代码：688608 证券简称：恒玄科技 公告编号： 2024-057 恒玄科技（上海）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 21 日(星期四) 至 11 月 27 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@bestechnic.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 恒玄科技（上海）股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公 司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 28 日上午 11:00-12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 ...

恒玄科技（上海）股份有限公司 2024 年第一次临时股东大会会议资料 2024 年 11 月 恒玄科技（上海）股份有限公司 2024 年第一次临时股东大会会议资料 恒玄科技（上海）股份有限公司 2024 年第一次临时股东大会会议资料目录 | 2024 | 年第一次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2024 | 年第一次临时股东大会会议议程 | 5 | | | 议案一、关于使用部分超募资金增加募投项目投资额的议案 | 7 | | | 议案二、关于使用部分超募资金永久补充流动资金的议案 | 9 | | | 议案三、关于 2024 年前三季度利润分配预案的议案 | 10 | | | 议案四、关于变更公司注册资本及修订《公司章程》的议案 | 11 | 恒玄科技（上海）股份有限公司 2024 年第一次临时股东大会会议资料 恒玄科技（上海）股份有限公司 2024 年第一次临时股东大会会议须知 恒玄科技（上海）股份有限公司 2024 年第一次临时股东大会会议资料 证 券 代 码 ： 6 8 8 6 0 8 证 券 简 称 ： 恒 玄 科 技 三、会议按照会议通知上所列顺序审议、表 ...

Investment Rating - Maintain "Overweight" rating [1][5] Core Views - Q3 performance exceeded expectations, driven by strong growth in wearable devices and AIoT demand [1][2] - Revenue and net profit for Q3 reached record highs, with significant year-over-year growth [1][2] - The company's new BES2800 chip is expected to contribute to revenue growth in the second half of 2024 [3][5] - The company is well-positioned to benefit from the development of edge AI in the wearable device market [3][4] Financial Performance - Q3 2024 revenue: RMB 942 million, up 44.01% YoY and 7.23% QoQ [1] - Q3 2024 net profit: RMB 141 million, up 106.45% YoY and 17.85% QoQ [1] - 2024E revenue: RMB 3.308 billion, up 52.0% YoY [1] - 2024E net profit: RMB 399 million, up 223.1% YoY [1] - 2024E EPS: RMB 3.33, with a P/E ratio of 67.6x [1][5] Market and Product Development - The company continues to lead in the TWS headset market and is expanding its presence in the smartwatch and smart glasses markets [2] - The BES2800 chip, based on 6nm FinFET technology, has started mass production and is being adopted by major clients [3] - The company's SoC chips are highly compatible with the development of edge AI, enhancing the performance of wearable devices [3][4] Future Outlook - The company expects continued improvement in gross margins in Q4 2024 and beyond [2] - Revenue and net profit are projected to grow significantly from 2024 to 2026, driven by new product launches and market expansion [1][5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2]. Core Views - The company's Q3 performance exceeded expectations, with revenue reaching 2.473 billion yuan, a year-on-year increase of 58.12%, and a net profit of 289 million yuan, up 145.47% year-on-year [3][4]. - The growth in revenue is attributed to the rapid expansion of the wearable market, with the company leading in the TWS headphone market share and benefiting from the traditional peak season for consumer electronics [4]. - The company is expected to benefit from the growing demand for AIoT, aiming to establish itself as a platform company for AIoT control chips, leveraging its strengths in various technology fields [5]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of 942 million yuan, a year-on-year increase of 44.01% and a quarter-on-quarter increase of 7.23%. The net profit for the quarter was 141 million yuan, up 106.45% year-on-year and 17.85% quarter-on-quarter [3][4]. - The gross margin has shown a quarterly improvement, reaching 34.68% in Q3, benefiting from product structure optimization and lower upstream costs [4]. Market Position and Future Outlook - The company is well-positioned in the TWS headphone market and is expanding its presence in the smart wearable market, with Bluetooth audio products and smartwatches/wristbands accounting for 65% and 29% of revenue, respectively [4]. - The company forecasts net profits of 390 million yuan, 540 million yuan, and 698 million yuan for 2024, 2025, and 2026, respectively, indicating strong growth potential [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, achieving a revenue of 2.47 billion yuan, a year-over-year increase of 58.1%, and a net profit of 290 million yuan, a year-over-year increase of 145.5% [2][3]. - The growth is primarily driven by the increasing demand in the smart wearable and smart home sectors, as well as the continuous expansion of the smartwatch market [3][4]. - The company has successfully launched its new generation smart wearable chip, BES2800, which is expected to contribute to revenue growth [4][5]. - The company is focusing on expanding its product array and has made significant progress in its AIoT platform strategy, which is expected to enhance its competitive edge [4][6]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a total revenue of 2.47 billion yuan, with a gross margin of 33.8%, and a net profit of 290 million yuan [3][4]. - In Q3 2024 alone, the company reported a revenue of 940 million yuan, a year-over-year increase of 44.0%, and a quarter-over-quarter increase of 7.2% [3]. - The company’s R&D expenses for Q1-Q3 2024 amounted to 470 million yuan, reflecting a year-over-year increase of 29.1% [5]. - The projected revenue for 2024-2026 is expected to reach 3.4 billion yuan, 4.28 billion yuan, and 5.24 billion yuan respectively, with net profits projected at 420 million yuan, 560 million yuan, and 770 million yuan [6][10]. Market Position and Strategy - The company has been actively expanding its market share in the smart wearable and smart home sectors, with a focus on high-end smartwatches [4][5]. - The introduction of new products, including Wi-Fi 6 chips, is aimed at penetrating additional markets such as smartphones and tablets [4]. - The company’s long-term commitment to R&D is expected to drive future growth, particularly in AI-driven products [5][6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated rapid revenue growth, achieving a revenue of 2.473 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 58.12%. The net profit attributable to shareholders reached 289 million yuan, with a year-on-year growth of 145.47% [1] - In Q3 2024, the company reported a revenue of 942 million yuan, a year-on-year increase of 44.01% and a quarter-on-quarter increase of 7.23%. The net profit attributable to shareholders for the same quarter was 141 million yuan, reflecting a year-on-year growth of 106.45% and a quarter-on-quarter growth of 17.85% [1] - The company is benefiting from a scale effect due to revenue growth and a reduction in expense ratios, with the gross profit margin in Q3 reaching 34.68%, an increase of 1.29 percentage points from Q2 [1] - The launch of AI hardware products, particularly the AI headphones by ByteDance, is expected to drive growth in wearable devices, which aligns with the company's focus on low-power computing SoC chips [1] Financial Performance Summary - The company is projected to achieve net profits of 357 million yuan, 538 million yuan, and 708 million yuan for the years 2024, 2025, and 2026 respectively. The current stock price corresponds to PE ratios of 83.33, 55.31, and 41.99 for the respective years [1][2] - The revenue for 2024 is estimated to be 3.117 billion yuan, with a growth rate of 43.21%. The net profit for the same year is expected to be 357 million yuan, reflecting a growth rate of 188.63% [2]

证券代码：688608 证券简称：恒玄科技 编号：2024-10-29 恒玄科技（上海）股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------|---------------------------------------------------------------|------------------------------------------------------------|----------------|--------------| | 投资者关系 \n活动类别 | ■ 特定对象调研 \n□ 媒体采访 □ \n□ 新闻发布会 \n□ 现场参观 ■ | □ 分析师会议 \n业绩说明会 \n □ 路演活动 \n其他（电话会议） | | | | | AZ | 海富通基金 | 磐耀资产 | 行健资本 | | | Brilliance | 海通证券 | 盤厚动量基金 | 兴业证券 | | | Hel Ved Capital | 昊泽致远投资 | 朋元资产 | 兴银基金 | | | Millennium | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company reported a record high revenue of 2.473 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 58.12%. The net profit attributable to shareholders reached 289 million yuan, up 145.47% year-on-year. In Q3 2024 alone, revenue was 942 million yuan, showing a year-on-year increase of 44.01% and a quarter-on-quarter increase of 7.23% [1]. - The gross margin has been steadily improving, with Q3 2024 gross margin at 34.69%, an increase of 0.22 percentage points year-on-year and 1.30 percentage points quarter-on-quarter. The company has also reduced its sales, management, and R&D expenses compared to Q2 2024, demonstrating significant scale effects [2]. - The company has successfully launched its new generation of smart wearable chips, BES 2800, which utilizes 6nm FinFET technology and integrates multiple functionalities. This chip is being adopted by various clients for products such as headphones and smartwatches. Additionally, the company has developed a Wi-Fi connectivity chip that has also entered mass production, supporting the latest Wi-Fi 6 features [3]. - The company is positioned as a leading player in low-power AI System on Chip (SoC) products, with expectations for continued growth driven by new product launches. The projected net profit for 2024-2026 is estimated at 396 million yuan, 582 million yuan, and 820 million yuan, respectively, with significant growth rates of 220.46%, 46.87%, and 40.91% [4]. Financial Forecasts - The company is expected to achieve revenues of 2.176 billion yuan in 2023, with projections of 3.311 billion yuan in 2024, 4.386 billion yuan in 2025, and 5.532 billion yuan in 2026. The revenue growth rates are forecasted at 46.57%, 52.14%, 32.47%, and 26.13% for the respective years [4]. - The gross margin is anticipated to improve from 34.20% in 2023 to 38.85% in 2026, reflecting the company's ongoing efforts to optimize its product mix and reduce costs [4]. - The report also provides a detailed financial outlook, including projected earnings per share (EPS) of 1.03 yuan in 2024, increasing to 6.83 yuan by 2026, with corresponding price-to-earnings (PE) ratios of 72.02x, 49.03x, and 34.80x for the same years [4].

Investment Rating - The report maintains a rating of "Add" for the company [4]. Core Views - The wearable and smart home market is experiencing growth, with the company achieving a record high revenue of 9.42 billion yuan in Q3 2024, representing a year-on-year increase of 44.01% and a quarter-on-quarter increase of 7.23% [5][6]. - The company's revenue for the first three quarters of 2024 reached 24.73 billion yuan, up 58.12% year-on-year, with a net profit of 2.89 billion yuan, reflecting a significant year-on-year growth of 145.47% [5]. - The gross margin improved to 33.76% for the first three quarters of 2024, with Q3 gross margin at 34.68%, showing a year-on-year increase of 0.21 percentage points [5]. - The company is benefiting from cost scale effects, with operating expenses growing at a slower rate than revenue, leading to a decrease in expense ratios [5]. - The TWS earphone market is recovering, with a 12.6% year-on-year increase in TWS shipments in Q2 2024, and the company’s 2800 series chips are being used in high-value products like Samsung's Galaxy Buds3 Pro [5]. - The smart watch segment is also showing growth, with the company’s solutions supporting various functionalities and increasing market share among major Android manufacturers [5]. - New product lines, including the 2800 series chips for smart glasses and Wi-Fi 6 connectivity chips, are expected to drive long-term growth [5]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 9.42 billion yuan, a record high, with a net profit of 1.41 billion yuan, marking a year-on-year increase of 106.45% [5]. - The first three quarters of 2024 saw total revenue of 24.73 billion yuan and a net profit of 2.89 billion yuan, with respective year-on-year growth rates of 58.12% and 145.47% [5]. - The gross margin for the first three quarters was 33.76%, with Q3 gross margin at 34.68%, reflecting improvements in profitability [5]. Market Trends - The wearable and smart home markets are experiencing increased demand, contributing to the company's revenue growth [5]. - The TWS earphone market is recovering, with significant growth in shipments and the introduction of AI-integrated products [5]. - The smart watch segment is expanding, with the company’s products gaining traction among major manufacturers [5]. Future Outlook - The company has adjusted its earnings forecasts, projecting revenues of 35.51 billion yuan, 51.90 billion yuan, and 68.20 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.29 billion yuan, 6.77 billion yuan, and 9.82 billion yuan [5][6]. - The introduction of new product lines, including smart glasses and Wi-Fi 6 chips, is expected to support long-term growth [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company has shown a strong growth trend in Q3 2024, with a revenue of RMB 2.473 billion, representing a year-on-year increase of 58%. The gross margin is at 33.8%, down by 1.1 percentage points year-on-year, and the net profit attributable to shareholders is RMB 289 million, up 145% year-on-year [3] - The AI headphone segment is expected to contribute new growth points, with ByteDance's AI headphone "Ola Friend" being a notable product that integrates with its cloud model [3] - The company's SoC for smartwatches has gained brand recognition, with its chips being adopted in several major products, indicating a growing market share [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of RMB 2.473 billion, with a gross margin of 33.8% and a net profit of RMB 289 million [3] - Q3 2024 revenue reached RMB 942 million, showing a quarter-on-quarter increase of 7% and a year-on-year increase of 44% [3] - The company expects EPS for 2024, 2025, and 2026 to be RMB 3.28, RMB 4.85, and RMB 6.37 respectively, with corresponding PE ratios of 72.5, 49.0, and 37.3 [3][4] Market Position and Growth Potential - The company has successfully entered the AI headphone market, which is anticipated to enhance user experience in wearable devices [3] - The SoC for smartwatches has been recognized by major brands, with a significant presence in the supply chain of products like Samsung Galaxy Fit3 and OPPO Watch X [3] - The company is also venturing into the AR glasses market, which is expected to provide additional growth opportunities in the long term [3]