Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leader in SoC chips, focusing on AIoT applications with a diverse product portfolio, including TWS audio chips, smart wearable devices, and AI/AR glasses [1][4] - The company achieved record high annual performance in 2024, with total revenue reaching 3.26 billion yuan, a 50% year-on-year increase, and net profit attributable to shareholders reaching 460 million yuan, a 272% increase [1][4] - The company is expected to continue its growth trajectory, with projected revenues of 4.4 billion yuan and 5.6 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 34.9% and 27.3% [4] Summary by Sections 1. SoC Chip Leadership and Diverse Business Layout - The company has established itself as a leader in wireless SoC chips, continuously iterating its product technology [12][14] - The company has expanded its business into various applications, including smart audio devices and AIoT platforms, with a focus on low-power and intelligent audio-video interaction technologies [14][15] - The company has maintained a stable shareholding structure and actively promotes employee stock incentive plans to foster innovation [20] 2. TWS Market Foundation and AI-Driven Growth - The TWS earphone market is solid, with a 5.6% year-on-year increase in shipments in the first half of 2024 [2] - The company has developed proprietary technologies for TWS earphones, enhancing audio processing capabilities and user experience [2] - The company’s TWS audio chips are gaining traction, supported by innovative products like the BES2600 and BES2700 series [2] 3. Smart Watch Growth and New Product Launches - The smart watch market continues to grow, with domestic brands like Xiaomi and Huawei gaining market share [3] - The company’s BES2700BP is the first 12nm SoC platform for sports watches, offering strong performance and low power consumption [3] - Revenue from smart watch and band chips has increased, accounting for 28% of total revenue in the first half of 2024 [3] 4. AI/AR Glasses Market Potential - The global AI smart glasses market is expected to grow significantly, with sales projected to reach 5.5 million units by 2025 [4] - The company has established partnerships with major brands like Xiaomi and Huawei to develop audio glasses, leveraging its BES2700 series chips [4] - The company aims to capture more market share in the AI glasses segment with the upcoming BES2800 series products [4] 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 4.4 billion yuan and 5.6 billion yuan in 2025 and 2026, respectively, with net profits of 746 million yuan and 1 billion yuan [4][5] - The current stock price corresponds to a PE ratio of 59 and 44 for 2025 and 2026, respectively, indicating a favorable investment opportunity [4][5]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The Chinese ICT market is projected to grow to $751.76 billion by 2028, with the enterprise-level ICT market expected to reach approximately $269.36 billion in 2024, reflecting an 11.7% increase from 2023 [2][5]. - In 2024, global AI PCs are anticipated to account for 17% of total PC shipments, with Apple leading the market at 54% share, followed by Lenovo and HP at 12% each. The fourth quarter of 2024 is expected to see AI PC shipments reach 15.4 million units, a quarter-on-quarter increase of 18% [2][10]. - The global DRAM industry revenue is projected to reach $28.6 billion in the fourth quarter of 2024, with a quarter-on-quarter increase of 9.9%. Samsung holds the largest market share at 39.3%, followed by SK Hynix and Micron [2][15]. Summary by Sections Industry News and Commentary - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key investment lines include wafer fab expansion and the A1 industry chain [2][28]. - The semiconductor industry index has shown a year-to-date increase of 37.6%, outperforming the CSI 300 index by 24.2 percentage points [21]. Market Performance - The semiconductor industry index experienced a weekly decline of 3.62%, underperforming the CSI 300 index by 1.4 percentage points [21]. - As of the last trading day of the week, the overall P/E ratio for the semiconductor industry was 84.2 times, with 34 stocks rising, 1 remaining flat, and 126 declining [24]. Investment Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., with a focus on A1+ semiconductor investment opportunities such as Haiguang Information, Shengke Communication, Hengxuan Technology, and Shenghong Technology [28][32].

恒玄科技（上海）股份有限公司 关于注销部分募集资金专项账户的公告 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、准确性和完整性依法承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科 技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕2752 号），公司获准向社会公开发行人民币普通股 3,000.00 万股，每股发行价格为人 民币 162.07 元，本次发行募集资金总额为 486,210.00 万元，扣除不含税发行费 用人民币 10,331.88 万元后，实际募集资金净额为人民币 475,878.12 万元。立信 会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了 审验，并于 2020 年 12 月 9 日出具了《验资报告》（信会师报字[2020]第 ZA16018 号）。 证券代码：688608 证券简称：恒玄科技 公告编号：2025-007 注："恒玄微电子（上海）有限公司"原名"闻是科技（上海）有限公司"，已于 2025 年 1 月 更名。 ...

Financial Performance - Total revenue for 2024 reached RMB 326,313.92 million, a year-on-year increase of 49.94%[4] - Net profit attributable to shareholders was RMB 45,951.93 million, representing a 271.70% increase compared to the previous year[4] - The basic earnings per share for the year was RMB 3.8279, up 271.68% from the previous year[4] - The weighted average return on equity increased to 7.29%, up 5.24 percentage points from the previous year[4] - The company's gross profit margin for the year was approximately 34.70%, an increase of 0.5 percentage points year-on-year[6] Research and Development - Research and development expenses for 2024 amounted to approximately RMB 621 million, a year-on-year increase of about 12.93%[6] - The company plans to focus on core technology development for ultra-low power wireless SoC chips in 2025[7] - The company aims to leverage new opportunities in edge AI development and continue to launch competitive chip products[7] Assets and Equity - Total assets at the end of the reporting period were RMB 705,803.44 million, a 7.73% increase from the beginning of the period[4] - Equity attributable to shareholders increased to RMB 650,400.94 million, reflecting a 6.67% growth[4]

Summary of the Conference Call for 恒玄科技 Company Overview - 恒玄科技 is a leading provider of SOC (System on Chip) solutions in the global wearable market, focusing on low-power smart Bluetooth audio and video interaction technology, with products spanning smart audio, wearables, smart home, and wireless connectivity [3][4] Key Financial Highlights - Revenue for 2024 is projected to reach between 3.243 billion to 3.283 billion RMB, representing a year-on-year growth of approximately 50% [2][5] - Profit is expected to be between 450 million to 470 million RMB, showing a significant year-on-year increase of 264% to 280% [2][5] - The company experienced a notable recovery in financial performance after a decline in 2022, with a quarterly profit of 140 million RMB in Q3 2024 [8][9] Revenue Sources - The primary revenue streams are from the headphone and smartwatch/bracelet segments, with the Bluetooth audio market recovering and the smartwatch/bracelet business expanding [2][4] - The smartwatch segment is expected to account for 28% of revenue in the first half of 2024, with a growing market share among major clients like Xiaomi, vivo, Huawei, Honor, OPPO, and Samsung [2][13] Market Trends and Opportunities - The AI glasses market is emerging, with potential for significant growth, particularly following the success of Meta's Ray-Ban Stories and entries from companies like Xiaomi [2][6][15] - The global smartwatch and bracelet market is stable with slight growth, and 恒玄科技's SOC solutions are gaining traction among major brands [2][13] - The Bluetooth headphone market is transitioning to a more mature phase, with a focus on upgrading to HALOWS and AI Bluetooth headphones, which is expected to increase the ASP (Average Selling Price) of main control chips [10][12] Strategic Positioning - 恒玄科技 has a concentrated shareholding structure, with over 25% held by the chairman and associated parties, facilitating effective strategic decision-making [7] - The management team has extensive industry experience, enhancing the company's ability to meet brand client demands and fostering a positive development cycle [7] Product Development and Innovation - The company is actively developing SOC solutions for AI glasses, aiming to replicate its success in the headphone and smartwatch markets [6][18] - There are three main AI glasses chip solutions currently in the market, with a trend towards high-performance, multi-system development and AI capabilities [17] Diversification and Future Growth - 恒玄科技 is also expanding into the smart home sector, which supports its long-term growth strategy [19] - The company has clear growth potential in traditional businesses and is positioned to transition from co-processor to main processor supplier in the wearable device market [20] Conclusion - Overall, 恒玄科技 is well-positioned for future growth, with strong financial projections, a diversified product portfolio, and strategic initiatives in emerging markets like AI glasses and smart home technology [2][20]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company is a leader in the smart Bluetooth SoC market, with proven capabilities in expanding product categories from TWS headphones to smartwatches and wristbands, and potential growth in AI glasses [2][4] - The company has a clear growth path driven by product innovation, application expansion, and strong brand partnerships with major global players [4][14] - The company is expected to achieve significant revenue growth, with projected net profits of 460 million, 751 million, and 1.025 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Company Overview - The company was established in 2015 and has evolved into an industry leader, initially focusing on Bluetooth audio chips and expanding into smart wearables and AI glasses [14] - The company emphasizes low-power, smart audio-video interaction, and wireless communication technologies, creating a product matrix that includes smart audio, wearables, smart home, and wireless connectivity [4][14] Bluetooth Headphones - Bluetooth audio chips represent the company's first growth curve, with rapid revenue growth driven by the TWS headphone market [5][46] - The company has successfully partnered with major brands like Samsung, OPPO, and Xiaomi to increase TWS headphone adoption [5][46] - The introduction of OWS and AI headphones is expected to enhance the company's product structure and ASP, leading to sustained revenue growth [53] Smartwatches - The smartwatch SoC is identified as the company's second growth curve, with significant revenue growth from the introduction of new SoC products [6][62] - The company has established partnerships with major brands, and the revenue from smartwatch SoCs is projected to continue increasing [6][62] AI Glasses - The global AI glasses market is anticipated to grow significantly, with the company positioned to capitalize on this trend by providing SoC solutions [7][66] - The company is actively developing SoC solutions for AI glasses, aiming to replicate its success in the headphone and smartwatch markets [7][66] Financial Performance - The company is expected to achieve revenue of 3.243 to 3.283 billion yuan in 2024, representing a year-on-year growth of 49.02% to 50.85% [24] - The net profit for 2024 is projected to be between 450 million and 470 million yuan, indicating a substantial increase compared to previous years [24]

证券代码：688608 证券简称：恒玄科技 公告编号：2025-005 恒玄科技（上海）股份有限公司 持股 5%以上股东减持股份结果公告 2024 年 12 月 6 日，公司披露了《股东减持股份计划公告》（公告编号： 2024-062），股东 Run Yuan I、Run Yuan II 拟于 2024 年 12 月 27 日至 2025 年 3 月 26 日期间，合计通过集中竞价减持公司股份不超过 1,200,000 股，即不超过公 司总股本的 1.00%（以该减持计划出具日时的总股本计算，下同）。 近日，公司收到股东 Run Yuan I、Run Yuan II 发来的《关于减持计划实施完 毕的告知函》，截至 2025 年 2 月 6 日，Run Yuan I、Run Yuan II 通过集中竞价方 式累计减持公司股份 1,199,932 股，减持股份数量占公司披露减持计划公告时总 股本的 1.00%。现将减持情况公告如下： 1 一、减持主体减持前基本情况 股东名称 股东身份 持股数量（股） 持股比例 当前持股股份来源 | | 股东名称 | 持股数量（股） | 持股比例 | | 一致行动关系形成原因 | ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-003 恒玄科技（上海）股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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个别及连带责任。 2025 年1 月26 日，恒玄科技（上海）股份有限公司（以下称"公司"）召开 第二届董事会第十五次会议和第二届监事会第十五次会议，审议通过了《关于使 用部分暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金安全和投资项目资金使用进度安排的前提下，使用不超过 8 亿元（包含 8 亿元） 的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好的保本型金融 产品或结构性存款等理财产品，在上述额度范围内，资金可以滚动使用，使用期 限不超过董事会审议通过之日起 12 个月。董事会授权董事长行使该项决策权及 签署相关法律文件，具体事项由财务部负责组织实施。本次事项无需提交股东大 会审议。 一、 募集资金的基本情况 经据中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科技 （上海）股份有限公 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-004 恒玄科技（上海）股份有限公司 第二届监事会第十五次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 特此公告。 本次会议由监事会主席黄律拯女士主持，经全体监事表决，形成决议如下： （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 经核查，我们认为：公司使用闲置募集资金进行现金管理没有与募集资金投 资项目的实施计划相抵触，不会影响募集资金投资项目建设和募集资金正常使用， 符合公司和全体股东的利益，不存在损害公司及全体股东，特别是中小股东利益 的情形。 综上，公司监事会同意使用不超过 8 亿元的闲置募集资金进行现金管理。。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披露的 《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-003）。 恒玄科技（上海）股份有限公司监事会 一、监事会会议召开情况 恒玄科技（上海）股份有限公司（以下 ...

中信建投证券股份有限公司 关于恒玄科技（上海）股份有限公司 注：2022 年 4 月 25 日，公司召开第一届董事会第十九次会议和第一届监事会第 十三次会议，审议通过了《关于变更部分募投项目和募投项目延期的议案》，终止 了"Type-C 音频芯片升级项目"，并将该项目的剩余募集资金用于"智能蓝牙音频芯片 升级项目"。 由于募集资金投资项目建设及投入需要一定周期，且根据公司募集资 金的使用计划，公司的部分募集资金存在暂时闲置的情形。 使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"）作为恒玄科技（上海） 股份有限公司（以下简称"恒玄科技"或"公司"）首次公开发行股票并在科创 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》和《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等相关规定，对恒玄科技使用部分闲置募集资金进行现金管理进行了 审慎核查，发表核查意见如下： 一、募集资金基本情况 经据中国证券监督管理委员会于 2020 年 10 月 ...