Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9]. Core Insights - The company is expected to achieve a revenue of approximately 324.3 million to 328.3 million yuan in 2024, representing a year-on-year growth of 49.02% to 50.85%. The net profit attributable to the parent company is projected to be between 45 million to 47 million yuan, indicating a significant year-on-year increase of 264.00% to 280.18% [3][6]. - The wearable market is experiencing rapid growth, with the company enhancing its market share in smart Bluetooth headsets and smartwatches through the introduction of new low-power SoC chips [6][7]. - The company has reported a steady improvement in gross margin, with an expected gross margin of around 34.70% for 2024, reflecting a year-on-year increase of 0.5 percentage points [6][9]. Financial Summary - The company's revenue is projected to grow from 2,176 million yuan in 2023 to 3,282 million yuan in 2024, with a year-on-year growth rate of 50.8% [5][11]. - Net profit is expected to rise from 124 million yuan in 2023 to 459 million yuan in 2024, marking a year-on-year growth of 271.1% [5][11]. - The company’s R&D expenses are anticipated to be approximately 620 million yuan in 2024, an increase of about 12.93% compared to the previous year [6][10]. Market Position and Strategy - The company focuses on the development and sales of ultra-low power computing SoC chips, which are widely used in smart wearable and smart home products, establishing a strong brand influence in the industry [9][10]. - The new generation of 6nm smart wearable chip, BES2800, is expected to enhance the performance of TWS headsets, smartwatches, and smart glasses, benefiting from the trend towards AI integration in wearable products [9][10]. - The company plans to continue its strategy of focusing on brand clients and developing competitive chip products to capture new opportunities in the wearable and smart home markets [7][9].

Revenue and Profit Projections - The company expects 2024 annual revenue to be between 3,243 million and 3,283 million CNY, representing a year-on-year increase of 49.02% to 50.85% compared to 2,176.28 million CNY in 2023[4]. - The projected net profit attributable to shareholders for 2024 is estimated to be between 450 million and 470 million CNY, reflecting a year-on-year growth of 264.00% to 280.18% from 123.63 million CNY in 2023[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 384 million and 404 million CNY, indicating a significant year-on-year increase of 1,242.08% to 1,311.98% from 28.61 million CNY in 2023[4]. Gross Margin and Expenses - The company's overall gross margin for 2024 is projected to be around 34.70%, an increase of 0.5 percentage points compared to the previous year[9]. - Research and development expenses for 2024 are estimated to be approximately 621 million CNY, a year-on-year increase of about 12.93%[9]. - The sales gross margin has shown a quarterly improvement, with figures of 32.93%, 33.39%, 34.68%, and 37.70% for the first to fourth quarters of 2024, respectively[9]. Strategic Focus and Product Development - The company plans to continue focusing on core technology development for ultra-low power wireless SoC chips and capitalize on new opportunities in edge AI development[9]. - The company has launched a series of smart wearable chips, including BES2800 and BES2700iBP, to meet diverse customer needs and enhance market share in smart Bluetooth earphones and smart watches[8]. Forecast Accuracy and Reporting - The company has not identified any significant uncertainties that could affect the accuracy of this earnings forecast[10]. - The data provided is preliminary and subject to confirmation in the official 2024 annual report[12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][17]. Core Insights - The company achieved record-high revenue in Q3 2024, with total revenue reaching 2.473 billion yuan, a year-on-year increase of 58.12%. The net profit attributable to shareholders was 289 million yuan, up 145.47% year-on-year [3][4]. - The growth in revenue is driven by strong demand in the smart wearable and smart home markets, with Q3 revenue alone reaching 942 million yuan, a 44.01% increase year-on-year and a 7.23% increase quarter-on-quarter [4][5]. - The company's gross profit margin improved to 33.76% for the first three quarters of 2024, with Q3 margin at 34.68%, reflecting a positive trend due to changes in product structure and reduced upstream costs [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.473 billion yuan, with Q3 revenue at 942 million yuan [3][4]. - The net profit for the first three quarters was 289 million yuan, with Q3 net profit at 141 million yuan [3][4]. - The company expects revenues of 3.156 billion, 4.136 billion, and 5.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 379 million, 565 million, and 790 million yuan [6][14]. Product Development and Market Position - The company is benefiting from the long-term development trend of AI, with continuous upgrades to its chip products. New Bluetooth chip products have been launched, including the BES2700iBP and BES2800, which are designed for smart wearables [5][6]. - The BES2800 chip, utilizing advanced 6nm FinFET technology, integrates multiple cores and low-power connectivity features, enhancing the performance of wearable devices [5]. Operational Efficiency - The company reported operating expenses of 195 million yuan in Q3 2024, with an expense ratio of 20.70%, a decrease of 4.62 percentage points year-on-year, attributed to rapid revenue growth and economies of scale [4].

证券代码：688608 证券简称：恒玄科技 公告编号：2025-001 1 恒玄科技（上海）股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 本次权益变动属于履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，Run Yuan Capital I Limited（以下简称"Run Yuan I"）持 有恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"） 9,576,749 股, 占公司总股本 7.9776%；其一致行动人 Run Yuan Capital II Limited（以下简称"Run Yuan II"）持有公司 1,226,119 股，占公司总股本 1.0214%。上述股东构成一致行 动关系，合计持有公司股份从 11,755,956 股减少至 10,802,868 股，占公司总本 的比例从 9.7929%减少至 8.9990%。 本次权益变动为持股 5%以上非第一大股东减持，上述股东不属于公司控 股 ...

2025第一波VC募资。 作者 I 刘博 报道 I 投资界PEdaily 投资界获悉，元禾璞华产业并购基金已完成首关，首关规模超12亿元，预计今年第二季度完成基金终关，终关规模不低于20亿元。此 次LP阵容中，基石投资人为苏州元禾控股股份有限公司、安徽省高新技术产业投资有限公司，华大九天、晶丰明源、安凯微等多家上 市公司、金融机构以及多地政府引导基金同样位列其中。 坚定信仰中国半导体产业的长期成长，悄然成为元禾璞华的底色。十年浮沉，这支队伍正向着远方再度出发。 并购基金打头阵 今年第一波超级募资 并购基金来得恰逢其时。 放眼国内，随着去年9月"并购六条"发布，一笔笔重磅并购交易目不暇接。然而并购市场热闹景象背后，交易多由上市公司发起，参与 者中主要投向半导体的并购基金鲜少看见。 与此同时，元禾璞华新一期PE基金和新一期VC基金，分别与上海、北京、江苏等多地政府引导母基金合作设立，同样将在今年一季度 完成首关，基金规模均在10亿- 2 0亿元。募资数十亿，这样一幕放在"募资难"的背景下显得弥足珍贵。 LP总是用脚投票。2024年是元禾璞华成立的十周年，迄今基金管理规模过百亿，累计投资约20 0家半导体和硬科技企 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-062 恒玄科技（上海）股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 截至本公告披露日，Run Yuan Capital I Limited（以下简称"Run Yuan I"）持 有恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"） 10,421,621 股,占公司总股本 8.68%；其一致行动人 Run Yuan Capital II Limited（以下简称 "Run Yuan II"）持有公司 1,334,335 股，占公司总股本 1.11%。上述股份均为公 司首次公开行前取得的股份，已于 2021 年 12 月 16 日解除限售并上市流通。 截至本公告披露日，公司股东宁波梅山保税港区百碧富创业投资合伙企业 （有限合伙）（以下简称"宁波百碧富"）持有公司股份 3,908,763 股，占公司总 股本的 3.26%；宁波梅山保税港区千碧富创业投资合伙企业（有限合 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-061 恒玄科技（上海）股份有限公司 2024 年前三季度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： 每股现金红利 0.76 元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/12/11 | 2024/12/12 | 2024/12/12 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 11 月 12 日的 2024 年第一次临时股东大会 审议通过。 二、 分配方案 1. 发放年度：2024 年季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（公 司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 是否涉及差异化分红送转：是 每股分配比例 上市公司自律监管指 ...

上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 差异化权益分派事项之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 差异化权益分派事项之 法律意见书 致：恒玄科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受恒玄科技（上海）股份 有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法（2023 年修 订）》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股份回购规则》（以下简称"《回购规则》"）、《上海证券交易所上市公 司自律监管指引第 7 号——回购股份（2023 年 12 月修订）》（以下简称"《回购 指引》"）等法律、法规和其他规范性文件（以下简称"法律、法规"）以及《恒 玄科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就 公司 2024 年前三季度利润分配所涉及的差异化权益分派（以下简称"本次差异 为出具本法律意见书， ...

Group 1: Company Overview and Product Advantages - The company specializes in low-power SoC chips widely used in smart wearables and smart home devices, integrating multiple functions such as CPU, DSP, NPU, and more [1] - The company has a broad customer base, including major Android phone brands, professional audio manufacturers, and well-known home appliance companies, reflecting its technological advantages [1] Group 2: Product Upgrades and Innovations - The company emphasizes technological innovation with strong R&D capabilities in RF, analog, power management, wireless communication, and low-power high-performance SoC chips [2] - The company is continuously launching competitive chip products and solutions in the smart wearable and smart home sectors [2] Group 3: Financial Performance - In Q3 2024, the company achieved a revenue of 942 million CNY, with a year-on-year growth of 44.01% and a quarter-on-quarter growth of 7.29% [2] - The gross profit margin for Q3 2024 was 34.68%, an increase of 1.29 percentage points from Q2 2024, attributed to changes in product structure and a decrease in upstream costs [4] Group 4: Inventory and Product Structure - As of Q3 2024, the company's inventory was 672 million CNY, with raw materials and work-in-progress accounting for approximately 60% and finished products for about 40% [2] - In the first three quarters of 2024, Bluetooth audio products accounted for about 65% of revenue, while smartwatches and wristbands accounted for approximately 29%, showing a significant year-on-year increase in the latter category [5] Group 5: Market Trends and Future Outlook - The rise of edge AI is expected to create new demands for chips, particularly in enhancing the computational power and environmental sensing capabilities of wearable devices [4] - The company positions itself to meet the evolving needs of the market with its ultra-low-power computing SoC chips, aligning with the development of edge AI [4]

Summary of the Conference Call for 恒祥科技 Company Overview - 恒祥科技 was established in June 2015 and went public on the Sci-Tech Innovation Board in December 2020. The company specializes in the research, design, and sales of wireless ultra-low power technology SOC chips, focusing on audio, wearable, and smart home applications [3][4]. Industry Insights - The global personal smart audio market continues to grow, with TWS (True Wireless Stereo) earphones experiencing a growth rate of 12.6%, capturing a market share of 72.6%. The market for earphones priced below $50 has surpassed 50% [7]. - In China, the Bluetooth earphone market saw cumulative shipments of 43.38 million units from January to August, marking a year-on-year growth of 19.5%. The true wireless earphone shipments reached 76.02 million units [8]. - The global wearable wrist device shipments are expected to grow by 5%, reaching 194 million units, with smart watches seeing a year-on-year increase of 44% [9]. Financial Performance - From 2017 to 2023, 恒祥科技 achieved a compound annual growth rate (CAGR) of 71.7% in revenue. In 2023, the revenue breakdown includes: - Smart Bluetooth audio chips: 53.7% of total revenue, generating 1.17 billion yuan, a year-on-year increase of 59.3% - Regular Bluetooth audio chips: 16.5% of total revenue, generating 360 million yuan, remaining stable - Other businesses (including smart watches and unit chips): 29.7% of total revenue, generating 647 million yuan, a year-on-year increase of 65.8% [2][5]. Research and Development - In the first three quarters of 2024, 恒祥科技's R&D expenses reached 474 million yuan, a year-on-year increase of 30%, with an R&D expense ratio of 19%. The company employs 571 R&D personnel, accounting for 85.7% of the total workforce, with 62.7% holding master's or doctoral degrees [6]. Product Development - The company has launched several flagship products, including the 2,400 series and its derivatives, covering sports watches and entry-level sports bands. The new 2,800 series SOC has been mass-produced and first applied in Samsung's TWS earphones [10]. - In the first three quarters of this year, Bluetooth audio products accounted for 65% of revenue, while the share of watch and band products increased from 19% last year to 29% [10]. Future Outlook - Looking ahead, 恒祥科技 is expected to benefit from the demand driven by AI technology and cloud-based large model economies. The company anticipates EPS of 3 yuan per share for 2024-2026, indicating strong growth potential, leading to a recommendation rating for first coverage [11].