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].

证券代码：688608 证券简称：恒玄科技 公告编号：2024-059 恒玄科技（上海）股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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），恒玄科技（上海）股份有限公司（以下简称"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，其中超募资金 275,878.12 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）。公司 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][7][106]. Core Views - The company has rapidly grown into a unicorn in the wireless ultra-low power computing SoC chip sector since its establishment in 2015, particularly excelling in the smart wearable market. Despite a decline in performance during 2022-2023, the company is experiencing a recovery in 2024, with improvements in gross and net profit margins, a decrease in expense ratios, and continued investment in R&D [1][6][43]. - The Bluetooth headset SoC market share is leading, with demand driven by brand clients. The TWS headset market is recovering, and the company is expected to increase its market share further with the launch of new products [1][6][62]. - The smart watch segment is expected to open a second growth curve for the company, with significant potential for market share increase due to strong performance from key clients like Huawei and Xiaomi [1][6][80]. - The company is expanding its capabilities in the AIoT field, with notable performance in the smart home chip sector and successful entry into the Wi-Fi market with low-power Wi-Fi 6 chips [1][6][95]. Summary by Sections Company Overview - The company focuses on ultra-low power technology, smart audio-video interaction technology, and wireless communication connection technology, aiming to become a global leader in innovative chip design [23][32]. Bluetooth Headset Chips - The TWS headset market is recovering, with the company positioned to increase its market share as brand clients gain more traction. The introduction of the BES2800 series chip is expected to enhance product offerings [1][6][52][71]. Smart Watch Chips - The global wearable wrist device market is stabilizing, with the company’s smart watch SoC market share expected to grow significantly, driven by the performance of major clients [1][6][80][84]. Other Chips - The smart home market is growing, with AI technology expected to drive new growth in smart speakers. The company has successfully developed low-power Wi-Fi 6 chips, enhancing its product offerings in the smart home sector [1][6][95][99]. Financial Forecast - The company’s revenue is projected to grow significantly from 2024 to 2026, with expected revenues of 33.24 billion, 42.31 billion, and 51.74 billion yuan respectively. The net profit is forecasted to be 4.08 billion, 6.08 billion, and 8.54 billion yuan for the same period [6][104][106].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue growth rate of 44.01% in Q3 2024, with total revenue reaching 942 million yuan, and a year-to-date revenue of 2.473 billion yuan, reflecting a 58.12% increase year-on-year [3] - The net profit attributable to shareholders for Q3 2024 was 141 million yuan, up 106.45% year-on-year, with a year-to-date net profit of 289 million yuan, representing a 145.47% increase [3] - The company's gross margin improved to 33.76% for the first three quarters of 2024, with a Q3 gross margin of 34.68%, an increase of 1.29 percentage points quarter-on-quarter [4] - The company has a broad customer base, including major global brands in the Android smartphone, professional audio, and home appliance sectors [4] - The new ultra-low power wireless wearable chip, BES2700iMP, has been mass-produced for smartwatches and wristbands [4] - The latest generation chip, BES2800, has also been mass-produced, featuring a 6nm FinFET process and supporting Wi-Fi 6 technology [4] - Profit forecasts remain unchanged, with expected net profits of 400 million, 614 million, and 841 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 73, 48, and 35 times based on the stock price as of November 12 [4] Financial Summary - For 2024, the company is projected to achieve revenues of 2.176 billion yuan, with a growth rate of 52.63% [5] - The net profit for 2024 is expected to be 124 million yuan, with a significant growth rate of 223.64% [5] - The earnings per share (EPS) is forecasted to be 3.33 yuan for 2024 [5] - The company’s gross margin is projected to be around 33.8% in 2024, with a net profit margin of 12% [7]

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 2024 年第一次临时股东大会之 法律意见书 案号：01G20241006 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 2024 年第一次临时股东大会之 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 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 法律意见书 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》（以下简 称"《公司法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等法律、行政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 公司召开 2024 年第一次临时股东大会（以下简称"本次股东大会"）的有关事 宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合法律、法规及《公司章程》的规 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-058 恒玄科技（上海）股份有限公司 注：截至本次股东大会股权登记日的总股本为 120,045,559 股，其中，公司回购专用账户中 股份数为 382,210 股，不享有股东大会表决权。 2024 年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 12 日 （二） 股东大会召开的地点：上海市浦东新区金科路 2889 弄长泰广场 B 座 10 楼公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 98 | | --- | --- | | 普通股股东人数 | 98 | | 2、出席会议的股东所持有的表决权数量 | 42,446,174 | | 普通股股东所持有表决权数量 | 42,446,174 | | 3、出席会议的股 ...

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].