恒玄科技（上海）股份有限公司 章 程 二零二四年十月 | 第二章 | | 经营宗旨和经营范围 | 2 | | --- | --- | --- | --- | | 第三章 | 股 | 份 | 2 | | | 第一节 | 股份发行 2 | | | | 第二节 | 股份增减和回购 5 | | | | 第三节 | 股份转让 6 | | | 第四章 | | 股东和股东大会 | 7 | | | 第一节 | 股 东 7 | | | | 第二节 | 股东大会的一般规定 9 | | | | 第三节 | 股东大会的召集 12 | | | | 第四节 | 股东大会的提案与通知 13 | | | | 第五节 | 股东大会的召开 15 | | | | 第六节 | 股东大会的表决和决议 18 | | | 第五章 | | 董事会 | 22 | | | 第一节 | 董事 22 | | | | 第二节 | 董事会 24 | | | 第六章 | | 总经理及其他高级管理人员 | 29 | | 第七章 | | 监事会 | 31 | | 第一节 | | 监事 31 | | | 第二节 | | 监事会 31 | | | 第八章 | | 财务会计制度、 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥941,725,079.51, representing a year-on-year increase of 44.01%[2] - Net profit attributable to shareholders for Q3 2024 was ¥141,460,252.64, a significant increase of 106.45% compared to the same period last year[4] - The cumulative revenue for the first nine months of 2024 was ¥2,473,122,980.16, reflecting a year-on-year growth of 58.12%[3] - Total operating revenue for the first three quarters of 2024 reached ¥2,473,122,980.16, a significant increase of 58.2% compared to ¥1,564,060,240.55 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 was ¥288,968,030.81, up from ¥119,908,624.97 in the previous year, reflecting a growth of 141.2%[17] - Net profit attributable to shareholders for the first three quarters of 2024 was ¥289,100,444.05, compared to ¥117,774,751.85 in 2023, marking an increase of 145.5%[17] - The total comprehensive income for the first three quarters of 2024 was ¥288,653,698.61, compared to ¥118,910,046.04 in the previous year, reflecting a growth of 142.5%[18] Profitability Metrics - The gross profit margin for Q3 2024 improved to 34.68%, up 1.29 percentage points from the previous quarter[4] - Basic earnings per share for Q3 2024 were ¥1.1784, an increase of 106.45% year-on-year[3] - Basic earnings per share for the first three quarters of 2024 were ¥2.4083, compared to ¥0.9812 in the same period of 2023, indicating a substantial increase[18] Research and Development - Research and development expenses totaled ¥152,441,877.23 in Q3 2024, accounting for 16.19% of revenue, a decrease of 4.02 percentage points year-on-year[3] - Research and development expenses for the first three quarters of 2024 totaled ¥474,131,084.16, up 29% from ¥367,371,100.62 in the same period last year[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥246,531,704.64, down 21.67% year-on-year[2] - In the first three quarters of 2024, the cash inflow from operating activities reached ¥2,645,369,688.01, a significant increase from ¥1,545,991,121.19 in the same period of 2023, representing a growth of approximately 71%[19] - The net cash flow from operating activities for the third quarter of 2024 was ¥246,531,704.64, compared to ¥314,731,854.35 in the third quarter of 2023, indicating a decrease of about 21.7%[20] - The total cash outflow from operating activities in the third quarter of 2024 was ¥2,398,837,983.37, compared to ¥1,231,259,266.84 in the same quarter of 2023, showing an increase of about 95.5%[20] Assets and Liabilities - The total assets as of the end of Q3 2024 were ¥6,984,441,721.26, a 6.61% increase from the end of the previous year[3] - Total current assets as of September 30, 2024, amounted to ¥6,301,819,249.85, an increase from ¥5,953,164,207.03 as of December 31, 2023, reflecting a growth of approximately 5.84%[13] - Total liabilities increased to ¥571,971,715.61 in Q3 2024, compared to ¥454,204,359.63 in Q3 2023, representing a growth of 26%[18] - The total liabilities included short-term borrowings of ¥20,013,223.74, indicating the company’s liquidity position[14] Shareholder Information - The company’s major shareholders include Tang Xiaodong with 11.30% and Zhao Guoguang with 10.13% of shares, highlighting significant ownership concentration[12] - The total number of common shareholders at the end of the reporting period was 7,010, indicating a stable shareholder base[10] Investment Activities - The total cash inflow from investment activities in the third quarter of 2024 was ¥7,122,421,365.58, up from ¥6,428,333,582.65 in the same quarter of 2023, reflecting an increase of approximately 10.8%[20] - The net cash flow from investment activities for the third quarter of 2024 was ¥421,971,905.52, a substantial rise from ¥77,601,885.26 in the third quarter of 2023, marking an increase of over 442%[20] - The company received cash from investment recovery totaling ¥7,077,287,456.54 in the third quarter of 2024, compared to ¥6,376,000,000.00 in the same period of 2023, indicating an increase of about 11%[20]

证券代码：688608 证券简称：恒玄科技 公告编号：2024-054 公司 2024 年前三季度合并报表中归属于母公司的净利润为 28,910.04 万 元，其中，母公司实现净利润 39,386.10 万元，截至 2024 年 9 月 30 日，母公司 可供分配利润为 120,590.76 万元。公司 2024 年前三季度拟以实施权益分派股权 登记日登记的总股本为基数进行利润分配。本次利润分配方案如下： 公司拟以实施权益分派股权登记日的总股本扣减公司回购专用证券账户中 的股份为基数，向全体股东每股派发现金红利 0.76 元（含税），不送红股、不 恒玄科技（上海）股份有限公司（以下简称"公司"）2024 年前三季度利润 分配方案为：每股派发现金红利 0.76 元（含税），不送红股，不以资本公积 金转增股本。 本次利润分配以实施权益分派股权登记日登记的公司总股本扣减公司回购 专用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 如在分配方案披露之日起至实施权益分派股权登记日期间，因新增股份上市、 股份回购等事项导致公司总股本发生变化的，则以未来实施分配方案的股权 登记日的总股本扣减回购专用证券账户中 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][9]. Core Views - The company reported strong performance in H1 2024, with revenue reaching 1.531 billion yuan, a year-on-year increase of 68.26%. The net profit attributable to shareholders was 148 million yuan, up 199.76% year-on-year, and the non-GAAP net profit was 112 million yuan, a staggering increase of 1872.87% [2][3]. - The growth in performance is driven by sustained demand in the downstream markets, particularly in smart wearables and smart home sectors. The company's market share in smart watch and band chips has rapidly increased, supported by the launch of new products [2][3]. - The new generation wearable chip, BES2800, has been mass-produced and is expected to enhance the company's competitive edge in the market, providing powerful computing capabilities and seamless connectivity for wearable devices [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.531 billion yuan, with a Q2 revenue of 878 million yuan, reflecting a year-on-year growth of 66.80% and a quarter-on-quarter growth of 34.45% [2][3]. - The company’s total expenses for sales, management, and R&D in H1 2024 amounted to 395 million yuan, accounting for 25.81% of revenue, which is a decrease of 7.36 percentage points compared to the previous year [3]. Future Projections - The company is projected to achieve revenues of 3.156 billion yuan, 4.136 billion yuan, and 5.312 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 355 million yuan, 541 million yuan, and 777 million yuan for the same years [3][5]. - The report anticipates a significant increase in earnings per share (EPS) from 1.03 yuan in 2023 to 2.96 yuan in 2024, with a corresponding PE ratio decreasing from 149.21 to 90.51 [5][3]. Market Position - The company has successfully expanded its market share in the smart wearable sector, with smart watch and band chips contributing approximately 28% to its revenue in H1 2024, a notable increase from the previous year [2][3]. - The ongoing investment in high-level technology research and development is crucial for maintaining the company's core competitiveness, with R&D expenses rising by 36.76% year-on-year [3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [1][5][10]. Core Insights - The company, Hengxuan Technology (688608), has achieved record quarterly performance, benefiting from the surge in smart terminal demand. The main business focuses on the research, design, and sales of ultra-low-power wireless SoC chips, including wireless audio chips, smart wearable chips, smart home chips, and wireless connectivity chips [1][4]. - In the first half of 2024, the company reported revenue of 1.531 billion yuan, a year-on-year growth of 68.26%, and a net profit attributable to shareholders of 148 million yuan, a year-on-year increase of 199.76% [1][4]. Summary by Sections Company Overview - Hengxuan Technology specializes in ultra-low-power wireless computing SoC chips, with products widely used in smart wearables and smart home devices. The company has established a strong market presence in TWS earphones and smartwatches, leveraging advanced technologies and partnerships with major brands [1][4]. Financial Performance - For Q2 2024, the company achieved revenue of 878 million yuan, reflecting a year-on-year growth of 66.80% and a quarter-on-quarter growth of 34.45%. The net profit for the same quarter was 120 million yuan, with a year-on-year increase of 140.00% and a quarter-on-quarter increase of 334.87%, marking a historical high for a single quarter [1][4]. Market Position and Growth Drivers - The company has a diverse customer base, including major global brands such as Samsung, OPPO, Xiaomi, and Huawei, which provides a competitive advantage. The rise of cloud-based AI models is expected to further drive demand for wearable devices, aligning with the company's focus on ultra-low-power computing solutions [1][4]. - The report anticipates continued growth in the wearable device segment, with new product launches and increased market share contributing to revenue growth in the coming years [4][5]. Revenue Projections - Revenue projections for 2024 to 2026 indicate a steady increase, with expected revenues of 3.084 billion yuan in 2024, 3.814 billion yuan in 2025, and 4.286 billion yuan in 2026. The net profit is projected to reach 209 million yuan in 2024, 297 million yuan in 2025, and 406 million yuan in 2026 [5][6].

恒玄科技（上海）股份有限公司 证券代码：688608 证券简称：恒玄科技 公告编号：2024-050 关于公司 2023 年限制性股票激励计划首次授予部分 第一个归属期归属结果的公告 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。 重要内容提示： 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，恒玄科技（上海）股份有限公司（以下简称"公 司"）于 2024 年 9 月 26 日收到中国证券登记结算有限责任公司上海分公司出具 的《过户登记确认书》，公司完成了 2023 年限制性股票激励计划（以下简称"本 次激励计划"）首次授予部分第一个归属期的股份登记工作。现将有关情况公告 如下： 一、本次限制性股票激励计划的决策程序和信息披露情况 （一）2023 年 8 月 1 日，公司召开第二届董事会第六次会议，审议通过了《关 于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事 会 ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 恒玄科技（688608）公司研究报告 2024 年 09 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 23 日收盘价（元） ] | 149.50 | | 52 周股价波动（元） | 98.38-179.65 | | 总股本 / 流通 A 股（百万股） | 120/120 | | 总市值 / 流通市值（百万元） | 17947/17947 | | 相关研究 | | | [Table_ReportInfo] 《业绩预告 24H1 高增长， | Q2 营收创新高》 | | 2024.07.24 | | | 《 6nm 新品 24 年有望量产，积极拓展 领域》 2024.05.30 | AIoT | 市场表现 [Table_Quo ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company achieved impressive performance in H1 2024, with revenue reaching 1.531 billion yuan, a year-on-year increase of 68.26%, and a net profit attributable to shareholders of 148 million yuan, up 199.76% year-on-year [1][2]. - The new BES2800 chip is expected to ramp up production in the second half of the year, contributing to revenue growth [2][4]. - The company is expanding its product offerings in the wearable and smart home markets, with the BES2700 series and the new BES2800 chip being key products [2][4]. Financial Performance Summary - **Revenue**: - 2022A: 1,485 million yuan - 2023A: 2,176 million yuan - 2024E: 3,260 million yuan - 2025E: 4,202 million yuan - 2026E: 5,145 million yuan - Year-on-year growth rates: 2023A: 46.6%, 2024E: 49.8% [1][7] - **Net Profit**: - 2022A: 122 million yuan - 2023A: 124 million yuan - 2024E: 378 million yuan - 2025E: 560 million yuan - 2026E: 780 million yuan - Year-on-year growth rates: 2023A: 1.0%, 2024E: 206.1% [1][7] - **Gross Margin**: - H1 2024 gross margin: 33.19%, with a slight decrease of 1.92 percentage points year-on-year [2]. - **Earnings Per Share (EPS)**: - 2022A: 1.02 yuan - 2023A: 1.03 yuan - 2024E: 3.15 yuan - 2025E: 4.66 yuan - 2026E: 6.50 yuan [1][7]. Market and Product Development - The company is focusing on the smart home market, adapting its technology to meet IoT demands, and has launched the BES2600 series for smart speakers and home applications [4]. - The BES2800 chip, produced using advanced 6nm FinFET technology, is designed to enhance performance in wearable devices and is expected to see increased adoption in the second half of the year [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant revenue growth driven by the increasing demand for smart wearable products, achieving a revenue of 1.531 billion yuan in the first half of 2024, representing a year-on-year increase of 68.26% [1] - The net profit attributable to shareholders reached 148 million yuan, a remarkable year-on-year growth of 199.76% [1] - The company's market share and competitiveness in the smart wearable sector have rapidly improved due to the accelerated shipment of products and the introduction of new 6nm chips [1][3] Summary by Relevant Sections Market Demand and Product Development - The company's revenue from smartwatches and wristbands accounted for approximately 28% of total revenue in the first half of 2024, indicating a significant increase compared to the previous year [1] - The company has launched new products based on its flagship chip, BES2700BP, including BES2700iBP and BES2700iMP, achieving full coverage of smartwatches, sports watches, and wristbands [1] - The introduction of ultra-low power technology and the new generation of 6nm chips has met the growing demand for low-power, high-performance wearable devices [1] Financial Forecast - The company is projected to achieve revenues of 3.204 billion yuan, 4.095 billion yuan, and 5.036 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.93 yuan, 4.45 yuan, and 5.96 yuan [3][5] - The current price-to-earnings (P/E) ratios are forecasted to be 49.7, 32.8, and 24.5 for the years 2024, 2025, and 2026, respectively, reflecting the company's strengthening core competitiveness as wearable demand continues to grow [3]

证券代码：688608 证券简称：恒玄科技 编号：2024-9-2 □特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 恒玄科技（上海）股份有限公司投资者关系活动记录表 □现场参观 ■其他（电话会议） | --- | --- | --- | --- | --- | |----------------|-----------------|--------------|----------------|--------------| | | Pinpoint | 国信证券 | 明河投资 | 星石投资 | | | Point72 | 海创基金 | 摩根士丹利基金 | 兴银基金 | | | UG | 海富通基金 | 摩根资产 | 兴证全球基金 | | | 阿杏投资 | 海通资管 | 南土资产 | 玄元基金 | | | 安信基金 | 海通自营 | 南土资产 | 雪石资产 | | | 百川财富投资 | 杭银理财 | 诺德基金 | 易方达基金 | | | 北信瑞丰 | 昊泽致远投资 | 盘京投资 | 银华基金 | | | 北信瑞丰基金 | 合远私募基金 | 磐厚动量资管 ...