（2）其他芯片：随着公司持续向 AIoT 平台型公司转型，我们预测其他芯片 2024-2026 年整体营收有望同比快速增长 61%/45%/38%至 10.42/15.07/20.79 亿元，有 望成为继公司智能蓝牙音频芯片业务之外的第二大驱动力。随着公司产品逐步高端 化，我们预测公司 2024-2026 年其他芯片毛利率 37.0%/38.0%/38.5%。其他芯片主要 包含 Type-C 音频芯片，智能手表芯片及 Wi-Fi 类芯片。Type-C 音频芯片方面，我们 认为随着无线耳机渗透率不断提升，Type-C 音频芯片市场将进一步萎缩，同时毛利 率也将进一步下滑。智能手表芯片方面，随着公司逐步打入高级操作系统智能手表 领域，我们认为公司智能手表芯片收入及毛利率有望迎来高速增长。Wi-Fi 类芯片方 面,我们认为随着公司 Wi-Fi6 技术的落地,公司 Wi-Fi 类芯片应用范围将进一步扩 大，同时带动营收和毛利率提升。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|------------------------ ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-025 回购报告书》（公告编号：2023-045）、《关于以集中竞价交易方式首次回购公司 股份的公告》（公告编号：2023-046）。 二、 回购股份的进展情况 恒玄科技（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2023/8/23 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 元~9,600 元 4,800 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 44.7562 | | 累计已回购股数占总股本比例 | 0.3729% | | 累计已回购金额 | 51,009,761.18 元 | | 实际回购价格区间 | 99.52 元/股~138.00 元/股 | 一、 ...

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook on its stock performance [5] Core Views - The company is positioned to become a leading supplier of AIoT master control platform chips, leveraging its BES2600 series Wi-Fi SoC chips which are already in mass production for smart speakers and smart home markets [4] - The company is expected to launch its 6nm BES2800 chip in 2024, which will significantly enhance CPU and NPU performance, further solidifying its position in the AIoT and wearable device markets [21] - The company's revenue is projected to grow from RMB 2.176 billion in 2023 to RMB 4.144 billion in 2026, with a CAGR of 23.5% [8][25] Financial Performance and Projections - Revenue for 2023 is estimated at RMB 2.176 billion, a 46.6% YoY increase, driven by the recovery of the global economy and increased demand for chips [10] - Net profit is expected to grow from RMB 124 million in 2023 to RMB 528 million in 2026, with a CAGR of 34.5% [8] - Gross margin is projected to remain stable at around 34.7%-35.1% from 2024 to 2026 [8][25] - EPS is forecasted to increase from RMB 1.03 in 2023 to RMB 4.40 in 2026 [8] Product and Market Analysis - The BES2700 series chip has gained significant market recognition and is widely used in TWS headphones, smartwatches, and smart glasses [21] - The company's smart Bluetooth audio chip business is expected to grow at a CAGR of 24% from 2024 to 2026, driven by the increasing adoption of AI-enabled voice recognition technology [10] - The "Other" product category, which includes smartwatch chips and smart home chips, is projected to grow at a CAGR of 33% from 2024 to 2026, supported by the global resurgence of interest in wearable devices [10] Valuation and Peer Comparison - The company's 2024E PS ratio is estimated at 6-7x, with a fair value range of RMB 135.25-157.79 per share [7] - Compared to peers, the company's valuation is in line with the industry average, with a 2024E PS ratio of 5.5x [24] Key Drivers - The successful mass production of the 6nm BES2800 chip in 2024 is expected to be a major growth driver, offering significant improvements in CPU and NPU performance [21] - The company's focus on AIoT and wearable devices aligns with market trends, providing a strong foundation for future growth [4][21]

证券代码：688608 证券简称：恒玄科技 公告编号：2024-023 恒玄科技（上海）股份有限公司 2023 年年度股东大会决议公告 注：截至本次股东大会股权登记日的总股本为 120,034,708 股，其中，公司回购专用账户中 股份数为 860,708 股，不享有股东大会表决权。 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 1、本次股东大会以现场结合通讯方式召开，会议采取网络投票方式进行表决； 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 5 月 16 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 | 85 | | --- | --- | | 普通股股东人数 | 85 | | 2、出席会议的股 ...

恒玄科技（上海）股份有限公司 关于调整 2023 年度利润分配现金分红总额的公告 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： 恒玄科技（上海）股份有限公司（以下简称"公司"）调整 2023 年度现金 分红总额由人民币 19,071,675.52 元（含税）调整为 19,067,840.00 元（含税）。 本次调整原因：自公司 2023 年度利润分配预案披露之日起至本公告披露 日，公司通过上海证券交易所系统以集中竞价交易方式回购公司股份 23,972 股， 公司回购专用证券账户股数增加至 860,708 股，按照维持每股分配比例不变的原 则，相应调整分配总额。 一、调整前利润分配方案 公司于 2024 年 3 月 27 日召开了第二届董事会第十次会议及第二届监事会 第十次会议，并于 2024 年 5 月 16 日召开了 2023 年年度股东大会，审议通过了 《关于 2023 年度利润分配预案的议案》。本次利润分配预案如下： 证券代码：688608 证券简称：恒玄科技 公告编号：2024-024 截至公司 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 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 关于恒玄科技（上海）股份有限公司 2023 年年度股东大会的法律意见书 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 2023 年年度股东大会的 法律意见书 致：恒玄科技（上海）股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会（以下简称"中国 证监会"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法 规和有关规范性文件的要求，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"恒玄科技"或"公司"）的委托， 指派本所律师参加恒玄科技 2023 年年度股东大会（以下简称"本次股东大会"）， 并出具本法律意见书。 本法律意见书仅供本次股东大会之目的使用。本所律师同意将本法律意见书 随恒玄科技本次股东大会其他信息披露资料一并公告。 本所律师根据 ...

Group 1: Company Overview and Strategy - Hengxuan Technology is positioned as a key supplier of main control chips for wearable devices, benefiting from the trend towards smart wearables [1] - The company has launched the BES2800 chip, a next-generation smart wearable chip based on 6nm technology, aimed at providing powerful computing power and seamless connectivity for devices like TWS headphones and smart glasses [1] - Hengxuan is committed to continuously upgrading its competitive wearable chip solutions in collaboration with industry partners to enhance user experience [2] Group 2: Product Development and Market Trends - The BES2700 chip, used in smartwatches, can provide up to 100 hours of battery life, significantly reducing power consumption [2] - The company is exploring the integration of advanced features such as camera capabilities in wearable devices, aligning with market trends towards enhanced user interaction [2] - Hengxuan plans to introduce chips that support perception functions like imaging, in response to the rapid development of large language models [2] Group 3: ESG Performance and Employee Welfare - Hengxuan has been proactive in ESG initiatives, disclosing ESG reports for three consecutive years from 2021 to 2023 [3] - The company received a BBB rating in the ESG assessment, placing it in the top 10% among 5345 A-share listed companies [3] - Hengxuan ensures compliance with labor laws and provides comprehensive employee benefits, including social insurance and flexible working arrangements [3] Group 4: Financial Performance and Market Outlook - In Q1, the company achieved a revenue growth of 70.27% year-on-year, indicating a positive trend in financial performance [3] - The gross margin has stabilized and is expected to improve further with the introduction of new products and cost optimization efforts [3] - As of the end of Q1, the company's inventory stood at 644 million CNY, maintaining a reasonable turnover rate [3]

证券代码：688608 证券简称：恒玄科技 公告编号：2024-022 回购报告书》（公告编号：2023-045）、《关于以集中竞价交易方式首次回购公司 股份的公告》（公告编号：2023-046）。 恒玄科技（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2023/8/23 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~9,600 万元 4,800 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 44.7562 万股 | | 累计已回购股数占总股本比例 | 0.3729% | | 累计已回购金额 | 51,009,761.18 万元 | | 实际回购价格区间 | 元/股~138.00 元/股 99.52 | 一、 回购股份的基本情况 ...

Investment Rating - The investment rating for the company is "Buy" [2][22]. Core Views - The company achieved a record high revenue of 2.176 billion yuan in 2023, representing a year-on-year growth of 46.57%. The net profit attributable to the parent company was 124 million yuan, with a slight increase of 0.99% year-on-year [18]. - The company has a broad customer base, including major global brands in various sectors, and continues to focus on product development based on brand customer needs [18]. - The new BES2700iBP chip for wearable devices has been launched, enhancing the company's product offerings in the wearable market [18]. - The latest BES2800 chip is expected to enter mass production in 2024, utilizing advanced 6nm FinFET technology to provide high performance for wearable devices [18]. - Profit forecasts for the company indicate net profits of 266 million yuan, 415 million yuan, and 569 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 53, 34, and 25 [18]. Summary by Sections Company Basic Data - Latest closing price: 118.60 yuan - Market capitalization: 14.236 billion yuan - Total shares: 1.20 billion [9]. Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 2.813 billion yuan, 3.520 billion yuan, and 4.390 billion yuan respectively, with growth rates of 29.24%, 25.16%, and 24.71% [10]. - The expected net profit for 2024, 2025, and 2026 is 266 million yuan, 415 million yuan, and 569 million yuan, with growth rates of 115.43%, 55.92%, and 37.08% respectively [10]. Financial Data - The company's gross margin for 2023 was 34.20%, a decrease of 5.17 percentage points year-on-year, while the net margin was 5.68%, down 2.56 percentage points year-on-year [18]. - R&D expenses for 2023 were 550 million yuan, representing a year-on-year increase of 25.04% [18].

沪深300对比 1M 2M 3M 绝对涨幅(%) 7.40 4.83 -2.61 相对涨幅(%) 7.82 3.67 -10.33 资料来源：德邦研究所，聚源数据 所属行业：电子/半导体 当前价格(元)：118.40 -23% -11% 0% 11% 23% 34% 2023-04 2023-08 2023-12 2024-04 恒玄科技 沪深300 1.《恒玄科技（688608.SH）：产品线 持续拓展，迈向 AIoT 平台型公司》， 2024.1.11 投资要点 公司利润扭亏，研发投入持续加大。收入端，24Q1 公司实现营业收入 6.53 亿元， 同比+70.27% ，延续 23 年营收增势，主要原因是市场回暖，智能手表及手环类 芯片快速上量。23 年公司实现营收 21.76 亿元，同比+46.57%，创历史新高。利 润端，归属于上市公司股东的净利润 0.28 亿元，同比扭亏，主要原因系营业收入 大幅增长带来净利润的增长。盈利能力方面，综合毛利率 32.93%，同比-2.76pct， 环比+0.38pct，主要原因是产品结构变化、成本上涨。报告期内公司持续投入研 发，公司研发费用 1.65 亿元，同比+3 ...