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 ...

[Table_Title] 一季报收入大超预期，看好后续盈利能力改善 1、AIOT 行业需求下滑； 请阅读最后评级说明和重要声明 | --- | --- | |-------------------------------------------------|--------------| | | | | 公司基础数据 | | | [Table_BaseData] 当前股价 ( 元 ) | 124.19 | | 总股本 ( 万股 ) | 12,003 | | 流通 A 股 /B 股 ( 万股 ) | 12,003/0 | | 每股净资产 ( 元 ) | 50.88 | | 近 12 月最高 / 最低价 ( 元 ) | 158.00/98.38 | | 注：股价为 2024 年 4 月 23 日收盘价 | | -25% -11% 2% 15% 2023/4 2023/8 2023/12 2024/4 恒玄科技 沪深300指数 [Table_Report] •《2023Q4 季度收入高增，静待盈利拐点》2024- 更多研报请访问 长江研究小程序 请阅读最后评级说明和重要声明 3 / 6 投资评级说明 | --- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 138.47 CNY based on a 61x PE valuation for 2024 [2][5][10]. Core Insights - The company reported a revenue of approximately 2.18 billion CNY for 2023, a year-on-year increase of about 47%, achieving a historical high. The net profit attributable to the parent company was 124 million CNY, a 1% increase year-on-year. The net cash flow from operating activities turned positive at 470 million CNY [1]. - In Q1 2024, the company achieved a revenue of 653 million CNY, a 70% year-on-year increase, and a net profit of 28 million CNY, marking a turnaround from losses [1]. - The earphone market is recovering, with a doubling in sales of smart Bluetooth chips. The global TWS earphone shipment increased by 2% to 294 million units in 2023, while the domestic market grew by 5% to 61 million units. The company's sales of ordinary Bluetooth chips rose by 11% to 88.69 million units, and smart Bluetooth chip sales surged by 99% to 71.81 million units [1]. - The wearable sector is rapidly increasing its market share, expanding into new clients and wristband markets. The BES2700 series based on 12nm FinFET technology has quickly ramped up production, extending applications to smartwatches and smart glasses [1]. - The company has achieved mass production of Wi-Fi 6 chips, expanding into new smart home scenarios. The integration of Wi-Fi and TWS technologies has led to the development of low-latency multi-box technology for high-quality audio transmission [1]. - Continuous investment in R&D has led to the successful tape-out of the next-generation 6nm wearable chip, BES2800, expected to enter mass production in 2024. This chip features significant improvements in CPU and NPU performance, enhancing algorithm execution speed and reducing power consumption [1]. Financial Summary - The company’s revenue for 2023 was 2,176 million CNY, with a year-on-year growth of 47%. The projected revenues for 2024, 2025, and 2026 are 2,807 million CNY, 3,556 million CNY, and 4,438 million CNY, respectively, with growth rates of 29%, 27%, and 25% [4]. - The net profit attributable to the parent company for 2023 was 124 million CNY, with projections of 273 million CNY, 405 million CNY, and 580 million CNY for the following years [4]. - The report indicates a decrease in gross margin from 39.4% in 2022 to 34.2% in 2023, with a gradual recovery projected to 37.1% by 2026 [4].

会议的两位公司领导首先是公司的总秘监财务总监李总然后是公司的证券事务代表林总两位领导早上好能听到声音吗可以 好的 我们今天的整个会议大概分为两个环节第一部分是首先请林总给大家针对公司新奇宝非常出色的一个精英情果做一个解读之后我们再进入提问环节首先有请林总林总您这边要不先解读一下新奇宝 好的好的大家都稍微等一下不好意思刚刚我们断线了现在能听到我们讲话吗 可以听到非常清楚我先简单介绍一下公司预报的经营情况然后我们再进入问答环节昨天我们也发布了一季度的报告一季度的话是随着我们下游消费市场的持续的回暖我们看到客户的订单需求比我们年初预期的要更加积极 所以公司一季度业绩也取得了比较好的增长报告期内我们是实现了营业收入是6.53亿元同比增长了70.27%环比增长了6.69%一季度我们实现属于上市公司的规模金利润是2760万元扣费后的规模金利润913万元都是实现了同比的扭亏为盈 在比较弱势的这样一个大环境里我们也是连续两年的一季度收入都保持了高增长这也是公司不断努力的一个成绩一季度营收我们分结构来看我们看到下游成长最快的是手表手环类的芯片一季度占到我们营收的占比接近于三成相比去年QE的占比是大幅的提升了 另外蓝牙WiFi这 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 141.93 CNY per share, compared to the current price of 123.51 CNY [3]. Core Insights - In Q1 2024, the company achieved a revenue of 653 million CNY, representing a year-on-year increase of 70.27%. The net profit attributable to shareholders was 28 million CNY, marking a turnaround from losses, while the net profit excluding non-recurring items was 9 million CNY, also showing a turnaround [1][2]. - The comprehensive gross margin for Q1 2024 was 32.93%, which is a decrease of 2.76 percentage points year-on-year but an increase of 0.38 percentage points quarter-on-quarter. The decline in gross margin is attributed to changes in product mix and rising costs [1]. - The company continues to introduce its AIOT SOC products to multiple brand clients, with the BES 2800 series successfully launched. This new chip, built on a 6nm FinFET process, is expected to enter mass production in 2024 [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 1.89 CNY, 3.36 CNY, and 4.81 CNY, respectively. The report anticipates a price-to-earnings (P/E) ratio of 75x for 2024, leading to a reasonable valuation of 141.93 CNY per share [2][7]. Financial Summary - The company reported a revenue of 2,176 million CNY in 2023, with a growth rate of 46.6%. Projections for 2024, 2025, and 2026 indicate revenues of 2,877 million CNY, 3,713 million CNY, and 4,607 million CNY, respectively, with growth rates of 32.2%, 29.1%, and 24.1% [7]. - The net profit attributable to shareholders for 2024 is projected to be 227 million CNY, reflecting an 83.7% increase from 2023. The net profit for 2025 and 2026 is expected to be 403 million CNY and 578 million CNY, respectively [7]. - The report highlights a gross margin of 34.2% for 2023, with expectations of 35.0% in 2024, 36.0% in 2025, and 36.9% in 2026 [7].

Investment Rating - The report maintains a "Recommend" rating for the company (恒玄科技, 688608 SH) [4] Core Views - The company achieved significant growth in 2023 with revenue of 2 176 billion yuan (YoY +46 57%) and net profit of 124 million yuan (YoY +0 99%) [4] - In Q1 2024 the company reported revenue of 653 million yuan (YoY +70 27% QoQ +6 69%) and net profit of 28 million yuan (YoY turned positive QoQ +371 79%) [4] - The company's smart Bluetooth chip sales reached 71 8139 million units (YoY +99 37%) generating revenue of 1 169 billion yuan (YoY +59 28%) [4] - The company's gross margin in 2023 was 34 20% (YoY -5 17pct) due to rising wafer costs and intensified market competition [4] - The company's R&D investment remains stable with 592 R&D personnel accounting for 85 8% of total employees [4] - The company's inventory at the end of 2023 was approximately 660 million yuan a decrease of 290 million yuan YoY indicating reduced impairment pressure [4] - The company's gross margin in Q1 2024 rebounded to 32 93% (QoQ +0 38pct) driven by recovery in the consumer market [4] - The company's BES 2800 series product is expected to enter mass production in 2024 targeting the AIoT market [4] Financial Projections - The company's revenue is projected to be 2 751 billion yuan in 2024 3 523 billion yuan in 2025 and 4 463 billion yuan in 2026 [5] - Net profit is expected to reach 290 million yuan in 2024 441 million yuan in 2025 and 582 million yuan in 2026 [5] - The company's gross margin is forecasted to improve to 35 23% in 2024 36 34% in 2025 and 36 96% in 2026 [5] - The company's PE ratio is projected to be 51 13x in 2024 33 58x in 2025 and 25 47x in 2026 [5] Market and Product Analysis - The company's BES 2700 series products have seen rapid growth in applications such as TWS headphones smartwatches and smart glasses [4] - The BES 2800 series a 6nm smart wearable chip integrates multi-core CPU GPU NPU large-capacity storage low-power Wi-Fi and dual-mode Bluetooth [4] - The company is expected to continue expanding its market share in the AIoT sector [4]

证券代码：688608 证券简称：恒玄科技 公告编号：2024-019 恒玄科技（上海）股份有限公司 第二届监事会第十一次会议决议公告 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。 一、监事会会议召开情况 恒玄科技（上海）股份有限公司（以下简称"公司"）第二届监事会第十一次 会议通知于 2024 年 4 月 18 日送达全体监事，会议于 2024 年 4 月 23 日以现场方 式召开，应出席会议的监事 3 人，实际出席监事 3 人。本次会议由监事会主席黄 律拯女士主持。会议的召集与召开程序符合《中华人民共和国公司法》和《恒玄 科技（上海）股份有限公司公司章程》等相关规定，表决形成的决议合法、有效。 二、监事会会议审议情况 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）审议并通过《关于<2024 年第一季度报告>的议案》 表决情况：同意 3 票，反对 0 票，弃权 0 票。 （二）审议并通过《关于向 2023 年限制性股票激励计划激励对象授予预留 部分限制性股票的议案》 ⑤中国证监会认定的其他情 ...

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 年限制性股票激励计划 预留授予事项之 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 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 年限制性股票激励计划 预留授予事项之 法律意见书 致：恒玄科技（上海）股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"或"我们"）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，指派王立律师 和王倩倩律师作为公司特聘专项法律顾问，根据《中华人民共和国公司法》《中 华人民共和国证券法》（2019 修订）（以下简称"《证券法》"）、《上市公 司股权激励管理办法》（2018 修正）（以下简称"《管理办法》"）、《上海 证券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号——股 权激励信息披露》及其他有关法律、法规、规范性文件及恒玄科技《公司章程》 的规定，按照律师行业公认的业务标准 ...

证 券 代 码 ： 688 608 证 券 简 称 ： 恒 玄 科 技 恒玄科技（上海）股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 恒玄科技（上海）股份有限公司 2023 年年度股东大会会议资料 1 恒玄科技（上海）股份有限公司 2023 年年度股东大会会议资料 恒玄科技（上海）股份有限公司 2023 年年度股东大会会议资料目录 | 2023 | 年年度股东大会会议须知 | 3 | | --- | --- | --- | | 2023 | 年年度股东大会会议议程 | 5 | | | 议案一、关于《2023 年度董事会工作报告》的议案 | 7 | | | 议案二、关于《2023 年度监事会工作报告》的议案 | 8 | | | 议案三、关于《2023 年年度报告》及摘要的议案 | 9 | | | 议案四、关于《2023 年度财务决算报告》的议案 | 10 | | | 议案五、关于 2023 年度利润分配预案的议案 | 11 | | | 议案六、关于续聘会计师事务所的议案 | 13 | | | 议案七、关于公司董事、监事 2024 年度薪酬方案的议案 | 14 | | | 议案八、关于使用 ...

Financial Performance - Total operating revenue for Q1 2024 reached ¥653,188,332.52, a significant increase of 70.4% compared to ¥383,609,680.76 in Q1 2023[12] - In Q1 2024, the company achieved operating revenue of 653 million RMB, a year-on-year increase of 70.27%[29] - The net profit attributable to shareholders of the parent company was 27,602,889.78 RMB, compared to a net loss of 761,660.81 RMB in the same period last year[17] - The total profit for the period was 27,611,978.75 RMB, compared to a loss of 662,130.14 RMB in the previous year[17] - The company reported cash inflows from operating activities totaling 706,007,854.60 RMB, up from 390,521,693.83 RMB in the same period last year[17] - The company noted that the increase in revenue was driven by growing chip demand from downstream customers and the rapid increase in sales of smartwatches and wristbands[29] - The company's operating revenue for Q1 2024 was ¥653,188,332.52, representing a year-on-year increase of 70.27%[43] - The net profit attributable to shareholders of the listed company was ¥27,602,889.78, marking a turnaround from a loss due to significant revenue growth[45] Operating Costs and Cash Flow - Total operating costs for Q1 2024 were ¥631,919,953.76, up from ¥400,750,132.87 in Q1 2023, reflecting a year-over-year increase of 57.7%[12] - Net cash flow from operating activities was negative at -¥96,828,473.71 for Q1 2024, compared to a positive cash flow of ¥5,429,399.51 in Q1 2023[5] - The net cash flow from operating activities was a net outflow of ¥96,828,473.71, primarily due to increased inventory purchases corresponding to rapid revenue growth[46] Research and Development - Research and development expenses for Q1 2024 amounted to ¥164,650,203.44, an increase from ¥119,326,476.75 in Q1 2023, indicating a focus on innovation[12] - Research and development expenses totaled ¥164,650,203.44, which is an increase of 37.98% compared to the previous year[43] - The ratio of R&D expenses to operating revenue was 25.21%, a decrease of 5.90 percentage points from the previous year[44] Assets and Liabilities - The total assets as of Q1 2024 were ¥6,476,750,112.20, a slight decrease from ¥6,551,376,442.37 in the previous year[10] - The total liabilities decreased from ¥5,000,000,000.00 in Q1 2023 to ¥4,800,000,000.00 in Q1 2024, indicating improved financial stability[10] - The total liabilities amounted to 369,081,931.02 RMB, a decrease from 454,204,359.63 RMB year-on-year[19] - The total equity attributable to shareholders of the parent company was 6,107,668,181.18 RMB, compared to 6,097,172,082.74 RMB in the previous year[19] - The equity attributable to shareholders of the listed company was ¥6,107,668,181.18, reflecting a slight increase of 0.17%[44] Cash and Cash Equivalents - Cash and cash equivalents at the end of Q1 2024 totaled ¥2,154,831,666.41, down from ¥1,567,885,602.23 at the end of Q1 2023[7] - The company reported a net decrease in cash and cash equivalents of -¥379,870,104.87 for Q1 2024, compared to -¥276,961,073.91 in Q1 2023[7] Other Income and Gains - Government subsidies related to normal business operations amounted to ¥2,204,403.78[47] - Gains from the disposal of financial assets and liabilities amounted to ¥5,540,559.86[47] - Profit from entrusted investment management reached ¥10,598,748.56[47] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[12] - The company experienced a significant increase in chip demand from downstream customers, contributing to revenue growth[33] - The average selling price of the company's chips has improved due to the rapid increase in sales of smartwatches and wristbands[33] - The company has successfully onboarded new customers and projects, further driving revenue growth[33] Profitability Metrics - The comprehensive gross profit margin for the reporting period was 32.93%, a decrease of 2.76 percentage points compared to the same period last year, but an increase of 0.38 percentage points quarter-on-quarter[30] - The basic earnings per share for the period was 0.2300 RMB, compared to a loss of 0.0063 RMB per share in the previous year[17]