Investment Rating - The report provides a "Buy" recommendation for the technology sector, indicating a positive outlook for the industry over the next 12 months [24]. Core Insights - The report highlights key stocks in the technology sector for May 2025, including Hengxuan Technology, Weir Shares, Cambricon, Tax Friend, Huafeng Technology, Huace Navigation, Kaiying Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various sub-sectors such as electronics, computing, communications, and media, driven by advancements in AI and digital transformation [9][10][11][12][14]. Summary by Category Electronics - Hengxuan Technology is recognized as a leader in wearable SoC, with strong growth in TWS earphones and potential in AI glasses and smartwatches [9]. - Weir Shares reported better-than-expected Q1 results, driven by high demand in automotive, IoT, and medical sectors, with a focus on maintaining high gross margins [9]. Computing - Cambricon is positioned as a leading AI chip manufacturer in China, with significant revenue growth expected in 2024 and 2025, benefiting from the expansion of AI capabilities [10]. - Tax Friend is a leading digital government service provider, with strong growth in AI-driven revenue and a focus on enhancing high-margin business segments [11]. Communications - Huafeng Technology is set to benefit from the increasing demand for high-performance connectors in AI computing clusters, with projected net profits of 278 million, 361 million, and 471 million yuan from 2025 to 2027 [12]. - Huace Navigation has seen significant improvements in overseas business margins and aims for a net profit target of 730 million yuan in 2025, reflecting a 25% year-on-year increase [12]. Media - Kaiying Network has a robust pipeline of IP products and is actively expanding into new game categories and overseas markets, with a focus on AI applications in gaming [14]. - Shanghai Film is leveraging its strong IP portfolio and aims to capitalize on the recovery of the film market, with growth strategies centered around IP monetization and innovative product offerings [14].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [11] Core Insights - The semiconductor sector has reached a historical high in holdings, driven by the trend of self-sufficiency and the impact of Deepseek's computational capabilities [2][6] - The overall allocation to the electronic sector has increased, with the semiconductor segment being the primary driver of this growth [6][18] - Despite the positive outlook for semiconductors, other segments such as electronic products and components have seen slight reductions in allocation due to tariff uncertainties [2][8] Summary by Sections Semiconductor Sector - The semiconductor sector continues to show strong year-on-year growth, with major players receiving increased allocations [7][41] - The trend of computational power shifting from cloud to edge is benefiting leading companies in the AI edge supply chain, such as Zhaoyi Innovation and Hengxuan Technology [7][41] - SMIC, as a core player in the domestic self-sufficiency trend, has also seen significant increases in holdings [7][41] Electronic Products & Components - The electronic products and components sector has experienced a reduction in allocations due to tariff-related uncertainties affecting export directions [8][45] - Despite this, high-performing stocks like Winbond Technology have seen increased allocations due to strong earnings [8][45] - The overall demand for consumer electronics, including smartphones and PCs, is recovering, which may lead to a rebound in the sector if tariff tensions ease [8][45] Display Devices - The display device sector has seen a slight decrease in holdings, although panel prices have been on a mild upward trend since Q3 2024 [9][49] - Major players like TCL Technology and BOE have experienced noticeable declines in their holding ratios, while other display device companies have received increased allocations [9][49] - The outlook for panel prices remains stable, with expectations for continued growth in Q2 2025 [9][49]

证券代码：688608 证券简称：恒玄科技 公告编号：2025-026 恒玄科技（上海）股份有限公司 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）审议通过《关于调整公司 2022 年限制性股票激励计划授予价格的议 案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 公司监事会认为：公司对 2022 年限制性股票激励计划授予价格的调整符合 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办 法》等法律、法规和规范性文件中关于激励计划调整的相关规定，履行了必要的 程序。本次调整在公司股东大会授权范围内，调整的程序合法合规，不存在损害 公司及股东利益的情形。 （二）审议通过《关于调整公司 2023 年限制性股票激励计划授予价格的议 案》 第二届监事会第十七次会议决议公告 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、准确性和完整性承担个别及连带责任。 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"）第二届监事会第十七次 会议通知于 2025 年 4 月 25 日送达全体监事，会 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-025 本次会议由董事长 Liang Zhang 先生主持，经与会董事表决，会议通过以下 议案： （一）审议通过《关于调整公司 2022 年限制性股票激励计划授予价格的议 案》 表决结果：9 票赞成，0 票反对，0 票弃权。 恒玄科技（上海）股份有限公司 第二届董事会第十七次会议决议公告 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、董事会会议召开情况 恒玄科技（上海）股份有限公司（以下简称"公司"）第二届董事会第十七 次会议于 2025 年 4 月 30 日在公司会议室以现场结合通讯方式召开，本次会议通 知及相关材料已于 2025 年 4 月 25 日以电子邮件方式送达公司全体董事。本次会 议应出席董事 9 人，实际出席董事 9 人。本次会议由董事长 Liang Zhang 先生主 持。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律、 法规、规章、规范性文件和《恒玄科技（上海）股份有限公司章程》（以下简称 "《公司章程》"）、《恒玄科 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-024 恒玄科技（上海）股份有限公司 关于调整公司 2022 年、2023 年限制性股票激励计划授予价 格的公告 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。 恒玄科技（上海）股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日召 开了第二届董事会第十七次会议，第二届监事会第十七次会议，审议通过了《关 于调整公司 2022 年限制性股票激励计划授予价格的议案》《关于调整公司 2023 年限制性股票激励计划授予价格的议案》。现将有关事项说明如下： 同日，公司召开第一届监事会第十三次会议，审议通过了《关于<恒玄科技 （上海）股份有限公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》 《关于<恒玄科技（上海）股份有限公司 2022 年限制性股票激励计划实施考核 管理办法>的议案》《关于核实公司<2022 年限制性股票激励计划首次授予激励 对象名单>的议案》，公司监事会对本激励计划的相关事项进行核实并出具了相关 核查意见。 2、2022 年 ...

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 2022 年限制性股票激励计划、 2023 年限制性股票激励计划 授予价格调整事项之 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 2022 年限制性股票激励计划、2023 年限制性股票激励计划 授予价格调整事项之 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，指派王倩倩律 师和朱怡静律师作为公司 2022 年限制性股票激励计划（以下简称"2022 年激励 计划"）、2023 年限制性股票激励计划（以下简称"2023 年激励计划"）的特 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》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《上海证 ...

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

公司专注于低功耗无线计算 SoC 芯片的研发，关键核心技术持续迭代，保 持业内领先。公司自主研发了低功耗多核异构嵌入式 SoC 技术、蓝牙和 Wi-Fi 连接技术、声学和音频系统、可穿戴平台智能检测和健康监测技术和 2.5D GPU 等关键核心技术，SoC 主控芯片产品广泛应用于智能可穿戴、智能家居等终端， 并在先进制造工艺上持续迭代，创新能力突出。 2025 年，公司将持续投入核心技术研发，加快产品升级，进一步丰富芯片 产品结构。一方面，公司将在现有产品系列基础上持续优化升级和迭代创新，通 过在功能、性能、功耗、品质等全方面的提升，提高产品竞争力和客户满意度； 另一方面，公司进一步丰富产品结构，抓住智能可穿戴和智能家居市场机遇，对 公司主营业务进行持续补充，为公司拓展新的业务增长点。 智能可穿戴市场是公司重要的战略布局方向，报告期内公司 BES2800 系列 可穿戴主控芯片已量产落地，2025 年将在 TWS 耳机、智能手表、智能眼镜等产 品中全面应用。未来公司将继续在可穿戴领域深耕，推出更有竞争力的芯片方案。 恒玄科技（上海）股份有限公司 2025 年度"提质增效重回报"行动方案 恒玄科技（上海）股份有限 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant revenue increase of 49.94% year-on-year in 2024, reaching 3.263 billion yuan, and a net profit increase of 272.47%, totaling 460 million yuan [3][5] - In Q1 2025, the company reported record high revenue of 999.5 million yuan, up 52.25% year-on-year, and a net profit of 191 million yuan, up 590.22% year-on-year [3][4] - The company is benefiting from the growth of the end-side AI market and the increasing demand for smart wearable devices, supported by national subsidies [3][4] - The introduction of the new BES2800 chip, utilizing 6nm technology, is expected to enhance the company's product offerings in the smart wearable market [4] Financial Summary - Revenue projections for 2025-2027 are updated to 4.875 billion yuan, 6.241 billion yuan, and 8.085 billion yuan respectively, with corresponding net profits of 976 million yuan, 1.253 billion yuan, and 1.674 billion yuan [3][5] - The gross margin is expected to improve, reaching 38.6% in 2025 and 39.2% in 2026 [5] - The company's R&D expenses for 2024 were 617 million yuan, reflecting a 12.27% increase year-on-year, indicating a commitment to maintaining competitive advantages [3][5] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025-2027 are projected to be 48.8, 38.0, and 28.4 respectively [5] - The price-to-book (P/B) ratios for the same period are expected to be 6.4, 5.5, and 4.6 [5] - The company is anticipated to achieve a return on equity (ROE) of 13.0% in 2025, increasing to 16.1% by 2027 [5]

Core Viewpoint - The company achieved record revenue and net profit in 2024, driven by expanding customer base and market share in the smart wearable sector [1] Group 1: Financial Performance - In 2024, the company reported revenue of 3.263 billion yuan (yoy: +49.94%) and a net profit of 460 million yuan (yoy: +272.47%), both hitting historical highs and exceeding previous expectations [1] - For Q1 2025, revenue reached 999.5 million yuan (yoy: +52.25%, qoq: +25.88%) and net profit was 191 million yuan (yoy: +590.22%, qoq: +11.18%), marking a record high for a single quarter [1] - The comprehensive gross margin for Q1 2025 improved by 5.54/0.77 percentage points to 38.47%, while the net profit margin increased by 14.93 percentage points to 19.16% [1] Group 2: Product and Market Development - The revenue structure diversified in 2024, with Bluetooth audio chips and smart watch/band chips accounting for 62% and 32% of total revenue, respectively [2] - The smart watch/band chip segment saw a shipment of over 40 million units in 2024, generating revenue of 1.045 billion yuan (yoy: +116%), becoming the largest growth driver for the company [2] - The BES2800 chip, based on 6nm FinFET technology, was successfully mass-produced in Samsung AI headphones and OPPO Watch X2, reinforcing the company's technological leadership [2] Group 3: Future Outlook - The company is positioned to benefit from the upcoming explosion in the AI glasses market, having established itself as a benchmark for chip selection [3] - The BES2800 chip will continue to be introduced to new brands and customers, with R&D investments in NPU, Bluetooth, and low-power technologies expected to translate into revenue growth [3] - The target price is set at 421.9 yuan, with an "overweight" rating maintained, reflecting an increase in profit forecasts for 2025 and 2026 [3]