证券代码：688608 证券简称：恒玄科技 公告编号：2024-017 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、准确性和完整性依法承担法律责任。 1 二、实施回购股份进展情况 《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号 ——回购股份》等相关规定，现将公司回购进展情况公告如下： 截至 2024 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 447,562 股，占公司总股本 120,034,708 股的比例为 0.3729%，回购成交的最高价为 138.00 元/股，最低价为 99.52 元/股，支付的资金 总额为人民币 51,009,761.18 元（不含印花税、交易佣金等交易费用）。 本次回购股份符合法律法规的规定及公司的回购股份方案。 三、其他事项 重要提示： ● 截至 2024 年 3 月 31 日，恒玄科技（上海）股份有限公司（以下简称"公 司"）通过上海证券交易所交易系统以集中竞价交易方式已累 ...

请务必阅读正文之后的免责声明及其项下所有内容 营收创历史新高，6nm 芯片今年量产 | --- | --- | --- | --- | --- | --- | |----------------------------------------|------------|--------------|-------------|----------------------------------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,485 | 2,176 | 2,820 | 3,568 | 4,384 | | (+/-%) | -15.9% | 46.6% | 29.6% | 26.5% | 22.9% | | 净利润(百万元) | 122 | 124 | 312 | 444 | 599 | | (+/-%) | -70.0% | 1.0% | 152.6% | 42.1% | 35.0% | | 每股收益（元） | 1.02 | 1.03 | 2.60 | 3.70 | 4.99 ...

Investment Rating - The report maintains a "Recommended" rating for the company [11][12]. Core Views - The company achieved a revenue of 2.176 billion yuan in 2023, representing a year-on-year growth of 46.57%. The net profit attributable to shareholders was 124 million yuan, with a slight increase of 0.99% [11]. - The company is benefiting from a recovery in the global economy and an increase in demand for chips from downstream customers, leading to a significant revenue increase [11]. - The company is focusing on innovation, with R&D expenses rising by 25.04% to 550 million yuan in 2023, maintaining industry leadership in key technologies [11]. - The company has successfully launched new products, including the BES2800 chip, which is expected to enter mass production in 2024 [11]. - The company has established strong partnerships with major brand clients, enhancing its competitive advantage in the market [11]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 2.808 billion yuan, 3.548 billion yuan, and 4.423 billion yuan, respectively, with growth rates of 29.0%, 26.4%, and 24.7% [2]. - The net profit attributable to shareholders is expected to reach 299 million yuan in 2024, 465 million yuan in 2025, and 646 million yuan in 2026, with growth rates of 141.6%, 55.7%, and 38.9% [2]. - The company's PE ratio is projected to decrease from 99 in 2023 to 41 in 2024, 26 in 2025, and 19 in 2026 [2].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 156 CNY [3][10]. Core Views - The company has shown strong revenue growth, achieving 2.176 billion CNY in 2023, a 46.57% increase year-on-year, with Q4 2023 revenue reaching 612 million CNY, up 94.13% year-on-year [6][20]. - The company is benefiting from a recovery in consumer demand and the rapid adoption of its new generation BES2700 series chips [1][20]. - The company has made significant investments in R&D, totaling 550 million CNY in 2023, with Q4 R&D expenses reaching a record high of 183 million CNY [6][8]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 2.873 billion CNY, 3.591 billion CNY, and 4.309 billion CNY, respectively, with corresponding net profits of 267 million CNY, 496 million CNY, and 672 million CNY [8][11]. - The company’s PE ratios for the next three years are projected to be 45x, 24x, and 18x, indicating a favorable valuation compared to its growth prospects [10][26]. - The revenue growth rate is expected to be 32% in 2024, 25% in 2025, and 20% in 2026, reflecting a strong growth trajectory [26][28]. Product and Market Development - The company has successfully launched or upgraded several core technologies, including multi-core heterogeneous SoC technology and advanced audio systems, with the new BES2800 chip entering the market [2][7]. - The BES2700 series chips are widely used in TWS headphones, smartwatches, smart glasses, and hearing aids, with significant market penetration among major global brands [20][21]. - The company’s customer base includes leading Android phone brands and major audio manufacturers, indicating a strong market position [20].

Financial Performance - The company achieved a revenue of 2.176 billion yuan in the reporting period, representing a year-on-year growth of 46.57%[16] - The net profit attributable to shareholders was 124 million yuan, with a year-on-year increase of 0.99%, while the net profit excluding non-recurring gains and losses grew by 135.96% to 29 million yuan[16] - The comprehensive gross margin for the year was 34.20%, a decrease of 5.17 percentage points compared to the previous year[16] - The revenue from smart Bluetooth products reached CNY 1.169 billion, with a year-on-year increase of 59.28%[133] - The company's operating revenue for the reporting period reached ¥2,176,277,305.68, representing a year-on-year increase of 46.57% compared to ¥1,484,798,365.59[153] - The company's cash flow from operating activities was ¥469,733,582.19, a significant recovery from a negative cash flow of -¥360,022,777.67 in the previous year[153] - The investment cash flow was 350,891,907.90, a decrease of 52.47% from 738,323,320.27 last year[116] Research and Development - The company invested 550 million yuan in R&D, an increase of 25.04% year-on-year, with R&D personnel accounting for 85.80% of the total workforce[24] - The company filed 115 new invention patent applications during the reporting period, with 52 patents approved, bringing the total to 488 applications and 195 approvals[24] - The company is expanding its R&D centers across multiple cities, enhancing its research capabilities[24] - The R&D team has grown to 592 members, representing 85.80% of the total workforce, with total compensation for R&D personnel amounting to $31.39 million in the current period[82] - The company has a workforce of 592 technical personnel, accounting for 85.80% of the total number of employees[147] - The company's R&D expenses amounted to ¥549,919,033.94, which is a 25.04% increase from ¥439,780,877.40 in the previous year[153] Product Development and Innovation - The BES2700 series wearable chips were widely recognized in the market and have been applied in various domestic and international brand products[23] - The company launched the BES2700iBP watch chip, which significantly reduces standby and operating power consumption compared to the previous generation[23] - The new generation of the BES2800 smart wearable chip, utilizing advanced 6nm FinFET technology, has successfully entered the market promotion phase and is expected to achieve mass production in 2024[41] - The company has upgraded its dual Mic noise cancellation algorithm, enhancing call quality by effectively distinguishing user voice from environmental noise, which is crucial for user experience[43] - The company has launched the first single-chip main control for sports smartwatches, integrating advanced technologies such as Bluetooth, low power consumption, and high integration[83] - The new generation of adaptive ANC algorithms improves active noise cancellation capabilities for open cavity headphones, allowing users to customize ANC settings based on personal preferences[68] - The company has developed a new generation IBRT solution that supports multi-point connections, enhancing the user experience for TWS products[66] - The company is focusing on integrating low-power display technology and health monitoring capabilities into its smartwatch SoC chip project, with an investment of $100 million[80] - The company has made significant advancements in smart audio and voice technology, including a keyword recognition algorithm that enhances voice interaction accuracy in noisy environments[76] - The company has combined Wi-Fi and TWS technologies to develop low-latency multi-box technology for home theater and multi-room smart speaker systems, ensuring high-quality audio transmission[77] Market Trends and Projections - The global sales of wearable wrist devices in 2023 are projected to reach 186 million units, with a growth rate of 2%[28] - The company anticipates a growth rate of 10% for wearable wrist devices in 2024, driven by renewed interest in smartwatches[28] - The wearable wristband device market is projected to grow by 10% in 2024, driven by increased interest in smartwatches, with a 17% expected growth in shipments[194] Competitive Position and Risks - The company maintains a diverse customer base, including major global brands such as Samsung, OPPO, Xiaomi, and Huawei, which strengthens its competitive advantage[57] - The company faces risks from intensified competition in the smart audio and video SoC chip market, particularly from larger international firms[99] - The company has a high dependency on core technology talent, with risks of talent loss if competitive incentives are not maintained[122] - The revenue from chips used in smart wearable products constitutes a significant portion of total sales, indicating a relatively single application risk[123] - The company faces risks related to supply chain concentration, as a significant portion of procurement costs is tied to a limited number of suppliers[124] - The company is exposed to inventory impairment risks due to potential market demand fluctuations and increased competition[128] Talent and Management - The company launched a restricted stock incentive plan in August 2023, granting up to 2.087693 million shares to attract and retain talent, aligning interests among shareholders, the company, and core team members[56] - The company is strengthening talent reserves and development[199] - Efforts are being made to improve the company's management system[200] Intellectual Property - The company holds a total of 225 patents, including 195 invention patents and 23 utility model patents, establishing a strong intellectual property barrier[145] - The company added 125 new patent applications, with 57 patents granted, bringing the total to 524 applications and 225 granted[102] Financial Health and Assets - The company's cash and cash equivalents at the end of the period were 2,545,006,229.10 RMB, representing 38.85% of total assets, a 37.95% increase from the previous period[184] - Accounts receivable increased to 402,418,966.51 RMB, accounting for 6.14% of total assets, reflecting a 50.22% growth due to increased revenue[184] - Inventory decreased to 657,779,365.39 RMB, representing 10.04% of total assets, a reduction of 30.47% as a result of ongoing inventory destocking efforts[184] - The company has seen a significant increase in the proportion of accounts payable, which rose to 287,170,167.47 RMB, accounting for 4.38% of total assets, a 55.53% increase compared to the previous period[184] - The company's fixed assets increased to 78,395,628.06 RMB, representing 1.20% of total assets, a 38.42% increase due to new acquisitions[184] - The company's other non-current assets increased to 280,485,507.73 RMB, accounting for 4.28% of total assets, a 38.10% increase due to new large-denomination certificates of deposit[184] Strategic Vision - The company's vision is to become the most innovative SoC chip design company, focusing on low-power wireless edge intelligent control platform chips for the AIoT market[195] - The smart wearable market is a key strategic focus, with the BES2700 series wearable control chip rapidly scaling production and applied in TWS earbuds, smartwatches, and smart glasses[198] - The new generation 6nm BES2800 control chip has successfully entered the market promotion stage[198] - The company aims to enhance its technological capabilities by continuously launching competitive chip products and solutions[195] - There is a commitment to accelerate product upgrades and enrich product structure[196]

公 司 研 究 2023 年营收同比高增，看好需求恢复+产品放量 ——公司信息更新报告 | --- | --- | |---------------------------|---------------------------| | | | | 罗通（分析师） | 刘天文（分析师） | | luotong@kysec.cn | liutianwen@kysec.cn | | 证书编号： S0790522070002 | 证书编号： S0790523110001 | 2023 年营收同比高增，新品放量助力营收增长，维持"买入"评级 下游需求复苏+新品放量拉动营收增长，高研发投入强化核心壁垒 下游需求持续复苏+产品放量+新品发布为公司带来充足成长动力 风险提示：下游需求不及预期；新产品推广不及预期；行业竞争加剧。 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 -32% -16% 0% 16% 32% 48% 2023-03 2023-07 2023-11 2024-03 恒玄科技 沪深300 相关研究报告 请务必参阅正文后面的信息披露和法律声明 1 / 4 公司信息更新报告 | --- | --- ...

恒玄科技（上海）股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总 则 第二章 人员组成 1 第一条 为进一步建立健全恒玄科技（上海）股份有限公司(以下简称"公司") 董事(非独立董事)及高级管理人员的薪酬和考核管理制度，完善公 司法人治理结构，根据《中华人民共和国公司法》《上市公司独立 董事管理办法》等有关法律、法规和规范性文件以及《恒玄科技（上 海）股份有限公司章程》（以下简称"公司章程"）的相关规定和要 求，公司特设立董事会薪酬与考核委员会（以下简称"薪酬与考核 委员会"），并制定本工作细则。 第二条 薪酬与考核委员会是董事会下设的专门工作机构，主要负责研究制 定和审查公司董事及高级管理人员的薪酬政策和方案；负责研究公 司董事及高级管理人员的考核标准，并进行考核。 第三条 本工作细则所称董事是指在本公司领取薪酬的非独立董事；高级管 理人员是指董事会聘任的总经理、副总经理、财务负责人、董事会 秘书及公司章程规定的其他高级管理人员。 第四条 薪酬与考核委员会成员由三名董事组成，其中独立董事占多数。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一以上提名，并由董事会选 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-010 恒玄科技（上海）股份有限公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰 斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成 改制的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建 弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证 券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众 公司会计监督委员会（PCAOB）注册登记。 截至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业人员 总数 10,730 名，签署过证券服务业务审计报告的注册会计师 693 名。 立信 2023 年业务收入（未经审计 ...

| 行稳致远，强化公司治理 | 13 | | --- | --- | | 治理架构 | 13 | | 保护投资者权益 | 14 | | 合规运营与风险管理 | 16 | | 反贪污与反贿赂 | 19 | 2023 年度环境、社会及公司治理报告 1 2023 年度环境、社会及公司治理报告 恒玄科技（上海）股份有限公司 | 报告编制说明 | | | 01 | | --- | --- | --- | --- | | 董事会有关 | ESG | 情况的声明 | 03 | | 走进恒玄科技 | 04 | | --- | --- | | 公司介绍 | 04 | | 2023 年度关键绩效 | 07 | | 02 | | | ESG 管理 | 08 | | ESG 管理体系 | 08 | | 利益相关方沟通 | 09 | | 实质性议题分析 | 11 | 03 04 | 创新实践，打造卓越服务 | 21 | | --- | --- | | 研发创新 | 21 | | 知识产权保护 | 23 | | 产品质量管理 | 25 | | 客户服务管理 | 26 | | --- | --- | | 信息安全与隐私保护 | 28 | ...

中信建投证券股份有限公司 关于恒玄科技（上海）股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）担 任恒玄科技（上海）股份有限公司（以下简称"恒玄科技"、"发行人"或"公司"） 首次公开发行股票并在科创板上市持续督导工作的保荐机构，负责恒玄科技上市 后的持续督导工作，持续督导期限截至 2023 年 12 月 31 日止。截至目前首次公 开发行股票并上市的持续督导期限已满，中信建投证券根据《证券发行上市保荐 业务管理办法》《上海证券交易所科创板股票上市规则》等法规和规范性文件的 相关规定，出具本保荐总结报告书： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 | 保荐机构名称 | 中信建投证券股份有限公司 | ...