]yrtsudnI_elbaT[ 公 司 研 究 / 电 子 设 备/ 证 券 研 究 报 告 恒玄科技 沪深300 《产品结构逐步多元化，纵深发展智 能可穿戴与智能家居设备领域》 2023.03.30 [Table_Title] 恒玄科技（688608）2024年三季报点评 24Q3单季度收入创新高，智能手表开启 新成长曲线 2024 年 10 月 29 日 [【投资要点】 Table_Summary] 可穿戴及智能家居市场需求增长，单季度收入创新高。2024 年 10 月 24 日晚，恒玄科技公告 2024 年三季报，2024 年前三季度公司实现营 业收入 24.73 亿元，同比增长 58.12%；实现归母净利润 2.89 亿元， 同比增长 145.47%。就 2024 年第三季度来看，公司实现营业总收入 9.42 亿元，创单季收入历史新高，同比增长 44.01%，环比增长 7.23%； 实现归母净利润 1.41 亿元，同比增长 106.45%，环比增长 17.85%。 由于公司产品结构的变化和上游成本的下降，公司盈利能力改善， 2024 前三季度公司综合毛利率为 33.76%，其中 2024Q3 毛利率 ...

688608.SH 电子 | 证券研究报告 — 业绩评论 2024 年 10 月 28 日 恒玄科技 智能手表 SoC 获品牌认可，关注 AI 耳机和 AR 眼 镜的远期空间 增持 原评级：增持 市场价格:人民币 237.67 板块评级:强于大市 股价表现 (13%) 16% 45% 74% 103% 132% Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 恒玄科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 59.3 48.4 44.5 108.7 相对上证综指 47.9 34.4 30.2 97.7 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 120.05 | | 流通股 ( 百万 ) | | 120.05 | | 总市值 ( 人民币 百万 ) | | 28,531.23 | | 3 个月日均交易额 ( 人民币 | 百万 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 237.67 | | 流通股本 ( 亿股 ) | 1.20 | | 每股净资产 ( 元 ) | 53.42 | | 总股本 ( 亿股 ) | 1.20 | | 最近 12 月市场表现 | | -32% -2% 27% 57% 86% 116% 恒玄科技 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 朱陈星 zhucx@ctsec.com | --- | --- | |----------|----------------------------------| | | | | 相关报告 | | | 1. | 《新客新品持续开拓，单季度营收创 | | 新高》 | 2024-07-17 | ❖ 事件：公司发布 2024 三季报，2024 前三季度公司实现营业收入 24.73 亿元， 同比增加 58.12%；利润 ...

Summary of Conference Call Company Overview - The conference call involved Hang Seng Technology, discussing their Q3 2024 financial results and future outlook. Key Points Financial Performance - Q3 revenue reached 942 million yuan, a year-over-year increase of 44% and a quarter-over-quarter increase of 7.29%, marking a historical high for the company since its inception [1] - Cumulative revenue for the first three quarters was 2.473 billion yuan, up 58.12% year-over-year [1] - The growth in revenue is attributed to: - Strong growth in the wearable market, with the company maintaining a leading market share in branded headphones [1] - Significant expansion in the smartwatch and fitness band markets, with revenue from these products growing over three times [1] - Revenue breakdown for Q3: - Bluetooth audio products accounted for approximately 65% of total revenue, with over 30% year-over-year growth [1] - Smartwatches and fitness bands made up about 29% of revenue, with growth exceeding three times [1] - Q3 profit reached 141 million yuan, a 106.45% increase year-over-year, with cumulative profit for the first three quarters at 289 million yuan, up 145.47% [1] - The increase in net profit is primarily due to rapid revenue growth leading to economies of scale and improved gross profit margins [1] Gross Margin and Cost Management - Gross margin improved from 32.93% in Q1 to 34.68% in Q3, with a quarter-over-quarter increase of 1.29 percentage points [1] - The company expects further improvement in gross margin in Q4 due to product structure upgrades and declining upstream costs [1] Research and Development - R&D expenses for the first three quarters totaled 474 million yuan, a 29.06% increase year-over-year, with Q3 expenses at 152 million yuan [2] - The company plans to maintain a stable and sustainable dividend strategy, announcing a cash dividend of 0.76 yuan per share, totaling 90.94 million yuan, which is 31.46% of the cumulative profit for the first three quarters [2] Product Development and Future Outlook - The company is actively developing the next generation of chips, focusing on ultra-low power consumption and significantly enhancing computing capabilities [3][4] - The new chip generation will integrate ISP capabilities directly into the main chip platform, expanding application areas [3] - The company is also exploring AI applications in products like AI headphones and smart glasses, with ongoing collaborations with clients in these areas [8][9] Inventory and Cost Management - Inventory management is a focus, with a stable balance of 670 million yuan, primarily consisting of raw materials and finished goods [6] - The company is experiencing a reduction in cost pressures from upstream suppliers, contributing to improved gross margins [6][13] Market Trends and Customer Engagement - The company is well-positioned in the wearable and smart home markets, with a strong presence among Android smartphone manufacturers [7] - There is a growing interest in AI applications, with clients actively seeking to implement AI features in their products [8] - The company is committed to expanding its market share in professional sports watches and has ongoing projects with various clients [11] Conclusion - The company is optimistic about maintaining rapid growth in Q4, despite seasonal fluctuations, and expects continued strong performance in the wearable technology sector [1][2][13]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a record high quarterly revenue of 9.42 billion yuan in Q3 2024, marking a year-on-year growth of 44.01% and a quarter-on-quarter increase of 7.23% [2]. - The company's net profit for Q3 2024 reached 1.41 billion yuan, a year-on-year increase of 106.45%, driven by rapid revenue growth and improved gross margins [2]. - Continuous growth in downstream demand for smart wearable and smart home markets has significantly contributed to the company's performance [2]. - The company has increased its R&D investment, with R&D expenses for the first three quarters of 2024 amounting to 4.74 billion yuan, a year-on-year increase of 29.06% [2]. - New product launches, including the BES2800 smart wearable chip and Wi-Fi 6 connection chip, are expected to drive future growth [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 24.73 billion yuan, a year-on-year increase of 58.12% [2]. - The net profit attributable to shareholders for the first three quarters of 2024 was 2.89 billion yuan, reflecting a year-on-year growth of 145.47% [2]. - The company forecasts net profits of 4.03 billion yuan, 6.14 billion yuan, and 8.57 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 226.1%, 52.3%, and 39.5% [2][3]. - The projected PE ratios for 2024, 2025, and 2026 are 71, 46, and 33, respectively [3][5].

隐证券 电子/半导体 公 司 研 究 恒玄科技（688608.SH） 2024 年 10 月 26 日 2024Q3 业绩高成长，看好 2800 放量带来的成长性 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 237.67 | | 一年最高最低 ( 元 ) | 286.38/98.38 | | 总市值 ( 亿元 ) | 285.31 | | 流通市值 ( 亿元 ) | 285.31 | | 总股本 ( 亿股 ) | 1.20 | | 流通股本 ( 亿股 ) | 1.20 | | 近 3 个月换手率 (%) | 91.83 | 股价走势图 -40% 0% 40% 80% 120% 160% 2023-10 2024-02 2024-06 2024-10 恒玄科技 沪深300 数据来源：聚源 相关研究报告 《2024H1 业绩高速增长，新产品放量 带来充足成长性—公司信息更新报 告》-2024.8.28 《2024H1 业绩预计同比 ...

华福证券 t Andrew 恒玄科技（688608.SH） Q3 再创新高，AI 终端创新可期 投资要点： 营业收入再创新高，下游需求相对乐观 据公司公告，24Q3 公司营收再创新高，实现 9.4 亿元，yoy+44%， qoq+7%，或受益于 Q3 旺季拉动。24Q1-Q3 公司累计实现营收 24.7 亿 元，yoy+58%，受益于下游智能可穿戴和智能家居领域客户需求持续 增长以及公司在智能手表市场的持续拓展。回顾 24 年前三季度，国内 蓝牙耳机市场颇为亮眼，据 IT 之家援引 IDC 数据，24 年 1-8 月中国蓝 牙耳机市场累计出货量达到 7,338 万台，yoy+19.5%；其中增长最旺的 是 OWS 耳机市场，实现出货 1,636 万台，yoy+271.5%；而 TWS 耳机 市场出货 4,602 万台，yoy+4.2%，我们认为结构性机遇仍在，销量第 一和第二分别为小米和华为，各实现+45.7%/+85.0%的出货量增长。 一年内股价相对走势 毛净利率均有提升，资产端表现稳健 24Q3 公司实现归母净利润 1.4 亿元，yoy+106%，qoq+18%。我们 进一步拆解来看：（1）由于公司产品 ...

股 票 研 究 ——恒玄科技业绩点评 股票研究 /[Table_Date] 2024.10.25 Q3 业绩稳步增长， AI 端侧带来长期成长 恒玄科技(688608) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|---------------------------| | | | | | | | [table_Authors] 舒迪 ( 分析师 ) | 陈豪杰 ( 分析师 ) | 王美懿 ( 研究助理 ) | | | 021-38676666 | 021-38038663 | 021-38031385 | | | shudi@gtjas.com | chenhaojie026733@gtjas.com | wangmeiyi029955@gtjas.com | | 登记编号 | S0880521070002 | S0880524080009 | S0880124070042 | | --- ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-056 恒玄科技（上海）股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： （一） 股东大会类型和届次 2024 年第一次临时股东大会 召开日期时间：2024 年 11 月 12 日 14 点 00 分 召开地点：上海市浦东新区金科路 2889 弄长泰广场 B 座 201 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 12 日 一、 召开会议的基本情况 至 2024 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2024年11月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召 ...

恒玄科技（上海）股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 13 证券代码：688608 证券简称：恒玄科技 恒玄科技（上海）股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------|------ ...