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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with revenue reaching 2.473 billion yuan, a year-on-year increase of 58.12%, and a net profit attributable to shareholders of 289 million yuan, up 145.47% year-on-year [4] - The report highlights the strong performance driven by the recovery in downstream markets and the launch of new products, particularly the BES2800 chip, which is expected to enhance the company's growth potential [4][6] - The forecast for net profit for 2024-2026 has been slightly adjusted downwards due to a slower-than-expected recovery in downstream demand, with projected figures of 403 million yuan, 576 million yuan, and 805 million yuan respectively [4] Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross margin of 33.76%, a slight decrease of 1.08 percentage points year-on-year, while Q3 alone saw a gross margin of 34.69%, an increase of 0.22 percentage points year-on-year [4] - The company’s revenue for Q3 2024 was 942 million yuan, reflecting a year-on-year growth of 44.01% and a quarter-on-quarter increase of 7.23% [4] - The company’s earnings per share (EPS) for 2024 is projected to be 3.36 yuan, with a P/E ratio of 70.7 times [7] Market Demand and Product Launch - The report indicates a continuous growth in downstream demand, particularly in the smart wearable and smart home markets, with global wearable shipments expected to increase by 8.8% year-on-year in Q1 2024 [6] - The BES2800 chip has begun mass production and is being integrated into various products, which is anticipated to drive market share growth for the company [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [11]. Core Insights - The company achieved a record high revenue of 940 million yuan in Q3 2024, representing a year-over-year increase of 44% and a quarter-over-quarter increase of 7%, benefiting from strong demand in the smart wearable and smart home sectors [1]. - Cumulative revenue for the first three quarters of 2024 reached 2.47 billion yuan, up 58% year-over-year, driven by growth in the domestic Bluetooth headset market, which saw a total shipment of 73.38 million units, a 19.5% increase year-over-year [1]. - The company's net profit attributable to shareholders for Q3 2024 was 140 million yuan, a 106% increase year-over-year, with a net profit margin of 15.02% [1]. - The report highlights the structural opportunities in the market, particularly in the OWS and TWS headset segments, with significant growth rates observed [1][2]. Financial Summary - The company is projected to achieve net profits of 420 million yuan, 620 million yuan, and 840 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 71, 48, and 35 [4]. - Revenue growth rates are forecasted at 47% for 2023, 53% for 2024, 27% for 2025, and 23% for 2026 [5][9]. - The gross profit margin for Q3 2024 was reported at 34.69%, showing a gradual improvement due to changes in product mix and reduced upstream costs [1][4]. Market Position and Trends - The company is positioned as a leader in the AIoT SoC market, with expectations for continuous innovation in consumer terminal products driven by the AI wave [2]. - The collaboration with Oladance for AI-enabled OWS headsets is anticipated to strengthen the company's market presence and product offerings [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 300.00 CNY from the previous forecast of 222.60 CNY [3][9]. Core Insights - The company's Q3 performance shows steady growth, with revenue reaching 942 million CNY, a year-on-year increase of 44.00% and a quarter-on-quarter increase of 7.28%, marking a historical high for Q3. The net profit attributable to shareholders was 142 million CNY, up 106.57% year-on-year and 17.52% quarter-on-quarter [9]. - The growth is primarily driven by increasing demand in the smart wearable and smart home markets, with a gross margin of 34.69% in Q3, showing a sequential improvement [9]. - The company is well-positioned to benefit from the rapid growth in AI edge computing, particularly in products like headphones, smartwatches, and AI glasses [9]. Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 942 million CNY, with a year-on-year growth of 44.00% and a quarter-on-quarter growth of 7.28%. The net profit attributable to shareholders was 142 million CNY, reflecting a year-on-year increase of 106.57% and a quarter-on-quarter increase of 17.52% [9]. - The report forecasts EPS for 2024, 2025, and 2026 to be 3.18 CNY, 4.12 CNY, and 5.31 CNY respectively, with a projected PE ratio of 94.3 for 2024 [9][10]. Market Trends - The company is experiencing significant growth in the low-power path and edge AI development, with strong demand for headphones, smartwatches, and AI glasses contributing to rapid growth [9]. - The new generation of BES 2800 process technology, which integrates WiFi6, has led to increased production and sales in overseas markets, contributing significantly to Q3 revenue [9]. Future Outlook - The report anticipates continued improvement in gross margins and revenue growth driven by the increasing penetration of 6nm technology in headphones and the expansion of market share in smartwatches and AI glasses [9].

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 内幕信息知情人登记管理制度 恒玄科技（上海）股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第一条 为进一步规范恒玄科技（上海）股份有限公司（以下简称"公 司"）的内幕信息管理，做好内幕信息保密工作，维护信息披露的"公开、 公平、公正"原则，保护广大投资者的合法权益，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司信息披露管理办法》《上海证券交易所科 创板股票上市规则》《上市公司监管指引第5号——上市公司内幕信息知情人 登记管理制度》《上海证券交易所科创板上市公司自律监管指引第1号—规范 运作》等法律、法规、规章及规范性文件（以下简称"法律法规"）及《恒 玄科技（上海）股份有限公司章程》（以下简称"《公司章程》"）等有关 规定，特制定本制度。 第二条 公司董事会是内幕信息的管理机构，应当按照规定及上海证券交 易所相关规则要求及时登记和报送内幕信息知情人档案，并保证内幕信息知 情人档案真实、准确和完整，董事长为内幕信息保密工作的主要负责人，董 事会秘书负责组织实施公司内幕信息的保密、办理内幕信息知情 ...

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 使用部分超募资金增加募投项目投资额 及永久补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"）作为恒玄科技（上海） 股份有限公司（以下简称"恒玄科技"或"公司"）首次公开发行股票并在科创 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》和《科创板上市公司持续监管办法（试行）》等有关法律法规和规范性 文件的要求，对恒玄科技使用部分超募资金增加募投项目投资额及永久补充流动 资金事项进行了专项核查，并发表如下意见： 一、募集资金基本情况 经中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科 技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕2752 号），公司获准向社会公开发行人民币普通股 3,000.00 万股，每股发行价格为人 民币 162.07 元，本次发行募集资金总额为 486,210.00 万元 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-051 恒玄科技（上海）股份有限公司 第二届监事会第十四次会议决议公告 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"）第二届监事会第十四 次会议通知已于 2024 年 10 月 18 日发出，会议于 2024 年 10 月 24 日在公司会议 室采用现场方式召开，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）股份有限公司章程》（以下简称"《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 经核查，我们认为：公司 2024 年三季度报告的程序符合法律、法规、公司 章程和公司内部管理制度的各项规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容 ...

恒玄科技（上海）股份有限公司 关于部分募投项目新增实施主体的公告 证券代码：688608 证券简称：恒玄科技 公告编号：2024-053 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 2024 年 10 月 24 日 召开了公司第二届董事会第十四次会议和第二届监事会第十四次会议，审议并通 过《关于部分募投项目新增实施主体的议案》。为了满足募投项目的实际开展需 要，提高募集资金的使用效率，公司拟新增全资子公司闻是科技（上海）有限公 司（以下简称"闻是科技"）和恒玄（西安）集成电路有限公司（以下简称"恒 玄西安"）作为募投项目"发展与科技储备项目"的实施主体，并授权公司管理层 开设募集资金专户、签署募集资金监管协议及办理其他相关事项。公司与本次新 增募投项目实施主体之间将通过内部往来、增资等方式具体划转募投项目实施所 需募集资金，募投项目其他内容均不发生变更。现将相关事宜公告如下： 一、募集资金基本情况 （3）第一届董事会第十九次会议和第一届监事会第十三次会议，将全资子公司 ...