Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant revenue growth driven by the increasing demand for smart wearable products, achieving a revenue of 1.531 billion yuan in the first half of 2024, representing a year-on-year increase of 68.26% [1] - The net profit attributable to shareholders reached 148 million yuan, a remarkable year-on-year growth of 199.76% [1] - The company's market share and competitiveness in the smart wearable sector have rapidly improved due to the accelerated shipment of products and the introduction of new 6nm chips [1][3] Summary by Relevant Sections Market Demand and Product Development - The company's revenue from smartwatches and wristbands accounted for approximately 28% of total revenue in the first half of 2024, indicating a significant increase compared to the previous year [1] - The company has launched new products based on its flagship chip, BES2700BP, including BES2700iBP and BES2700iMP, achieving full coverage of smartwatches, sports watches, and wristbands [1] - The introduction of ultra-low power technology and the new generation of 6nm chips has met the growing demand for low-power, high-performance wearable devices [1] Financial Forecast - The company is projected to achieve revenues of 3.204 billion yuan, 4.095 billion yuan, and 5.036 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.93 yuan, 4.45 yuan, and 5.96 yuan [3][5] - The current price-to-earnings (P/E) ratios are forecasted to be 49.7, 32.8, and 24.5 for the years 2024, 2025, and 2026, respectively, reflecting the company's strengthening core competitiveness as wearable demand continues to grow [3]

证券代码：688608 证券简称：恒玄科技 编号：2024-9-2 □特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 恒玄科技（上海）股份有限公司投资者关系活动记录表 □现场参观 ■其他（电话会议） | --- | --- | --- | --- | --- | |----------------|-----------------|--------------|----------------|--------------| | | Pinpoint | 国信证券 | 明河投资 | 星石投资 | | | Point72 | 海创基金 | 摩根士丹利基金 | 兴银基金 | | | UG | 海富通基金 | 摩根资产 | 兴证全球基金 | | | 阿杏投资 | 海通资管 | 南土资产 | 玄元基金 | | | 安信基金 | 海通自营 | 南土资产 | 雪石资产 | | | 百川财富投资 | 杭银理财 | 诺德基金 | 易方达基金 | | | 北信瑞丰 | 昊泽致远投资 | 盘京投资 | 银华基金 | | | 北信瑞丰基金 | 合远私募基金 | 磐厚动量资管 ...

恒玄科技（688608.SH）2024 年中报点评 业绩快速增长，新品量产进展顺利 2024 年 08 月 29 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：8 月 27 日，恒玄科技发布 2024 年中报，2024 年上半年实现营业收 入 15.31 亿元，同比增长 68.26%；实现归母净利润 1.48 亿元，同比增长 199.76%；实现扣非归母净利润 1.12 亿元，同比增长 1872.87%。其中 2Q24 单 季度公司实现营收 8.78 亿元，同比增长 66.80%，环比增长 34.45%；实现归母 净利润 1.20 亿元，同比增加 140.00%，环比增长 334.87%；实现扣非归母净利 润 1.03 亿元，同比增长 237.50%，环比增长 1028.36%。 ➢ 智能终端市场需求提升，业绩大幅增长。随着行业景气度的逐步回升，公司 下游智能可穿戴及智能家居市场需求持续增长，驱动公司业绩高增长。2024 年 上半年公司实现营收 15.31 亿元，较上年同期增加 68.26%；盈利能力方面，毛 利率企稳恢复，第二季度销售毛利率 33.39%，环比提升；利润方面，2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12]. Core Insights - The company has experienced rapid growth in the smart wearable chip market, with the new generation 6nm chip expected to gradually ramp up production [1][2]. - In the first half of 2024, the company achieved a revenue of 1.531 billion yuan, a year-on-year increase of 68.26%, and a net profit attributable to shareholders of 148 million yuan, up 199.76% year-on-year [1]. - The company’s R&D investment in the first half of 2024 was 322 million yuan, representing a year-on-year increase of 36.76%, which is crucial for maintaining its core competitiveness [1][2]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 878 million yuan, a year-on-year increase of 66.80% and a quarter-on-quarter increase of 34.45% [1]. - The gross profit margin for Q2 2024 was 33.39%, showing a year-on-year decrease of 1.30% but a quarter-on-quarter increase of 0.46% [1]. - The net profit margin for Q2 2024 was 13.67%, reflecting a year-on-year increase of 4.17% and a quarter-on-quarter increase of 9.44% [1]. Revenue and Profit Forecast - The company’s revenue is projected to reach 3.338 billion yuan in 2024, with a growth rate of 53.37%, and net profit is expected to be 370 million yuan, marking a 199.10% increase [3][10]. - For the years 2025 and 2026, revenue forecasts are 4.034 billion yuan and 4.781 billion yuan, respectively, with corresponding net profits of 531 million yuan and 713 million yuan [3][10]. Market Position and Product Development - The company is positioned as a leading player in the domestic smart audio and video SoC chip market, with a significant increase in market share for smart watch and band chips [2]. - The BES2800 chip, which utilizes advanced 6nm FinFET technology, has begun mass production and is expected to be widely adopted in various wearable devices [2][4].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 29 日 恒玄科技(688608.SH) 营收大幅上涨，关注新品成长潜力 事件： 公司发布 2024 年半年度报告，上半年营收 15.31 亿元，同比增长 68.26%；归母净利润 1.47 亿元，同比增长 199.76%;归母扣非净 利润 1.12 亿元，同比增长 1872.87%。 持续重视研发投入，形成集成电路平台设计的核心技术 根据报告内容，公司研发费用 3.22 亿元，较上年同期增长 36.76%， 在射频/模拟/电源管理、无线通信、声学/音频、图像/视觉、NPU 技术、低功耗高性能 SoC 以及完整软件架构的研发继续深耕，在 无线超低功耗计算 SoC 芯片领域处于领先地位。产品应用于智能 可穿戴和智能家居的各类终端产品，包括了：超低功耗计算 SoC 技术、2）双频低功耗 Wi-Fi 技术、3）蓝牙和星闪技术、4）智能 手表平台解决方案技术、5）先进的声学和音频系统、6）可穿戴 平台智能检测和健康监测技术、7）先进工艺下全集成射频技术、 8）全集成音视频存储高速接口技术。我们认为，公司研发实力雄 厚，产品迭代速度快，布局合 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved rapid growth in H1 2024, with revenue reaching 1.531 billion yuan, a year-on-year increase of 68.26%, and net profit attributable to shareholders of 148 million yuan, up 199.76% year-on-year [1] - The report anticipates continued growth driven by new product launches and a recovery in downstream demand, leading to an upward revision of net profit forecasts for 2024-2026 [1][2] Financial Performance Summary - In H1 2024, the company reported revenue of 1.531 billion yuan, with a gross margin of 33.19%, a slight decrease of 1.91 percentage points year-on-year [1] - For Q2 2024, the company achieved revenue of 878 million yuan, a year-on-year increase of 66.80%, and a net profit of 120 million yuan, up 140.00% year-on-year [1] - The company’s net profit forecasts for 2024, 2025, and 2026 are adjusted to 407 million yuan, 691 million yuan, and 891 million yuan, respectively, with corresponding P/E ratios of 44.5, 26.2, and 20.4 [1][4] Market Demand and Product Development - The company benefits from the growing demand in the smart wearable and smart home markets, with its smart watch and band chip products covering the entire market segment [2] - The global wearable device shipment in Q1 2024 was 110 million units, a year-on-year increase of 8.8%, with the domestic smart watch market seeing a shipment of 9.1 million units, up 54.1% year-on-year [3] - The new generation of wearable chips, BES2800, has begun mass production and is expected to contribute to revenue growth in H2 2024 [3]

[Table_Main] 证券研究报告 | 公司点评 恒玄科技(688608.SH) 2024 年 08 月 27 日 | --- | --- | --- | --- | --- | |---------------------------|-------|--------------------------|-------|--------------------| | 买入（维持） | | 可穿戴市场需求份额双增， | | BES2800 放量可期 | | | | | | | | 所属行业：电子 / 半导体 | | | | | | 当前价格 ( 元 ) ： 151.00 | | 恒玄科技 | 2024 | 年中报点评 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 陈瑜熙 资格编号：S0120524010003 邮箱：chenyx5＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 46% 57% 69% 恒玄科技 沪深300 | --- | --- | --- | --- | |-------------- ...

公司点评报告 · 电子行业 主要财务指标预测 业绩高增长，看好 BES2800 新品放量 2024 年 08 月 27 日 核心观点 ⚫ 事件 公司披露 2024 年半年度业绩，公司 24H1 实现收入 15.31 亿元，同比 +68.26%，实现归母净利润 1.48 亿元，同比+199.76%，实现扣非归母 1.12 亿 元，同比+1,872.87%；单季度收入创历史新高，24Q2 实现收入 8.78 亿元，同 比+66.80%，环比+34.45%，实现归母净利润 1.20 亿元，同比+140.00%，环比 +334.87%。 ⚫ 毛利率企稳回升，规模效应持续显现。公司毛利率 24Q2 以及费用基本保持 稳定公司，24Q2 实现毛利率 33.39%，同比-1.30pct，环比+0.46pct，毛利率 整体实现企稳回升。公司费用率持续优化，24H1 研发费用投入 3.22 亿元，研 发费用增长 0.86 亿元，主要系研发人员增长以及股份支付费用，研发费用率 为 21.01%，同比-4.83pct，公司规模效应持续显现。截止 2Q24 末公司存货 6.83 亿元，较上季度末增加 0.39 亿元，主要系公司提前为 ...

证券研究报告 恒玄科技 (688608 CH) 可穿戴需求旺盛，BES2800 量产上市 投资评级(维持): 增持 目标价(人民币): 180.40 华泰研究 2024年8月27日│中国内地 中报点评 半导体 风险提示：下游需求转弱，市场竞争加剧，核心技术人员离职，股东减持。 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 2987 2036 2Q24：单季度收入创历史新高，规模效应逐步显现 2Q24 公司实现营收 8.78 亿元（yoy：+66.80%，qoq：+34.45%），归母净 利润 1.20 亿元（yoy：+140.00%，qoq：+334.87%），扣非归母净利润 1.03 亿元（yoy：+237.50%，qoq：+1028.36%）。1H24 智能可穿戴和智能家居 市场需求持续增长，公司在智能手表/手环类市场份额快速提升，同时新一 代可穿戴芯片 BES2800 实现量产出货，驱动公司 2Q24 营收实现同环比增 长。2Q24公司毛利率以及费用基本保持稳定，2Q24毛利率环比提升0.46pc ...

Investment Rating - Buy (Maintained) [6] Core Views - The company's 24H1 performance exceeded expectations, driven by strong revenue growth and improved profitability [2] - Revenue reached a record high of 1.531 billion yuan in 24H1, a year-on-year increase of 68%, with Q2 revenue at 878 million yuan, up 67% YoY and 34% QoQ [2] - Net profit attributable to the parent company surged to 148 million yuan in 24H1, a YoY increase of 199.76%, with Q2 net profit at 120 million yuan, up 140% YoY and 335% QoQ [2] - Gross margin stabilized at 33.19% in 24H1, while net margin improved to 9.64%, up 3.96 percentage points QoQ [2] - The company is actively expanding into innovative fields such as AR glasses, with significant investments in R&D for new products like the BES2800 chip [4] Industry Overview - The domestic wearable market experienced rapid growth in 24H1, with domestic recovery significantly stronger than the global market [3] - Global wearable device shipments reached 110 million units in 24Q1, up 8.8% YoY, while domestic shipments were 33.67 million units, up 36.2% YoY [4] - Domestic smartwatch shipments in 24Q1 were 9.1 million units, up 54.1% YoY, with adult smartwatches accounting for 5.05 million units, up 62.8% YoY [4] - The domestic smart band market saw shipments of 3.7 million units in 24Q1, up 29.6% YoY, while the open-ear headphone market grew rapidly, with shipments of 11.84 million units in 24H1, up 303.6% YoY [4] Financial Performance and Forecast - Revenue is expected to grow from 2.176 billion yuan in 2023 to 5.1 billion yuan in 2026, with a CAGR of 23% [8] - Net profit attributable to the parent company is forecasted to increase from 124 million yuan in 2023 to 790 million yuan in 2026, with a CAGR of 40% [8] - EPS is projected to rise from 1.03 yuan in 2023 to 6.58 yuan in 2026 [8] - The company's P/E ratio is expected to decline from 148.1x in 2023 to 23.2x in 2026, reflecting strong earnings growth [8] Product and Technology Development - The company has launched new products such as the BES2700iBP and BES2700iMP chips, which have achieved full coverage in smartwatches, sports watches, and bands [2] - The BES2800 chip, expected to ramp up in 24H2, is being integrated into multiple customer projects, including headphones, smartwatches, and smart glasses [4] - The company is investing in R&D for AR glasses, with a total planned investment of 150 million yuan, focusing on low-power display technology, image sensing, and wireless transmission [4]