Investment Rating - The investment rating for the company is "Buy" (maintained) [1][19][27] Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 1.531 billion yuan for H1 2024, representing a year-on-year increase of 68.24%. The net profit attributable to shareholders is expected to reach 148 million yuan, up 199.68% year-on-year [4][5] - The report highlights the recovery in downstream demand and the successful mass production of new products as key drivers for revenue growth. The company is benefiting from the increasing demand in the smart wearable and smart home sectors, as well as the successful launch of its new generation of wearable chips [5][20] Financial Performance Summary - For 2024, the company is expected to generate revenues of 3.374 billion yuan, a 55% increase year-on-year, with net profit attributable to shareholders projected at 403 million yuan, reflecting a 226.3% increase [6][8] - The gross margin is expected to stabilize, with Q2 2024 gross margin projected at approximately 33.40%, an increase of 0.47 percentage points quarter-on-quarter [5][6] - The earnings per share (EPS) for 2024 is estimated at 3.36 yuan, with a price-to-earnings (P/E) ratio of 51.9 times [6][8] Market Outlook - The global smart watch shipment is forecasted to grow by 17% in 2024, indicating a sustained recovery in downstream demand [5][20] - The company is expanding its market share in the smart watch and smart band sectors, which is expected to contribute to continued revenue growth [5][20]

Investment Rating - The report maintains a "Buy" rating with a target price of RMB 196.80 for Hengxuan Technology [1][20][22]. Core Views - The company achieved a record high revenue in Q2 2024, driven by strong demand for wearable devices and the successful mass production of the BES2800 chip [21][33]. - The forecast for 2024 anticipates continued growth in the TWS market and a rapid increase in market share in the smartwatch segment, supported by ongoing chip platform iterations [22][33]. - The report revises the net profit forecasts for 2024, 2025, and 2026 to RMB 3.94 billion, RMB 6 billion, and RMB 7.95 billion respectively, reflecting an optimistic outlook for the company's performance [22][33]. Financial Summary - Total revenue for 2023 is projected at RMB 2,176 million, with significant growth expected in subsequent years: RMB 3,373 million in 2024, RMB 4,421 million in 2025, and RMB 5,528 million in 2026 [3][53]. - The revenue growth rates for the smart Bluetooth audio chip segment are expected to be 59.3% in 2024, 45.6% in 2025, and 27.2% in 2026, indicating strong demand [3]. - The gross profit margin is anticipated to improve, with a forecasted overall gross margin exceeding 34% in 2024 [33]. Market Position and Strategy - The company is positioned as a leading player in the global wearable chip market, benefiting from the increasing demand for smart wearables and the introduction of new products [22][33]. - The BES2800 chip is expected to enhance the company's competitive edge, with anticipated contributions to revenue growth starting from Q3 2024 [33]. - The report highlights the company's strategy to expand its customer base in the smartwatch market, including partnerships with major brands like Xiaomi [33].

Investment Rating - The report maintains a "Buy" rating for the company [4][16]. Core Views - The company achieved a record high revenue of 878 million yuan in Q2, representing a year-over-year increase of 67% and a quarter-over-quarter increase of 34%. The net profit attributable to the parent company reached 120 million yuan, with a quarter-over-quarter increase of 336% and a gross margin of 33.40%, up 0.47 percentage points quarter-over-quarter [3][4]. - The company is expanding its market share in the smart wearable market by continuously launching new products and acquiring new customers. The results of the AIoT platform layout are gradually becoming evident, and the competitiveness of its products is steadily improving [4][19]. Financial Performance Summary - The company expects to achieve a revenue of 1.531 billion yuan in the first half of 2024, a year-over-year increase of 68%, and a net profit of 148 million yuan, a year-over-year increase of 200%. The non-recurring net profit is projected to be 112 million yuan, an increase of 1.06 billion yuan year-over-year [7][18]. - The revenue forecast for 2024-2026 has been revised upwards to 3.24 billion, 3.78 billion, and 4.52 billion yuan, respectively, with net profits expected to be 330 million, 440 million, and 570 million yuan [4][22]. - The company has maintained a gross margin of around 34.5% for the forecast period, with net profit margins expected to improve significantly [11][22]. Market and Product Development - The company has been actively developing its smart wearable product line since 2021, successfully launching its first-generation smart watch chip and the industry's first single-chip main control for sports watches. The products have entered major domestic manufacturers, indicating potential for growth alongside these partners [8][19]. - The new generation of smart wearable chip, BES2800, has achieved mass production and shipment, which is expected to enhance the company's market position in the wearable technology sector [19][20].

Revenue Expectations - The company expects to achieve approximately 1.531 billion CNY in revenue for the first half of 2024, representing a year-on-year increase of about 68.24%[15] - The second quarter of 2024 is projected to generate approximately 878 million CNY in revenue, reflecting a year-on-year growth of about 66.76%[15] - The growth in revenue is primarily driven by increased demand in the smart wearable and smart home sectors, as well as the launch of new products and customers in the smart watch and band market[4] Profit Projections - The estimated net profit attributable to the parent company for the first half of 2024 is around 148 million CNY, an increase of approximately 199.68% compared to the same period last year[11] - The net profit after deducting non-recurring gains and losses is estimated to be approximately 112 million CNY, which is an increase of about 1873.29% year-on-year[16] Gross Profit Margin - The gross profit margin for the second quarter is expected to be around 33.40%, showing a quarter-on-quarter improvement[4] Production and Product Development - The company has successfully achieved mass production and shipment of its new generation smart wearable chip, BES2800[4] Performance Forecast and Reporting - There are currently no significant uncertainties affecting the accuracy of this performance forecast[5] - The data provided is preliminary and subject to confirmation in the official half-year report[6] - The company will continue to disclose its operating performance in accordance with annual performance disclosure standards[17]

中信证券股份有限公司 关于恒玄科技（上海）股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担任 Run Yuan Capital I Limited、Run Yuan Capital II Limited（以下合称"转让方"）以向特定机 构投资者询价转让（以下简称"询价转让"）方式减持所持有的恒玄科技（上海）股份 有限公司（以下简称"公司"或"恒玄科技"）首次公开发行前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称"《询价转让和配售 指引》"）要求，本次询价转让的询价、转让过程与结果是否公平、公正，是否符合《询 价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2024 年 7 月 3 日转让方所持公司首发前股份的数量及占公司总股本比例情况 如下： 股东与组织券商综合考虑股东自身资金需求等因素，协商确定本次询价转让的价格 下限。本次询价转让价格下限不低于中信证 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-038 恒玄科技（上海）股份有限公司 股东询价转让结果报告书暨持股 5%以上股东 减持股份比例达到 1%的提示性公告 Run Yuan Capital I Limited、Run Yuan Capital II Limited（以下合称"转让方"） 保证向恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"）提供的信 息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和 完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 一、 转让方情况 (一)转让方基本情况 本次询价转让的价格为 129.94 元/股，转让的股票数量为 1,206,000 股。 公司控股股东、实际控制人、董事、监事及高级管理人员不参与本次询 价转让。 本次权益变动属于减持，不触及要约收购，本次转让不会导致公司控股 股东、实际控制人发生变化。 转让方 Run Yuan Capital I Limited、Run Yuan Capital II Limited 合计持有公 司股份比例由占公司总股本 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-037 二、风险提示 恒玄科技（上海）股份有限公司 股东询价转让定价情况提示性公告 Run Yuan Capital I Limited、Run Yuan Capital II Limited（以下合称"出让方"） 保证向恒玄科技（上海）股份有限公司（以下简称"恒玄科技"、"公司"）提供 的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准 确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 根据 2024 年 7 月 4 日询价申购情况，初步确定的本次询价转让价格为 129.94 元/股。 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为 129.94 元/股，为恒 玄科技询价转让定价日（即 2024 年 7 月 4 日）收盘价 141.26 元/股的 91.99%。 （二）参与本次询价转让报价的机构投资者家数为 16 家，涵盖了基金管理 公司、私募基金管理人、保险公司、合格境外机构投资者等专业机构投资者，有 效认购总量 1,850,00 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-036 恒玄科技（上海）股份有限公司 2021 年限制性股票激励计划预留授予部分 第一个归属期归属结果暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 10,851 股。 本次股票上市流通总数为 10,851 股。 本次股票上市流通日期为 2024 年 7 月 9 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，本公司于 2024 年 7 月 3 日收到中国证券登记结算有限责 任公司上海分公司出具的《证券变更登记证明》，公司完成了 2021 年限制性股票 激励计划预留授予部分第一个归属期的股份登记工作。现将有关情况公告如下： 一、 本次限制性股票归属的决策程序及相关信息披露 1、 2021 年 3 月 24 日，公司召开第一届董事会第十次会议，会议审议通过了 《关于公司<2021 年限制性股票激励计划（草案）>及其摘要 ...

中信证券股份有限公司 关于恒玄科技（上海）股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 （一）核查过程 根据相关法规要求，中信证券对出让方的相关资格进行了核查。出让方已出 具《关于向特定机构投资者询价转让首次公开发行前已发行股份出让方资格相关 事宜的承诺函》。中信证券已于 2024 年 6 月 28 日完成出让方资格核查工作，对 出让方进行访谈和问询，并收集相关核查文件。此外，中信证券还通过公开信息 渠道检索等手段对出让方资格进行了核查。 （二）核查情况 1、Run Yuan Capital I Limited （1）基本情况 中信证券股份有限公司（以下简称"中信证券"）受恒玄科技（上海）股份 有限公司（以下简称"恒玄科技"）股东 Run Yuan Capital I Limited、Run Yuan Capital II Limited（以下简称"出让方"）委托，组织实施本次恒玄科技首发前 股东向特定机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市 ...

恒玄科技（上海）股份有限公司 股东询价转让计划书 Run Yuan Capital I Limited、Run Yuan Capital II Limited（以下简称"出让方"） 保证向恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"）提 供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 证券代码：688608 证券简称：恒玄科技 公告编号：2024-035 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次 询价转让。截至 2024 年 7 月 3 日出让方所持首发前股份的数量、占总股本比例 情况如下： | 序号 | 股东名称 | 持股数量（股） | 持股占总股本比例 | | --- | --- | --- | --- | | 1 | Run Yuan Capital I | 11,490,621 | 9.57% | 1 拟参与恒玄科技首发前股东询价转让（以下简称"本次询价转 ...