恒玄科技(688608)：25Q1利润超预期 单季度业绩再创历史新高

Core Insights - The company reported a record high revenue of 3.26 billion yuan for the full year of 2024, representing a year-over-year increase of 50%, primarily driven by the significant growth in the smart watch and band business [1] - The net profit attributable to shareholders reached 460 million yuan, up 272% year-over-year, with a non-recurring net profit of 390 million yuan, reflecting a remarkable increase of 1279% [1] - For Q1 2025, the company achieved a revenue of 990 million yuan, a 52% year-over-year increase and a 26% quarter-over-quarter increase, also setting a new record [1] Revenue Breakdown - The revenue from ordinary Bluetooth products was 520 million yuan, up 45% year-over-year, accounting for 16% of total revenue, with a gross margin of 31.4% [2] - The revenue from smart Bluetooth products was 1.5 billion yuan, a 28% year-over-year increase, making up 46% of total revenue, with a gross margin of 32.2% [2] - Revenue from other chips reached 1.24 billion yuan, a 92% year-over-year increase, accounting for 38% of total revenue, with a gross margin of 39.2% [2] Product Development - The new flagship chip BES2800, built on a 6nm FinFET process, is widely applied in headphones, smart watches, and AI glasses, showcasing low power consumption and high integration [3] - The company is actively expanding the application of the BES2800 chip in AI glasses and low-power Wi-Fi markets, enabling lightweight models to run locally and facilitating quick responses to online voice AI needs [3] Profit Forecast and Investment Recommendations - Based on the strong performance in Q1 2025, the company has adjusted its revenue forecasts for 2025 and 2026 to 4.95 billion yuan and 6.49 billion yuan, respectively, with year-over-year growth rates of 51.7% and 31.2% [4] - The net profit forecasts for 2025 and 2026 have been raised to 970 million yuan and 1.37 billion yuan, reflecting year-over-year growth rates of 110.8% and 40.9% [4] - The current stock price corresponds to price-to-earnings ratios of 47, 34, and 26 for 2025, 2026, and 2027, respectively, indicating a strengthening growth trend [4]