恒玄科技：2Q24：营收超预期，BES2800量产

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].