恒玄科技：24H1业绩超预期，AR眼镜等创新领域前沿布局

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]