恒玄科技：24H1业绩表现亮眼，期待BES2800新品起量

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company achieved impressive performance in H1 2024, with revenue reaching 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][2]. - The new BES2800 chip is expected to ramp up production in the second half of the year, contributing to revenue growth [2][4]. - The company is expanding its product offerings in the wearable and smart home markets, with the BES2700 series and the new BES2800 chip being key products [2][4]. Financial Performance Summary - Revenue: - 2022A: 1,485 million yuan - 2023A: 2,176 million yuan - 2024E: 3,260 million yuan - 2025E: 4,202 million yuan - 2026E: 5,145 million yuan - Year-on-year growth rates: 2023A: 46.6%, 2024E: 49.8% [1][7] - Net Profit: - 2022A: 122 million yuan - 2023A: 124 million yuan - 2024E: 378 million yuan - 2025E: 560 million yuan - 2026E: 780 million yuan - Year-on-year growth rates: 2023A: 1.0%, 2024E: 206.1% [1][7] - Gross Margin: - H1 2024 gross margin: 33.19%, with a slight decrease of 1.92 percentage points year-on-year [2]. - Earnings Per Share (EPS): - 2022A: 1.02 yuan - 2023A: 1.03 yuan - 2024E: 3.15 yuan - 2025E: 4.66 yuan - 2026E: 6.50 yuan [1][7]. Market and Product Development - The company is focusing on the smart home market, adapting its technology to meet IoT demands, and has launched the BES2600 series for smart speakers and home applications [4]. - The BES2800 chip, produced using advanced 6nm FinFET technology, is designed to enhance performance in wearable devices and is expected to see increased adoption in the second half of the year [2][4].