AI端侧系列推荐之十七：豆包发布智能体耳机，AI端侧再添新成员

Investment Rating - The report assigns an "Increase Holding" rating for the industry [1]. Core Viewpoints - Doubao has launched its first AI smart earphone, Ola Friend, priced at 1199 yuan, featuring an open design and weighing 6.6g per ear [2]. - The earphone integrates Doubao's self-developed large model and is designed for various functions such as information queries, travel guidance, English practice, and emotional interaction [2]. - The release of Ola Friend marks a significant step for Doubao in the AI hardware sector and reflects rapid advancements in AI edge computing [2]. - The report suggests monitoring the accelerating integration of AI with edge products, including AI smartphones, PCs, smart glasses, and earphones, and recommends related industry stocks [2]. Summary by Sections Product Launch - Doubao officially released the Ola Friend earphone on October 10, 2024, which utilizes advanced AI capabilities and is designed for user interaction through voice commands [2]. Market Context - The report highlights the swift progress in the AI edge sector, emphasizing the importance of related supply chain developments [2]. Recommended Stocks - The report recommends stocks such as Hengxuan Technology, with beneficiary stocks including Tianjian Co., Jiahe Intelligent, Edifier, Lexin Technology, and Juchip Technology [2]. Catalyst - Potential catalysts include the emergence of new AI product forms and the continuous reduction of industry chain costs [2]. Company Valuation - Hengxuan Technology is valued at a PE of 77.67 for 2024E and 59.95 for 2025E, with an EPS forecast of 3.18 yuan for 2024 and 4.12 yuan for 2025 [4].