恒玄科技：单季度业绩创新高，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and profit for the first three quarters of 2024, with revenue reaching 2.473 billion yuan, a year-on-year increase of 58.12%, and net profit attributable to shareholders reaching 289 million yuan, a year-on-year increase of 145.47% [3] - The demand for the company's products is strong, particularly in the smart wearable and smart home markets, with new product shipments gradually increasing, driving rapid revenue growth [3] - The company's profitability is improving due to changes in product structure and decreasing upstream costs, with a gross margin of 34.68% in Q3, up 1.29 percentage points from Q2 [3] - Future growth is expected as the company continues to enhance its technological capabilities in power consumption, processing, and connectivity, while expanding into markets such as smartwatches, smart homes, AI glasses, and wearables [3] Financial Summary - For 2024, the company is projected to achieve revenues of 3.383 billion yuan, 4.582 billion yuan in 2025, and 5.698 billion yuan in 2026, with net profits of 394 million yuan, 615 million yuan, and 815 million yuan respectively [3][5] - The corresponding price-to-earnings (PE) ratios are expected to be 72.47, 46.42, and 35.01 for the years 2024, 2025, and 2026 [3][5] - The company’s net profit margin reached 15.02% in Q3, an increase of 1.35 percentage points from the previous quarter [3]