AI的进击时刻系列4：恒玄科技有望成为AI眼镜SOC的赢家

Group 1 - Industry investment rating: Buy [2] - Previous rating: Buy [2] - Report date: January 20, 2025 [2] Group 2 - Core viewpoint: The development of AI glasses SOC is expected to follow a similar trend as smartwatches, with potential for significant market growth [7][23] - Hengxuan Technology is positioned as a leading manufacturer of ultra-low power computing SOCs, successfully expanding into smartwatches and AI glasses [7][30] - The rapid development of AI models and applications is expected to benefit the AI hardware supply chain, with AI glasses emerging as a new terminal [33] Group 3 - Smartwatch SOC trends indicate a shift towards single main control SOCs integrating A and M cores to enhance performance and battery life [12][30] - AI glasses SOCs are anticipated to adopt dual systems and main control schemes to improve functionality and standby time [23][30] - Hengxuan Technology is accumulating key technologies such as A cores, Linux systems, and ISP imaging, which will support its expansion into the AI glasses market [30][31]