恒玄科技（688608）：观察/腕带芯片收入占比持续上升

Investment Rating - The investment rating for Bestechnic Shanghai is "Overweight" [1]. Core Views - Bestechnic's revenue and net profit for 2024 are projected to be RMB 3.263 billion and RMB 460 million, respectively, representing year-on-year growth of 49.94% and 272.47%, driven by an expanded customer base and new applications [1][4]. - The company is optimistic about its potential in the smart wearable market and its ability to convert this potential into profitability [1]. - The BES2800 chip is expected to penetrate new brands and customers, with significant growth anticipated in the AI glasses market [3][4]. Revenue and Profitability - In Q1 2025, Bestechnic reported revenue of RMB 999.5 million and a net profit of RMB 191 million, reflecting year-on-year growth of 52.25% and 590.22% [1]. - The gross profit margin for Q1 2025 improved by 5.54 percentage points year-on-year to 38.47% [1]. - The company expects to increase its market share in the smart wearable segment, particularly in smart watch chips, which are projected to contribute significantly to revenue growth [2][4]. Financial Projections - Revenue is expected to grow from RMB 2.176 billion in 2023 to RMB 4.744 billion in 2025, with a compound annual growth rate (CAGR) of 45.39% [10]. - Net profit is projected to increase from RMB 123.63 million in 2023 to RMB 920.20 million in 2025, indicating a strong growth trajectory [10]. - The target price for the stock has been raised to RMB 421.90, reflecting an increase in profit forecasts for 2025 and 2026 [4][6].