东海证券晨会纪要-20250626

Group 1: Market Overview - The securities sector has seen a significant increase, with the Securities II (Shenwan) index rising by 5.55% as of June 25, 2025, driven by strong performances from companies like Dongfang Caifu, Guosheng Jinkong, and Tianfeng Securities, which hit the daily limit [5][6] - The approval of Guotai Junan International to provide virtual asset trading services marks it as the first Chinese securities firm to offer comprehensive virtual asset services, aligning with the current market interest in stablecoin themes [6][20] - The ongoing capital market reforms and the recent "1+6" measures announced at the Lujiazui Forum are expected to enhance market activity, with a trading volume of 1.5 trillion yuan laying a foundation for the growth of securities firms [6][8] Group 2: Company Focus - Hengxuan Technology (688608) - Hengxuan Technology specializes in the research, design, and sales of low-power wireless computing SoC chips, achieving a significant milestone with its products now utilizing 6nm process technology, aiming to become a leading player in the domestic Bluetooth audio SoC market [11][12] - The company has experienced a compound annual growth rate (CAGR) of 32.43% in revenue from 2020 to 2024, with Q1 2025 revenue reaching 999.5 million yuan, a year-on-year increase of 52.25% [11][12] - Hengxuan Technology's chips are widely used in smart wearable and smart home devices, with a strong focus on high-performance brand clients, which has created a competitive advantage and customer loyalty [12][13] Group 3: Growth Potential and Market Trends - The global TWS (True Wireless Stereo) earphone market is projected to reach 330 million units in 2024, with Hengxuan Technology holding a 16.22% market share in the first half of 2024, indicating a strong competitive position [12][13] - The wearable device market is expected to see significant growth, with global shipments projected to reach 193 million units in 2024, and Hengxuan Technology is well-positioned to benefit from this trend by deepening partnerships with major Android brand clients [13][14] - The smart speaker market is anticipated to stabilize and grow, with Hengxuan Technology's chips supporting voice interaction and low power consumption, further enhancing its market presence [14] Group 4: Investment Recommendations - The report initiates coverage on Hengxuan Technology with a "Buy" rating, forecasting revenues of 4.69 billion yuan, 6.18 billion yuan, and 7.87 billion yuan for 2025-2027, with corresponding net profits of 839 million yuan, 1.15 billion yuan, and 1.54 billion yuan [16] - The company is expected to continue expanding its product offerings in AI headphones, smartwatches, smart bands, and smart glasses, which will further enhance its growth potential [16]