Bestechnic (Shanghai) (SH:688608) Shenwan Hongyuan Securities·2025-12-05 00:25Group 1: Market Overview - The Shanghai Composite Index closed at 3876 points, with a slight decrease of 0.06% for the day and a 2.13% decline over the past five days [1] - The Shenzhen Composite Index closed at 2439 points, down 0.1% for the day and 1.94% over the past five days [1] - Large-cap indices showed a 0.39% increase yesterday but a 1.43% decline over the past month, while mid-cap and small-cap indices also experienced declines [1] Group 2: Industry Performance - Aerospace equipment II sector saw a significant increase of 7% yesterday, with a 9.41% rise over the past month and a 39.23% increase over the past six months [1] - The home appliance components sector increased by 3.83% yesterday but declined by 3.3% over the past month, with a notable 45.83% increase over the past six months [1] - The coal sector, particularly coking coal II, experienced a decline of 4.38% yesterday and a 2.65% decline over the past month, despite a 27.2% increase over the past six months [1] Group 3: Company Analysis - Hengxuan Technology - Hengxuan Technology specializes in low-power Bluetooth SoC chip design, focusing on high-end brand markets and applications in TWS headphones, smartwatches, and AI glasses [10][11] - The company has a market share of approximately 10% in TWS SoC shipments, with a high average selling price (ASP) of nearly 10 yuan per unit, leading the domestic market in revenue [10][11] - Projected revenues for Hengxuan Technology from 2025 to 2027 are estimated at 42.53 billion, 54.41 billion, and 67.11 billion yuan, with corresponding growth rates of 30%, 28%, and 23% [10][11]