证券研究报告：电子 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 433.98 | | --- | --- | | 总股本/流通股本（亿股）1.20 / 1.20 | | | 总市值/流通市值（亿元）521 / 521 | | | 52 周内最高/最低价 | 443.83 / 121.56 | | 资产负债率(%) | 7.8% | | 市盈率 | 112.47 | | 第一大股东 | 汤晓冬 | 研究所 分析师:周晴 SAC 登记编号:S1340524040004 Email:zhouqing@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 恒玄科技(688608) Q1 业绩创历史新高，智能手表/手环 SoC 增长强势 ⚫ 事件 公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营 业收入 32.63 亿元，同比增长 49.94%；实现归母净利润 4.60 亿元， 同比增长 272.47%。25Q1，公司实现 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%, and a net profit attributable to shareholders of 460 million yuan, up 272.47% year-on-year [2][6]. - In the first quarter of 2025, the company reported a revenue of 995 million yuan, a year-on-year increase of 52.25% and a quarter-on-quarter increase of 25.88%, with a net profit of 191 million yuan, reflecting a year-on-year increase of 590.22% and a quarter-on-quarter increase of 11.18% [2][6]. - The upward trend in the market, combined with the continuous introduction and ramp-up of SoC for smartwatches and wristbands, supports the company's sustained performance [2][8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 34.71%, an increase of 0.52 percentage points year-on-year, and a net profit margin of 14.1% [8]. - The revenue from smartwatch and wristband chips reached 1.045 billion yuan, a significant year-on-year increase of 116%, with total shipments exceeding 40 million units [8]. - The company’s Bluetooth audio and smartwatch/wristband chip revenues accounted for 62% and 32% of total revenue, respectively [8]. Growth Prospects - The company is positioned for long-term growth due to its R&D-driven platform strategy, with R&D expenses of 617 million yuan in 2024, representing 18.92% of revenue [8]. - The BES2800 series products are noted for their advantages in low latency, high bandwidth, and low power consumption, applicable across various devices [8]. - Forecasted net profits for 2025-2027 are 950 million, 1.464 billion, and 2.038 billion yuan, respectively, with corresponding EPS of 7.91, 12.19, and 16.98 yuan [8].