恒玄科技(688608) 国金证券股份有限公司樊志远近期对恒玄科技进行研究并发布了研究报告《短期承压不改长期向好，端侧新品进 展顺利》，给予恒玄科技买入评级。 我们预计公司2025-2027年归母净利润为8.1/12.0/15.8亿元，同比增长75.1%/48.4%/32.3%，对应PE为58/39/29倍， 维持"买入"评级。 风险提示 下游需求不如预期；市场竞争加剧；产品迭代不及预期。 最新盈利预测明细如下： 2025年8月26日，公司发布2025年中报。 1)2025年上半年公司实现营业收入19.38亿元，同比增长26.58%；实现归母净利润3.05亿元，同比增长106.45%； 2)2025年单二季度公司实现营业收入9.44亿元，同比增长7.48%，环比下滑5.09%；实现归母净利润1.14亿元，同 比下滑4.79%，环比下滑40.02%。 经营分析 二季度业绩短期承压不改长期向好趋势。二季度公司营收小幅下滑，主要归因于：1)消费电子国补政策拉动了下 游终端产品的消费，对消费需求的提振作用整体在一季度体现较为明显。2)公司在25年上半年对供应链进行了调 整，导致二季度整体出货节奏有些延后。但是我们仍然 ...

Core Insights - The company reported a record high revenue of 3.26 billion yuan for the full year of 2024, representing a year-over-year increase of 50%, primarily driven by the significant growth in the smart watch and band business [1] - The net profit attributable to shareholders reached 460 million yuan, up 272% year-over-year, with a non-recurring net profit of 390 million yuan, reflecting a remarkable increase of 1279% [1] - For Q1 2025, the company achieved a revenue of 990 million yuan, a 52% year-over-year increase and a 26% quarter-over-quarter increase, also setting a new record [1] Revenue Breakdown - The revenue from ordinary Bluetooth products was 520 million yuan, up 45% year-over-year, accounting for 16% of total revenue, with a gross margin of 31.4% [2] - The revenue from smart Bluetooth products was 1.5 billion yuan, a 28% year-over-year increase, making up 46% of total revenue, with a gross margin of 32.2% [2] - Revenue from other chips reached 1.24 billion yuan, a 92% year-over-year increase, accounting for 38% of total revenue, with a gross margin of 39.2% [2] Product Development - The new flagship chip BES2800, built on a 6nm FinFET process, is widely applied in headphones, smart watches, and AI glasses, showcasing low power consumption and high integration [3] - The company is actively expanding the application of the BES2800 chip in AI glasses and low-power Wi-Fi markets, enabling lightweight models to run locally and facilitating quick responses to online voice AI needs [3] Profit Forecast and Investment Recommendations - Based on the strong performance in Q1 2025, the company has adjusted its revenue forecasts for 2025 and 2026 to 4.95 billion yuan and 6.49 billion yuan, respectively, with year-over-year growth rates of 51.7% and 31.2% [4] - The net profit forecasts for 2025 and 2026 have been raised to 970 million yuan and 1.37 billion yuan, reflecting year-over-year growth rates of 110.8% and 40.9% [4] - The current stock price corresponds to price-to-earnings ratios of 47, 34, and 26 for 2025, 2026, and 2027, respectively, indicating a strengthening growth trend [4]