Core Viewpoint - Jiahe Intelligent (300793) is actively engaged in the production of smart audio glasses for clients such as Anker, Tmall, and Harman, and is also developing AR glasses in collaboration with other clients [1] Group 1: Company Performance - In the 2024 annual report, Jiahe Intelligent reported a total revenue of 2.467 billion yuan, with approximately 207 million yuan coming from the smart wearable business [1] - The company demonstrates competitive advantages in multimodal interaction technology, acoustic and audio technology, low-power design, and supply chain integration capabilities [1] Group 2: Product Development - Jiahe Intelligent is producing the GO series AR glasses and is in the trial production verification phase for other AR glasses in collaboration with various clients [1] - The company is expanding its product offerings in the AI and industrial internet sectors, showcasing its technological strengths [1]

Core Viewpoint - Jiahe Intelligent (300793.SZ) is actively producing smart audio glasses for clients such as Anker, Tmall, and Harman, and is also developing AR glasses products in collaboration with other brands [1] Group 1 - The company is engaged in the production of smart audio glasses for notable clients [1] - The company has developed the GO series AR glasses products for AR eyewear brands [1] - Other AR glasses in collaboration with different clients are in the trial production verification stage [1]

经济观察网佳禾智能（300793）8月14日在互动平台表示，公司有为安克、天猫、哈曼等客户生产智能 音频眼镜。有为AR眼镜品牌生产GO系列AR眼镜产品。公司与其他客户合作的AR眼镜也将陆续开发完 成进入试产验证阶段。 ...

Core Viewpoint - The company, Jiahe Intelligent (300793), is actively engaged in the production of smart audio glasses for clients such as Anker, Tmall, and Harman, and is also developing AR glasses products for the GO series [1] Group 1 - The company has confirmed its involvement in manufacturing smart audio glasses for notable clients [1] - The company is producing GO series AR glasses for a specific AR glasses brand [1] - Other AR glasses collaborations are in the development phase and will soon enter trial production verification [1]

Core Viewpoint - The company reported a decline in net profit for 2024, with a significant drop in both gross margin and net profit, while showing some revenue growth in Q1 2025, indicating ongoing operational pressures and challenges in the market [1][2]. Financial Performance Summary - In 2024, the company achieved revenue of 2.467 billion yuan, a year-on-year increase of 3.76%, but net profit attributable to shareholders was 41 million yuan, down 68.85%. The non-recurring net profit was 9 million yuan, down 92.07%, with a gross margin of 14.85%, a decrease of 3.33 percentage points [1]. - For Q1 2025, the company reported revenue of 487 million yuan, a year-on-year increase of 8.95%, with net profit attributable to shareholders at 16 million yuan, up 7.63%. However, the non-recurring net profit was only 1 million yuan, down 95.11%, and the gross margin was 13.37%, a decrease of 3.79 percentage points [1]. Factors Affecting Performance - Several factors contributed to the performance pressure in 2024: 1. Customer structure adjustments and product technology iterations led to a 3.33 percentage point decline in gross margin [1]. 2. Increased management expenses due to the operation of the Songshan Lake operation center and Jiangxi industrial park, with management office expenses rising by 13.2242 million yuan and functional department salary expenses increasing by 10.2493 million yuan [1]. 3. Issuance of convertible bonds resulted in accumulated interest expenses of 24.7962 million yuan and increased financial costs by 22.3335 million yuan [1]. 4. Adjustments in the ODM structure of major downstream clients and declines in the performance of associated companies led to an increase in inventory impairment and long-term equity investment impairment provisions totaling 31.5083 million yuan [1]. Future Outlook - The AI glasses segment is identified as a major growth point for the company, with successful mass production of smart audio glasses and AR glasses for well-known brands such as Anker, Tmall, Harman, and Yingmu Technology. The company is building experience in product development and manufacturing processes, enabling rapid market response and large-scale customized production capabilities [2]. - The AI glasses market presents significant growth potential, indicating a promising future for the company [2]. Investment Recommendation - Despite the current performance pressures, the company is well-positioned in the AI glasses market. Projections for net profit attributable to shareholders for 2025-2027 are 127 million yuan, 169 million yuan, and 272 million yuan, respectively, with corresponding EPS of 0.33, 0.44, and 0.71 yuan, leading to PE ratios of 46.62, 34.93, and 21.76 times. The recommendation is to maintain a "buy" rating [2].

Financial Data and Key Metrics Changes - The report indicates a significant growth in the global smart audio glasses market, with a shipment volume of 3.43 million units in 2022, representing a year-on-year increase of 58.6% and a market size of $910 million [6][7] - The compound annual growth rate (CAGR) for smart audio glasses shipments is projected to reach 13.6% from 2022 to 2030, with expected shipments exceeding 5.03 million units by 2025 and reaching 9.51 million units by 2030 [6][7] Business Line Data and Key Metrics Changes - The report highlights the cost structure of smart audio glasses, with the total hardware cost amounting to $75, which accounts for approximately 45.73% of the total cost [7] - The breakdown of core costs includes $55 for SOC chips, $11 for ROM+RAM, and $9 for camera components, indicating a focus on optimizing hardware costs [7] Market Data and Key Metrics Changes - The report notes that the smart audio glasses market is becoming increasingly competitive, with major players like Meta, Huawei, and Xiaomi entering the market with innovative products [6][7] - Meta's Ray-Ban Meta glasses have shown strong sales performance, exceeding production rates, while other competitors are also launching advanced features in their products [6][7] Company Strategy and Development Direction - The industry is shifting towards AI audio glasses as a more accessible entry point for consumers, allowing them to transition from traditional glasses to smart glasses before adopting AR technology [6][7] - Companies are encouraged to focus on supply chain integration and technological advancements to capitalize on the growing demand for smart wearable devices [7] Management Comments on Operating Environment and Future Outlook - The management emphasizes the importance of AI integration in audio glasses, which enhances user experience and market appeal [6][7] - There is a recognition of the risks associated with technological evolution and market demand, suggesting a cautious approach to future investments [8] Other Important Information - The report provides a detailed analysis of the competitive landscape, highlighting the unique features and pricing strategies of various smart audio glasses [6][7] - It also outlines potential risks, including the uncertainty of technological advancements and market acceptance [8] Q&A Session Summary Question: What are the growth prospects for smart audio glasses? - The market is expected to grow significantly, with a projected CAGR of 13.6% from 2022 to 2030, driven by increasing consumer demand and technological advancements [6][7] Question: How do the costs of smart audio glasses compare to traditional AR glasses? - Smart audio glasses have a lower production cost, making them more accessible to consumers, with prices starting at around $499 compared to AR glasses priced at $1,999 [6][7]