恒玄科技：小米AI眼镜采用公司2700系列芯片 智通财经7月1日电，恒玄科技在互动平台表示，小米AI眼镜采用了公司2700系列芯片。 ...

Core Insights - The global semiconductor industry is undergoing rapid restructuring, with Longgang, Shenzhen, aiming for a semiconductor industry scale of 250 billion yuan by 2025, targeting a 40% share from the region [1] - Longgang has established a collaborative innovation ecosystem, forming a complete industrial chain that includes IC design, manufacturing, packaging, testing, equipment, materials, and platforms [1] Group 1: Industry Development - Longgang has created four major integrated circuit industrial bases, including Bantian, Baolong, Longcheng, and Pinghu, which collectively host over a thousand technology companies [1] - The region is focusing on third-generation semiconductors, AI chips, and sensors, leveraging a dual-driven approach of "innovation + scenarios" to build a technological moat [1] Group 2: Technological Innovations - The world's first automotive-grade UWB chip, developed by Nuri Chip Technology, achieves a distance measurement accuracy of ±1 cm and is integrated into smart cars and AR/VR applications [2] - The DeepEdge10 series chip, designed with a unique "computing block" concept, is expected to see an 81% revenue growth in 2024, with applications in over a thousand scenarios including government and transportation [3] Group 3: Policy and Talent Support - Longgang's semiconductor industry growth is supported by a combination of policies, scenarios, and talent acquisition, including the "Shenzhen Longgang Talent Program" to attract high-end talent [4] - A 5 billion yuan integrated industry fund and computing power planning provide comprehensive support for enterprises from laboratory to market [4] - The establishment of an IC testing center and design platform aims to create a full-cycle service system for the semiconductor industry [4]

Core Viewpoint - The company reported record-high revenues and profits for 2024 and Q1 2025, driven by strong performance in smart wearable chips and a diversified revenue structure [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.263 billion yuan, a year-on-year increase of 49.94%, and a net profit attributable to shareholders of 460 million yuan, up 272.47% [1]. - For Q1 2025, revenue reached 995 million yuan, reflecting a year-on-year growth of 52.25% and a quarter-on-quarter increase of 25.88%, with a net profit of 191 million yuan, up 590.22% year-on-year [1]. Product and Market Development - The company’s revenue from smart watch/wristband chips grew by 116% in 2024, contributing significantly to overall revenue growth, with total shipments exceeding 40 million units [2]. - The revenue structure became more diversified, with Bluetooth audio chips accounting for approximately 62% and smart wearable chips for about 32% of total revenue [2]. - Continuous upgrades in wearable terminal applications have led to increased customer demands for main control chips, prompting the company to launch new products like BES2800 and BES2700 series chips [2]. Research and Development - The company maintained high R&D investment, with expenses reaching 617 million yuan in 2024, a 12.27% increase year-on-year [3]. - The company is enhancing its technology layout in Wi-Fi, NPU, and ISP, with low-power, high-performance NPU and ISP systems already in mass production [3]. Strategic Positioning - The company is positioned to capitalize on the growing trend of edge AI, with a focus on developing ultra-low-power computing SoC chips and maintaining close collaboration with premium clients [4]. - The launch of new products like MYVU AR smart glasses and Ola Friend AI smart earphones indicates the company's commitment to innovation and market leadership [4]. Investment Outlook - The company is projected to achieve revenues of 4.920 billion yuan, 6.315 billion yuan, and 7.557 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 923 million yuan, 1.304 billion yuan, and 1.660 billion yuan [4]. - A target price of 500 yuan is set based on a 65x PE valuation for 2025, reflecting the company's leading position in the domestic smart audio SoC market [4].