丨证券研究报告丨 [Table_Title] 三季度营收同环比增长 报告要点 [Table_Summary] 2025 年前三季度，公司实现收入 29.33 亿元、同比+18.61%，归母净利润 5.02 亿元、同比 +73.50%；2025Q3，公司实现营收 9.95 亿元、同比+5.66%、环比+5.42%，归母净利润 1.97 亿元、同比+39.11%、环比+72.19%。三季度尽管受国补退坡、下游需求转弱影响，公司单三 季度收入仍实现同环比增长。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 [Table_scodeMsg1] 公司研究丨点评报告丨恒玄科技（688608.SH） 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 恒玄科技（688608.SH） cjzqdt11111 [Table_Title2] 三季度营收同环比增长 [Table_Summary2] 事件描述 2025 年 10 月 29 日， ...

Core Viewpoint - Hengxuan Technology is a leading company in the global smart audio SoC chip sector, with significant investment value due to its high technical barriers and comprehensive industry chain coverage [1] Group 1: Business Performance - In Q3 2025, Hengxuan Technology reported revenue of 2.933 billion yuan, ranking 16th among 48 companies in the industry, surpassing the industry average of 2.912 billion yuan and the median of 1.156 billion yuan, but significantly lower than the top two competitors, OmniVision and Jiangbo Long, with revenues of 21.783 billion yuan and 16.734 billion yuan respectively [2] - The net profit for the same period was 502 million yuan, ranking 11th in the industry, above the average of 348 million yuan and the median of 107 million yuan, but still trailing behind the leading companies, which reported net profits of 3.199 billion yuan and 2.841 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hengxuan Technology's debt-to-asset ratio was 7.59%, down from 8.19% year-on-year and significantly lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin for the same period was 38.51%, an increase from 33.76% year-on-year, and higher than the industry average of 36.52%, reflecting robust profitability [3] Group 3: Executive Compensation - The chairman, Liang Zhang, received a salary of 2.6706 million yuan in 2024, an increase of 214,200 yuan from 2023 [4] - The general manager, Zhao Guoguang, earned 2.0704 million yuan in 2024, up by 490,700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 65.90% to 20,600, while the average number of circulating A-shares held per shareholder decreased by 15.46% to 8,165.98 [5] Group 5: Future Projections - Guotou Securities forecasts that Hengxuan Technology's revenue will reach 4.657 billion yuan, 5.965 billion yuan, and 7.635 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 803 million yuan, 1.101 billion yuan, and 1.492 billion yuan [6] - Caitong Securities also projects revenues of 4.559 billion yuan, 5.876 billion yuan, and 7.220 billion yuan for the same years, with corresponding net profits of 840 million yuan, 1.181 billion yuan, and 1.472 billion yuan [6]