恒玄科技（688608）：观察/腕带芯片收入占比持续上升

Watch/Band Chips Contributed aRising Share of Revenue Rating (Maintain):OVERWEIGHTTarget price (RMB):421.90 Huatai Research Quarterly Results Review 15 May 2025│China (Mainland) Semiconductor AnalystXIE ChunshengSAC No. S0570519080006SFC No. BQZ938xiechunsheng@htsc.com+(86) 21 2987 2036 Bestechnic’s 2024revenue/attributablenet profit (NP)wereRMB3,263/460mn(+49.94/+272.47% yoy), arecordhigh andbeatingour priorprofitestimateofRMB394mn, primarilyasanexpanding new customer base and new applicationsfurtherraiseditsmarketshare.For1Q25,revenue/attributableNPwereRMB995/191mn (+52.25/+590.22% yoy, +25.88/+11.18% qoq), withthe former aquarterlypeak,mainlydrivenby:1)thesmart-wearablemarkethasbeenexpanding,andgovernmentsubsidieshavenotablyrampedupconsumerdemand; and 2) the company’ssmar-watch chip sales accounted for a highershare. Amid ongoing chip productiterations, average selling prices (ASPs) roseyoy. In addition,product-mixshiftsand lower foundry costs drovethe1Q25overallGPM upby5.54/0.77pp yoy/qoq to 38.47%.Amidstable expenses,theNPMfor1Q25roseby14.93ppyoyto19.16%.Wearebullishonthecompany’sdevelopmentpotential inthe smart-wearable marketand its earnings delivery.Maintain OVERWEIGHT. Key data 2024&1Q25:watch/bandchip revenues made up higher proportionsAmida diversifyingrevenuemix,in2024,Bluetooth audio chip and smartwatchchip/bandchiprevenuesaccountedfor62/32%ofthetotal(-9/+10ppyoy).Specifically, smartwatch/bandchipscontinued to acquire new customers, with2024 shipments exceeding 40mn units andcontributing revenue ofRMB1,045mn(+116% yoy),growing intothetoprevenuegrowth driver in recent years. In 2024,Bestechnic’s BES2800 chip, based on 6nm FinFET technology,enteredmassproductionforSamsungAIearphonesandtheOPPOWatchX2,furtherstrengtheningthe company’stechnologyleadership.BestechnicmaintainedsomeR&Dinvestment,with2024/1Q25R&Dexpensesrising12.27/1.48%yoytoRMB617/167mn, but economies of scale reduced the 1Q25 R&D-expense ratio to16.80%. Source:Wind 2025 outlook: AI glass boom imminent, Bestechnic as abenchmarkIn 2025, the BES2800 chip continuestopenetrateintonew brands andreach new customers.Meanwhile, webelievehe company’s R&D investments in NPU,Bluetooth, and low-power technologiescouldtranslate into earnings growth.In ourview, Bestechnic’scompetitivenessin the wearable marketcouldextend tothesmart-glassmarket. BleeqUp, an overseas brand underHonor The Unknown(investedby Alibaba), has adopted a Qualcomm W5100 + BES2700 dual-SoCsolutionforitsAIsmartglasses.WebelievemorebrandscoulddeployBestechnic’s chipsfor AIglassesgoing ahead,with in-depthpartnerships with keyaccountsset to shape the company’s products intoa benchmark for chipsolutionsandunlocksignificantrevenue-growth potential. Target priceof RMB421.90, maintain OVERWEIGHTAs webelievethesmart-wearable market could continue to expand, and the company’s band/watch chip market shares could further increase in 2025, weliftour assumptions forwatch/band chipsales volumesandoverallGPM. Wethusraise our 2025/2026 attributable NP forecastsfromthepreviousRMB600/795mnto RMB920/1,272mnand introduceour2027 forecast of RMB1,626mn. We valuethe stock at 55x 2025E PE, at par withitspeers’average on Wind consensus. Ourtarget price is RMB421.90(previous: RMB290, based on 58x 2025E PE).MaintainOVERWEIGHT. Risks: weakeningdownstream demand;lower sales volume than we expect;intensifiedcompetition. Source:Wind,Huatai Research Source:Wind, Huatai Research Full financials Disclaimers Analyst CertificationI/We, XIE Chunsheng, hereby certify that the views expressed in this report accurately reflect the personal views of the anal yst(s)about the subject securities or issuers; and no part of the compensation of theanalyst(s) was, is, or will be, directly or indirectly,related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Lim ited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from hisor her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of suchinformation. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.H