汇丰：恒玄科技（688608.CH）-A股公司研究：首次覆盖给予买入评级：可穿戴设备市场潜力巨大，智能化程度持续提升-250715（中译版）（38页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Qianhai Securities Limited View HSBC Qianhai Securities at:https:/ Equity Research Report The 20thediti

2、onof the EM Sentiment SurveyClick to viewHesitant bulls of summer A leading designer of low-power system-on-chips(SoCs)for wearable devices We like the growth story and think two misconceptions about the company led to a decline in its share price Initiate at Buy with a TP of RMB335.00;our 2027 fore

3、casts are well ahead of consensus From earbuds to smartwatches:Bestechnic is a leading designer of SoCs,multi-tasking integrated circuits,which compress different functions onto a single chip.SoCs make wearable devices like True Wireless Stereo(TWS)earbuds,smartwatches,and AI glasses faster and more

4、 power efficient.Bestechnics customers include Xiaomi,Huawei,and Samsung;TWS earbuds accounted for 62%of revenue in 2024.Wearable sales are growing rapidly,and we forecast the company to generate 2024-27 CAGRs of 38%for revenue and 57%for net profit.We think the main growth driver will switch to hig

5、her-margin smartwatches as the company expands its total addressable market(TAM)through its latest SoC platform.The need for more advanced SoCs:AI functions keep improving,so the challenge for SoC designers is to balance higher computing power with the need for low power consumption.We believe Beste

6、chnic is well positioned as it has industry-leading low power consumption technology;we forecast 2024-27 revenue CAGRs of 27%for TWS and 48%for wrist-worn devices(bands,long-duration watches,and smartwatches).We also expect it to benefit from the rapidly developing market for smart AI glasses,which