恒玄科技：开拓第三成长曲线，有望成为AI眼镜SoC赢家-20250423

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is positioned as a leading manufacturer of ultra-low power wireless computing SoCs and is expected to become a winner in the AI glasses SoC market, opening up new growth opportunities [8][90]. - The company has successfully expanded its product lines, including TWS SoCs and smart wearable devices, and is now focusing on AI glasses, which are projected to see significant market growth [8][90]. Summary by Sections 1. Company Growth Strategy - The company is a leader in TWS SoCs and has successfully opened a second growth curve in smartwatches and fitness bands, with plans to develop a third growth curve in AI glasses [13][95]. 2. TWS SoC Upgrades - The TWS earphone market is recovering, with a projected shipment of 330 million units in 2024, a 13% increase from 2023 [32]. - The company is enhancing its TWS SoC offerings with advanced 6nm technology, which is expected to improve average selling prices and market share [34][37]. 3. Smartwatch SoC Expansion - The company has seen a significant increase in revenue from smartwatch SoCs, with a projected revenue share of 28% in the first half of 2024 [63]. - The company is focusing on integrating dual-core systems to enhance battery life and performance in smartwatches [42]. 4. AI Glasses SoC Potential - The AI glasses market is expected to grow rapidly, with a projected CAGR of 93.76% from 2024 to 2028, driven by advancements in AI applications [85][88]. - The company has already implemented its SoC in MYVU AR glasses and is expected to supply major brands like Xiaomi and Alibaba [90]. 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 32.63 billion, 50.38 billion, and 66.80 billion yuan from 2024 to 2026, with significant growth rates [90][93]. - The report estimates a reasonable value of 504.27 yuan per share based on a 60x P/E ratio for 2025, maintaining a "Buy" rating [90][95].