中国国际金融股份有限公司 关于华勤技术股份有限公司 差异化权益分派特殊除权除息事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司""保荐机构"）作为华勤技 术股份有限公司（以下简称"华勤技术"或"公司"）首次公开发行股票并在上海证 券交易所主板上市的持续督导机构，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《证券发 行上市保荐业务管理办法》《上市公司股份回购规则》《上海证券交易所上市公司自 律监管指引第 7 号--回购股份》等有关法律、法规的规定及《华勤技术股份有限公司章 程》（以下简称"《公司章程》"）就公司 2024 年度利润分配所涉及的差异化权益分 派特殊除权除息（以下简称"本次差异化权益分派"）相关事项进行了审慎核查，并 出具核查意见如下： 一、 本次差异化权益分派的原因 价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海证券交易所交 易系统以集中竞价交易方式回购公司股份。截至目前，公司已完成上述股份回购事项， 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《华勤技术关于股 份回购实施结果暨 ...

中国国际金融股份有限公司 关于华勤技术股份有限公司 差异化权益分派特殊除权除息事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司""保荐机构"）作为华勤技 术股份有限公司（以下简称"华勤技术"或"公司"）首次公开发行股票并在上海证 券交易所主板上市的持续督导机构，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《证券发 行上市保荐业务管理办法》《上市公司股份回购规则》《上海证券交易所上市公司自 律监管指引第 7 号--回购股份》等有关法律、法规的规定及《华勤技术股份有限公司章 程》（以下简称"《公司章程》"）就公司 2024 年度利润分配所涉及的差异化权益分 派特殊除权除息（以下简称"本次差异化权益分派"）相关事项进行了审慎核查，并 出具核查意见如下： 一、 本次差异化权益分派的原因 完成后，目前有2,967,877股存放于华勤技术股份有限公司回购专用证券账户内。 2025年5月14日，公司召开2024年年度股东大会，审议通过了《关于2024年度利润 分配预案的议案》，公司拟以权益分派实施股权登记日的总股本（扣减公司回购账户 股份数量）为基数 ...

证券代码：603296 证券简称：华勤技术 公告编号：2025-053 华勤技术股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.9元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 14 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律 ...

Investment Rating - The report assigns a "Buy" rating to Huaqin Technology with a 12-month price target of Rmb81.80, indicating an upside potential of 19.9% from the current price of Rmb68.20 [9]. Core Insights - Huaqin Technology is expected to achieve double-digit revenue growth in 2025, driven by its data center business, consumer electronics, and new ventures in automotive electronics and robotics [1][2][3]. Summary by Sections Data Center Business - Huaqin's data center product lines include AI servers, general servers, and switches, primarily targeting China cloud service providers (CSPs). The company is optimistic about ramping up its AI server production, benefiting from market share gains and increased capital expenditures in AI infrastructure in China [2][3]. Consumer Electronics - The management anticipates double-digit year-over-year growth in its PC business for 2025. The smartphone segment is expected to benefit from growing market share in the Android ODM market. Additionally, there are growth opportunities in smart wearables, driven by brand customers expanding their market share and the introduction of AI-powered wearables [3][4]. New Business Ventures - Huaqin has made strategic moves into automotive electronics and robotics, including the acquisition of HCTRobot to enhance its robotics capabilities. The company has established an R&D team focused on developing industrial robotics prototypes and is working on a smart driving domain controller [4][7]. Financial Projections - The report projects Huaqin's revenue to grow from Rmb109.88 billion in 2024 to Rmb209.38 billion by 2027. EBITDA is expected to increase from Rmb3.28 billion in 2024 to Rmb8.43 billion in 2027, with EPS projected to rise from Rmb2.88 to Rmb6.31 over the same period [9].

Summary of Huqin Technology Conference Call Company Overview - Huqin Technology focuses on ODM and data center as core drivers, with high-performance computing business expected to account for 60% of revenue in 2024, growing nearly 30% due to increased AI inference demand, positioning server business as a major growth point in the next 3-5 years [2][5][7] Key Business Segments High-Performance Computing - Revenue from high-performance computing is projected to reach 60% in 2024, with a growth rate close to 30% [2][5] - The server business is anticipated to be a primary growth source, driven by AI demand, including automotive electronics and AIoT sectors [5] Mobile ODM Business - Huqin Technology has broken brand monopolies in mobile ODM, ranking among the top three in market share [2][6] - The laptop and PC segment is expected to grow over 20% in 2025, potentially challenging the top three positions in the industry [2][6] Data Center Business - The data center segment is fully integrated, with future revenue expected to exceed 60% [2][7] - AI servers are identified as a significant growth engine, with key clients including Alibaba, Tencent, and ByteDance [2][3][7] - Projected demand for AI servers from major clients is estimated at 70,000-80,000 units in 2025, contributing approximately 40-60 billion yuan to revenue [3][19] Financial Projections - Net profit is expected to be 3.8 billion yuan in 2024 and over 4.5 billion yuan in 2025, with a valuation of around 15-16 times in 2026 [2][8] - Long-term goal includes achieving 300 billion yuan in revenue and 10 billion yuan in profit by 2029 [2][8] Global Production Capacity - Huqin Technology employs a "1+5+N" global production capacity model, with Shanghai as the core, establishing five R&D centers and manufacturing bases domestically and overseas [2][9] - This strategy effectively mitigates tariff issues and reduces the impact on PC and wearable devices [9] Market Trends and Growth Drivers - Mobile shipment volume is expected to increase from 130 million to approximately 160 million units in 2025, driven by a recovery in the ODM mobile market and increased market share [2][13] - The PC industry has a high ODM ratio of 90%, with Huqin's market share projected to exceed 9% in 2025 [16] Competitive Advantages - Huqin Technology has a strong competitive edge in service and R&D as an ODM enterprise, with potential to surpass peers despite currently limited client coverage [26] - The company is actively adapting to domestic AI chip requirements to address potential supply chain risks [25][26] Other Notable Insights - The wearable device and IoT business is showing strong growth, with significant increases in shipment volumes for wireless earphones, smartwatches, and fitness bands [21][22] - The company is also exploring new growth areas in software robotics and automotive electronics, with expectations of substantial revenue contributions by 2029 [24]

Investment Rating - The report assigns a "Buy" rating for the company, Huqin Technology (603296), marking its first coverage [1]. Core Views - Huqin Technology is positioned as a leading smart hardware platform, benefiting from dual growth in AI-driven data centers and consumer electronics [1]. - The company has shown significant revenue growth, with a five-year CAGR of 25.49% from 2019 to 2024, and a net profit CAGR of 42.1% during the same period [1][31]. - High-performance computing is identified as the main growth driver, with emerging businesses like automotive electronics and AIoT also contributing to rapid growth [1][31]. - The company is expected to maintain a strong market position in the ODM sector, particularly in smartphones and PCs, while also expanding its data center business [1][31]. Summary by Sections 1. Company Overview - Huqin Technology, established in 2005, has evolved from an IDH model to a global smart hardware platform, offering a diverse range of products including smartphones, tablets, laptops, AIoT, and automotive electronics [11][18]. - The company has achieved a significant market presence, ranking 20th in the electronic information sector and 231st in the China 500 [11]. 2. Financial Performance - The projected total revenue for 2023 is 85.34 billion yuan, with a forecasted increase to 109.88 billion yuan in 2024, representing a year-on-year growth of 28.76% [1]. - The net profit for 2023 is estimated at 2.71 billion yuan, with an expected rise to 2.93 billion yuan in 2024, reflecting an 8.10% increase [1]. - The company's earnings per share (EPS) is projected to grow from 2.66 yuan in 2023 to 2.88 yuan in 2024 [1]. 3. Market Position and Growth Drivers - The high-performance computing segment is projected to account for 57.5% of revenue in 2024, with a growth rate of 29% [31]. - The smartphone ODM market share for Huqin is expected to remain strong, with a 27.9% global share in 2023, maintaining its position as a market leader [47]. - The data center business is anticipated to grow significantly, driven by increasing demand for AI servers, with projections indicating a market growth from $11.29 billion in 2024 to $25.27 billion by 2028 [64][67]. 4. Strategic Initiatives - The company has implemented a global manufacturing strategy, establishing production bases in North America, Southeast Asia, and South Asia to mitigate geopolitical risks [38][39]. - Huqin's acquisition of Yiluda is expected to enhance its entry into the North American wearable device supply chain [1][38]. - The company emphasizes R&D, with a projected R&D expenditure of 5.2 billion yuan in 2024, reflecting a 13.38% increase year-on-year [33].

Core Viewpoint - The A-share market saw a rapid increase in stocks related to Nvidia, with significant gains in companies such as Hongbo Shares, Huqin Technology, Annuoqi, Alter, and Lianchuang Electronics, following news that Nvidia plans to establish a research center in Shanghai [1] Company Performance - Hongbo Shares experienced a rise of over 7% [1] - Huqin Technology saw an increase of over 5% [1] - Other companies like Annuoqi, Alter, and Lianchuang Electronics also showed upward movement [1]

证券代码：603296 证券简称：华勤技术 公告编号：2025-052 华勤技术股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 14 日 (二)股东大会召开的地点：上海市浦东新区绿科路 699 号华勤全球研发中心会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 805 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 766,178,669 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.6404 | 注：有表决权股份总数不包含公司回购专户账户中的股份。 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由华勤技术股份有限公司（以下简称"公司"）董事会召集， 董事长 ...

北京市中伦律师事务所 关于华勤技术股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于华勤技术股份有限公司 致：华勤技术股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》、中国证券监督管理委员会发布的《上市公司股东会规则》（以下简称《股 东会规则》）等规定，北京市中伦律师事务所（以下简称"本所"）接受华勤技 术股份有限公司（以下简称"公司"）的委托，指派本所律师对公司 ...

Investment Rating - The report assigns a "Buy" rating to Huaqin Technology (603296.SS) with a 12-month price target of Rmb81.80, indicating an upside potential of 13.6% from the current price of Rmb71.99 [9]. Core Insights - Huaqin Technology's management is optimistic about the growth of its AI server business and expects continued solid growth in consumer electronics, including smartphones and PCs. The company is also exploring new business opportunities in automotive electronics and robotics [1]. - The report highlights Huaqin's diversified product lines, which have shown strong growth in data center infrastructure, smart wearables, and automotive components, contributing significantly to the company's revenue mix [6]. - Huaqin is positioned well in the smart devices market, with expectations for steady growth in smartphone shipments and leadership in smart wearables, driven by generative AI and market share gains from brand customers [6]. - The outlook for Huaqin's PC and server business remains strong, with continued market share gains in the notebook and tablet ODM markets, benefiting from the AI localization trend in China [6][7]. Summary by Sections Business Expansion - Huaqin is expanding its product lines beyond smartphones and PCs to include data center infrastructure, automotive components, and IoT products, with significant revenue growth in these areas [6]. - The data center business revenue is expected to grow at a triple-digit rate, while smart wearables and automotive components are projected to see strong double-digit growth [6]. Market Position - Huaqin has a long-standing experience in ODM for smartphones and is expected to maintain steady growth in shipments due to increasing ODM penetration rates [6]. - The company leads in the Android TWS and smartwatch segments, with generative AI driving growth and brand customers gaining market share from white box competitors [6]. Financial Projections - The report provides financial forecasts, projecting revenues of Rmb109.88 billion in 2024, increasing to Rmb209.38 billion by 2027, with corresponding EBITDA growth [9]. - Huaqin's EPS is expected to grow from Rmb2.88 in 2024 to Rmb6.31 by 2027, reflecting strong earnings growth potential [9].