登录新浪财经APP 搜索【信披】查看更多考评等级 转自：中国证券报·中证网 在低碳转型方面，以"绿色环保，保持可持续发展"为方针，设定清晰的碳减排目标：力争2030年实现运 营碳达峰，2050年达成碳中和。公司表示，2025年以来，公司持续推进节能技术改造，截至10月底已完 成105项节能技改项目，并完成24项动力设备节能基线设置，从源头提升能源使用效率，为实现"2028年 清洁能源替代率达40%"的目标奠定基础。 公司表示，在员工权益与人文关怀方面，公司致力于打造有温度、有活力的职场环境，坚守劳工准则， 恪守全球各运营所在地的法律法规，严格遵循各项国际劳工公约和倡议，制定并严格落实《未成年及童 工保护制度》《反歧视及反骚扰规范》等制度，承诺平等对待并尊重所有人员；重视企业文化建设和人 文关怀，截至2024年底共设立员工兴趣协会33个，覆盖上海、无锡、西安、南昌、华南五个区域，覆盖 超3500名员工。 在商业道德与合规治理方面，公司将商业道德事项管理上升至最高管理层，由董事会及审计及风险管理 委员会整体负责。同时设立独立举报渠道，强化全员合规意识。公司表示，截至2025年10月底，新员工 合规培训覆盖率达10 ...

东方证券研报指出，华勤技术消费电子基本盘稳固，短期行业扰动不改公司向上趋势。近期部分投资者 担心存储涨价将传导至终端消费者，进而引发市场对终端销量以及存储外其他供应链环节盈利能力的担 忧。认为公司主要客户均为国内外头部品牌，其与上游核心供应商通常都会签署长期协议,锁定价格与 库存，且从商业模式来看，ODM行业存储均采用客供料形式，存储、OLED 屏或主控等相关客供料环 节涨价不会挤占公司盈利能力。公司PC ODM国内领先，突破海外客户份额持续提升。数据中心业务持 续高增可期，产品结构进一步优化。预计未来数据业务仍然能实现收入持续增长，产品结构也将会进一 步优化，同时有望实现盈利能力的稳步提升。根据可比公司26 年21倍PE 估值，对应目标价为107.73 元。 ...

Core Viewpoint - HuaQin Technology's stock has shown significant fluctuations in 2023, with a year-to-date increase of 27.87% and recent trading activity indicating mixed investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, HuaQin Technology achieved a revenue of 128.88 billion yuan, representing a year-on-year growth of 69.56%. The net profit attributable to shareholders was 3.10 billion yuan, reflecting a 51.17% increase compared to the previous year [2]. - Since its A-share listing, HuaQin Technology has distributed a total of 1.78 billion yuan in dividends [3]. Stock Market Activity - As of November 26, 2023, HuaQin Technology's stock price was 89.58 yuan per share, with a trading volume of 5.27 billion yuan and a market capitalization of 90.99 billion yuan [1]. - The stock has experienced a net inflow of 98,800 yuan from major funds, with significant buying and selling activity observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for HuaQin Technology was 46,700, an increase of 8.31% from the previous period. The average number of circulating shares per person decreased by 7.71% to 12,235 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 34.05 million shares, an increase of 21.62 million shares from the previous period [3]. Business Overview - HuaQin Technology, established on August 29, 2005, specializes in the research, design, production, and operation services of smart hardware products. Its main revenue sources include high-performance computing (60.32%), smart terminals (31.93%), AIOT and others (3.95%), and automotive and industrial products (1.24%) [1]. - The company operates within the electronic industry, specifically in consumer electronics and components, with involvement in sectors such as millimeter-wave radar, smartphones, automotive electronics, humanoid robots, and smart speakers [2].

Group 1 - The core viewpoint is that the consumer electronics sector remains stable, and short-term industry disruptions will not alter the upward trend of the company [1] - Concerns about rising storage prices affecting end consumers and overall profitability in the supply chain are mitigated by long-term agreements with major clients and suppliers [1] - The company's ODM shipment volume is expected to continue growing due to increasing industry penetration and market share among leading ODM manufacturers [1] Group 2 - The company leads in the domestic PC ODM market, with laptop shipments expected to exceed 18 million units in 2025, contributing to over 30% revenue growth in the first three quarters of 2025 [2] - The company anticipates continued high growth in laptop shipments, with significant contributions expected from North American clients starting in 2026 [2] - The company aims to further enhance its global laptop ODM market share and narrow the gap with Taiwanese manufacturers [2] Group 3 - The data center business is projected to maintain high growth, with expected revenue exceeding 40 billion in 2025, despite geopolitical uncertainties [3] - The company has achieved significant growth in AI servers and general servers, alongside a strong accumulation of cross-platform system R&D capabilities [3] - Future revenue growth in the data center segment is anticipated, with an optimized product structure and steady improvement in profitability [3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 107.73 CNY [7][12]. Core Insights - The company's financial stability is supported by diverse business segments driving growth, with a significant increase in revenue projections for PC and data center businesses [3][11]. - The forecasted net profit attributable to the parent company for 2025-2027 is 41 billion, 52 billion, and 63 billion CNY respectively, reflecting an upward revision from previous estimates [3][12]. - The company is expected to maintain growth in its ODM (Original Design Manufacturer) business, particularly in the smartphone and PC sectors, with a notable increase in shipments and revenue [11][12]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 85,338 million CNY, 109,878 million CNY, 158,374 million CNY, 194,316 million CNY, and 233,809 million CNY, with growth rates of -7.9%, 28.8%, 44.1%, 22.7%, and 20.3% respectively [5][14]. - The operating profit is projected to grow from 2,831 million CNY in 2023A to 6,978 million CNY in 2027E, with corresponding growth rates of 1.0%, 6.7%, 49.7%, 28.0%, and 20.5% [5][14]. - The net profit attributable to the parent company is expected to increase from 2,707 million CNY in 2023A to 6,280 million CNY in 2027E, with growth rates of 5.6%, 8.1%, 39.2%, 28.0%, and 20.5% [5][14]. Business Performance - The company has a strong foothold in the consumer electronics sector, with a solid base that is expected to withstand short-term industry fluctuations [11]. - The PC ODM business is projected to see significant growth, with an expected revenue of over 300 billion CNY in 2025 and a shipment target of 1.8 million units [11]. - The data center business is anticipated to achieve over 40 billion CNY in revenue for 2025, with continued growth expected in AI servers and general servers [11].

来源：瑞恩资本RyanbenCapital 中国企业赴香港上市，需要取得中国证监会的备案通知书。根据港交所上市规则，中国企业需在上市聆 讯审批日期至少4个营业日之前提交"备案通知书"。只有通过港交所的上市聆讯，企业才可以在港交所 挂牌上市。 本周(2025年11月17日至11月21日)中国证监会国际司共对9家企业(全部在香港上市)出具境外发行上市备 案补充材料要求，具体如下：华勤技术、欢创科技、锐明技术、瘦西湖、武汉聚芯、岚图汽车、麦科奥 特。 华勤技术 四、请说明发行人及下属公司经营范围涉及广告业务的情况，是否实际开展广告业务及具体运营情况。 五、请说明国信资本、青岛国投、青岛微电子的国资管序办理进展。 六、请说明本次拟参与"全流通"股东所持股份是否存在质押、冻结或其他权利瑕疵的情形。 请你公司补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明实际控制人支配的股东持有发行人的股份存在质押的具体情况，并结合偿债能力等情况说明 本次发行完成前后，股份质押情况是否可能导致控制权发生变化，是否构成《境内企业境外发行证券和 上市管理试行办法》第八条规定的境外发行上市禁止性情形。 二、请按照《监管规则适用指 ...

11月24日，华勤技术盘中上涨2.01%，截至13:51，报86.47元/股，成交5.25亿元，换手率1.08%，总市值 878.30亿元。 资金流向方面，主力资金净流入3842.40万元，特大单买入2539.96万元，占比4.84%，卖出2483.07万 元，占比4.73%；大单买入1.45亿元，占比27.67%，卖出1.07亿元，占比20.45%。 华勤技术今年以来股价涨23.44%，近5个交易日跌0.17%，近20日跌11.58%，近60日跌9.19%。 今年以来华勤技术已经1次登上龙虎榜，最近一次登上龙虎榜为4月16日，当日龙虎榜净买入-1.22亿 元；买入总计3.15亿元 ，占总成交额比21.06%；卖出总计4.36亿元 ，占总成交额比29.21%。 华勤技术所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：毫米波雷达、 服务器、智能手机、汽车电子、无线耳机等。 截至9月30日，华勤技术股东户数4.67万，较上期增加8.31%；人均流通股12235股，较上期减少7.71%。 2025年1月-9月，华勤技术实现营业收入1288.82亿元，同比增长69.56%；归母净利润30.99 ...

中国证监会要求华勤技术补充说明三点事项。 一是，说明实际控制人支配的股东持有公司的股份存在质押的具体情况，并结合偿债能力等情况说明本次发行完成前后，股份质押情况是否可能导致控制权 发生变化，是否构成《境内企业境外发行证券和上市管理试行办法》第八条规定的境外发行上市禁止性情形。 二是，按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次发行上市方案，以及募集资金的境内外具体用途及相 应比例，是否涉及具体的募投项目，是否已履行必要的审批、核准或备案程序。 三是，说明公司及下属公司业务涉及智能驾驶辅助控制器的具体情况及产品用途。 资料显示，华勤技术成立于2005年，是一家专业从事智能硬件产品的研发设计、生产制造和运营服务的平台型公司。公司产品线涵盖智能手机、笔记本电 脑、平板电脑、智能穿戴、AIoT产品及服务器等智能硬件产品。 今年9月初，华勤技术实际控制人邱文生在业绩说明会明确表示，港股市场上市会为公司带来几个层面的协同，包括"向国际资本市场传递华勤的核心价值， 促进国际业务拓展，提升全球范围内影响力"，以及"搭建国际资本运作平台"，"有助于公司在后续再融资、海外收并购等项目上的稳 ...

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

11月21日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月17日—2025年11月21日)》。 中国证监会国际司公示7家企业补充材料要求，其中，公示提到要求华勤技术（603296）(603296.SH)补 充说明公司及下属公司业务涉及智能驾驶辅助控制器的具体情况及产品用途等。据港交所9月16日披 露，华勤技术股份有限公司(华勤技术，603296.SH)向港交所主板递交上市申请，中金公司（601995） 和BofA SECURITIES为其联席保荐人。 一、请说明实际控制人支配的股东持有发行人的股份存在质押的具体情况，并结合偿债能力等情况说明 本次发行完成前后，股份质押情况是否可能导致控制权发生变化，是否构成《境内企业境外发行证券和 上市管理试行办法》第八条规定的境外发行上市禁止性情形。 据招股书，华勤技术是全球领先、技术驱动的智能产品平台型公司，为客户提供全价值链的端到端解决 方案。深耕智能产品领域20余年，公司深度参与了移动通讯、互联网、云计算和人工智能时代下产品和 技术的迭代和发展，为全球领先科技公司提供涵盖移动终端、计算及数据中心业务、AIoT和创新业务 领域的智能产品。华勤技术在主要 ...