Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The strategic plan "2+N+3" continues to advance, leading to comprehensive and rapid growth in performance [1] - In the first three quarters of 2024, the company achieved operating revenue of 76.01 billion yuan, a year-on-year increase of 17.2%, and a net profit attributable to the parent company of 2.05 billion yuan, a year-on-year increase of 3.3% [1] - The revenue structure shows that high-performance computing accounted for 60.4%, smart terminals 33.8%, automotive and industrial products 1.4%, and AIoT and others 4.4% [1] Financial Performance - For the first three quarters of 2024, the company reported a single-quarter revenue of 36.61 billion yuan, a year-on-year increase of 45.4% and a quarter-on-quarter increase of 58.0% [1] - The gross profit margin for the third quarter of 2024 was 7.6%, down 3.2 percentage points year-on-year [1] - The company maintains its profit forecast, expecting net profits attributable to the parent company for 2024-2026 to be 3.04 billion, 3.63 billion, and 4.13 billion yuan respectively, with corresponding EPS of 2.99, 3.57, and 4.07 yuan [2][3] Business Segments - In the high-performance computing segment, revenue doubled in the first three quarters, with significant growth in AI servers and general servers [1] - The smart terminal segment saw a substantial increase in smartphone shipments, with smart wearable products expected to grow over 50% [1] - The automotive and industrial products segment reported a year-on-year revenue increase of 81% [1]

证券代码：603296 证券简称：华勤技术 公告编号：2024-077 华勤技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案实施期限 | 2024 2 日~2025 年 2 月 | 年 | 月 | 18 | 17 日 | | --- | --- | --- | --- | --- | --- | | 预计回购金额 | 30,000 万元~40,000 万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 555.61 万股 | | | | | | 累计已回购股数占总股本比例 | 0.5469% | | | | | | 累计已回购金额 | 30,950.19 万元 | | | | | | 实际回购价格区间 | 43.18 元/股~78.31 元/股 | | | | | | 回购方案首 ...

Investment Rating - Buy (maintained) [1] Core Views - Q3 revenue achieved high growth, with Q4 gross margin expected to improve sequentially [1] - High-performance computing business expanded rapidly, driving revenue growth, particularly in laptops and servers [2] - Automotive electronics grew rapidly, with comprehensive product layout in smart cockpit, smart driving, smart connectivity, and smart vehicle control [2] - Acquisition of Yiluda to enter North American specific customer supply chain, opening long-term growth potential [3] Financial Performance - Q3 2024 revenue: RMB 36.61 billion, +45.4% YoY, +58.0% QoQ [1] - Q3 2024 net profit attributable to parent company: RMB 760 million, +8.0% YoY, +10.6% QoQ [1] - Q3 2024 gross margin: 7.6%, -3.2pct YoY, -2.7pct QoQ [1] - Q3 2024 net margin: 2.1%, -0.7pct YoY, -0.9pct QoQ [1] - 2024E revenue: RMB 106.673 billion, +25% YoY [1] - 2024E net profit attributable to parent company: RMB 2.928 billion, +8% YoY [1] Business Highlights - High-performance computing: AI PC mass production and server/switch deliveries to major clients drove revenue growth [2] - Automotive electronics: Revenue reached RMB 640 million in H1 2024, +102% YoY [2] - Acquisition of Yiluda: Expected to generate cumulative net profit of at least HKD 750 million from 2024 to 2026 [3] Valuation and Forecast - 2024E P/E: 20.1x [1] - 2025E P/E: 16.3x [1] - 2026E P/E: 13.4x [1] - 2024E EPS: RMB 2.88 [1] - 2025E EPS: RMB 3.55 [1] - 2026E EPS: RMB 4.33 [1] Financial Ratios - 2024E ROE: 12% [1] - 2025E ROE: 13% [1] - 2026E ROE: 14% [1] - 2024E debt-to-equity ratio: 47.5% [32] - 2025E debt-to-equity ratio: 140.7% [32] - 2026E debt-to-equity ratio: 53.2% [32]

好感谢各位的观看那通过观看公司的宣传片我相信啊大家对华欣技术有了更多的了解那接下来呢由我为大家介绍一下公司在第三季度的相关的经营业绩的一个情况为了让大家更加全面的了解华欣啊下面呢我给各位简要的介绍一下公司所发展的历程和布局那公司从2005年成立到今天已经迈入了第19个年头 那先后经历了四个阶段第一个阶段的是2005年到2009年公司的定位主要是手机的ADH的方案设计公司那通过研发设计为手机品牌客户提供软硬件一体的PCBA的主板以及研发的服务 第二个阶段是2010年以后华擎具备了从设计研发运营采购生产制造的全链条的服务的能力之后为全球的手机品牌提供整机的ODM服务我们从IDH转型到了ODM的供应商第三个阶段是2015年之后定位是智能终端多品类的ODM的发展阶段 那我们将在手机领域里面所积累的这些核心的技术特别是一些软件的硬件的核心技术以及规模优势带来的供应链的持续整合的能力我们横向延展到了平板穿戴笔电这些多品类上那么通过这样的产品组合服务全球一线的电子消费的品牌那第四阶段的就当前我们形成了二加N加三的业务组合之后 定位为智能产品硬件平台的这样一个定位那公司的这个产品线组合呢是二加N加三二加N加三的智能产品的大平 ...

证券代码：603296 证券简称：华勤技术 公告编号：2024-076 华勤技术股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 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。 为便于广大投资者更全面深入的了解华勤技术股份有限公司（以下简称"公 司"）2024 年第三季度经营成果、财务状况，公司于 2024 年 10 月 30 日（星期 三 ） 15:00-16:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）通过视频直播、网络互动和现场互动方式召 开了公司 2024 年第三季度业绩说明会，现将召开情况公告如下： 一、业绩说明会召开情况 公司于2024年10月23日在上海证券交易所网站（www.sse.com.cn）及相关媒 体披露了《华勤技术股份有限公司关于召开2024年第三季度业绩说明会的公告》 （公告编号：2024-072）。2024年10月30日（星期三）15:00-16:00，公司董事 长、总经理邱文生先生，董事 ...

Investment Rating - Buy (Maintained) [10] Core Views - The company's Q3 2024 revenue reached 760.1 billion yuan, a YoY increase of 17.2%, with net profit attributable to the parent company at 20.5 billion yuan, up 3.3% YoY [8] - The company's Q3 2024 revenue hit a historical high of 366 billion yuan, with net profit attributable to the parent company at 7.59 billion yuan, up 8.0% YoY [8] - The company is a global leader in the smart hardware ODM industry, with over 200 million units shipped in 2021 for its "smart hardware trio" (smartphones, laptops, and tablets) [8] - The company's data business has made breakthroughs with top CSP clients, and its AIoT revenue grew 241% YoY in the first three quarters of 2024 [9] - The company's automotive and industrial revenue grew 81% YoY in the first three quarters of 2024 [9] Financial Summary - The company's total operating revenue for 2024E is projected to be 1,048.5 billion yuan, with a YoY growth rate of 22.9% [7] - Net profit attributable to the parent company for 2024E is projected to be 28.59 billion yuan, with a YoY growth rate of 5.6% [7] - The company's gross margin for 2024E is projected to be 10.4%, with ROE at 12.3% [7] - The company's EPS for 2024E is projected to be 2.81 yuan per share [7] Business Strategy - The company follows a "2+N+3" smart hardware platform strategy, focusing on smartphones and laptops while expanding into data centers, automotive electronics, and software [9] - The company's main product revenue in 2023 was 49.1 billion yuan for high-performance computing, 31.3 billion yuan for smart terminals, 1.6 billion yuan for AIoT, and 800 million yuan for automotive and industrial products [9] - The company expects smartwatch sales to grow over 50% in 2024, with TWS耳机 sales potentially doubling [9] Market Position - The company ranks 16th in the 2022 Top 100 Electronic Information Enterprises and 213th in the 2023 Fortune China 500 [8] - The company's major clients include Samsung, OPPO, Xiaomi, vivo, Amazon, Lenovo, Acer, Asus, and Sony [9] - The company's top five clients accounted for 65%-72% of its revenue from 2020 to 2023 [9] Global Layout - The company has a "1+5+5" global layout, with its headquarters in Shanghai, five R&D centers, two domestic manufacturing centers, and three overseas manufacturing bases [10]

Summary of Huaying Technology Q3 2024 Earnings Call Company Overview - **Company**: Huaying Technology - **Industry**: Technology, specifically focusing on smart terminals, high-performance computing, AIoT, and automotive products Key Financial Metrics - **Revenue**: 76 billion (CNY) for the first three quarters of 2024, a year-on-year increase of 17% [1] - **Net Profit**: 2.05 billion (CNY), a year-on-year increase of 3.3% [2] - **Net Assets**: 21.6 billion (CNY), total assets of 74.9 billion (CNY), a year-on-year increase of 28.4% [2] - **Gross Margin**: 9.8% for the first three quarters, with slight fluctuations due to business structure changes [3] Revenue Breakdown by Business Segment - **Smart Terminals**: 24.4 billion (CNY), 33.8% of total revenue - **High-Performance Computing**: 43.6 billion (CNY), 60.4% of total revenue - **AIoT**: 3.2 billion (CNY), 4.4% of total revenue - **Automotive and Industrial Products**: 1 billion (CNY), 1.4% of total revenue [2] Growth Highlights - **Data Business**: Over 100% year-on-year growth compared to 2023 [2] - **AIoT Products**: 241% year-on-year growth [2] - **Automotive and Industrial Products**: 81% year-on-year growth [2] - **Non-mobile Business Revenue**: Over 70% of total revenue, indicating diversification [3] Business Segment Insights Smart Terminals - Huaying is a leading player in the smartphone market, with a strong market share and customer partnerships [4] - The wearable product segment is expected to see over 50% growth in smartwatches and a doubling of TWS earphone sales [5] High-Performance Computing - The segment includes laptops, tablets, and data center products, accounting for 60% of total revenue [5] - Data center products have seen a 130% year-on-year growth [6] AIoT - The company is a major supplier for U.S. tech companies in smart home products and is optimistic about growth in XR (Extended Reality) products [7][8] Automotive and Industrial Products - Currently in the investment phase, focusing on smart cockpit and intelligent driving products [9] Future Outlook - **Revenue Growth**: Expected to maintain growth momentum into Q4 and beyond, with a target of 300 billion (CNY) in revenue for the next year [13][20] - **R&D Investment**: Continuous increase in R&D expenses, up 12% year-on-year, to support new business areas [3] - **Market Positioning**: Aiming to be in the top three in the industry for data business within two to three years [20] Challenges and Risks - **Gross Margin Pressure**: Margins have been affected by competitive pricing in the mobile segment and increased costs in data business [14][16] - **Market Competition**: Intense competition in the smartphone ODM market, but a more rational competitive landscape is anticipated post-IPO of major players [26][27] Strategic Initiatives - **Global Manufacturing Expansion**: Establishing production facilities in Vietnam, India, and Mexico to mitigate trade risks and meet diverse customer needs [10][37] - **Digital Transformation**: Enhancing operational efficiency through digitalization and automation to improve ROE [10] Conclusion Huaying Technology is positioned for robust growth across its diverse business segments, with a strong focus on innovation and market expansion. The company is navigating challenges in gross margins and competition while strategically investing in R&D and global manufacturing capabilities to sustain its growth trajectory.

Investment Rating - The investment rating for the company is maintained at Buy-A [1][4] Core Views - The company achieved a record high revenue of 366.12 billion yuan in Q3 2024, driven by strong performance across multiple business segments [2][3] - The company expects to reach approximately 1 trillion yuan in revenue for the full year 2024, with significant growth in the laptop and data center businesses [3][4] - The gross margin for the first three quarters of 2024 was 9.76%, a decline from 11.74% in the first half of 2024, attributed to the rapid growth of the high-performance computing business [3][4] - The company is actively pursuing acquisitions to strengthen its position in specific product categories and enhance its ODM capabilities [4] Financial Performance - For the first three quarters of 2024, the company reported revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit of 20.50 billion yuan, up 3.31% year-on-year [2][3] - The company forecasts revenues of 1,014.35 billion yuan, 1,163.52 billion yuan, and 1,304.58 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 30.05 billion yuan, 36.04 billion yuan, and 42.01 billion yuan [4][9] - The projected P/E ratios for 2024, 2025, and 2026 are 19.6, 16.3, and 14.0 respectively [4][9] Business Strategy - The company is focusing on a product structure of "smartphones + laptops + consumer electronics + enterprise data center products + automotive electronics + software" to leverage its strong R&D, manufacturing, and supply chain capabilities [4] - The company is enhancing its investment in precision components through joint ventures and increased shareholding to improve its ODM competitiveness [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company reported record-high revenue in Q3 2024, driven by rapid growth in its high-performance computing business, with a year-on-year revenue increase of 45.36% in Q3 [2][3] - The company aims to achieve approximately 100 billion yuan in revenue for 2024, supported by strong growth in both its laptop and data center businesses [7][8] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit of 20.50 billion yuan, up 3.31% [2][3] - In Q3 2024, the company reported revenue of 366.12 billion yuan and a net profit of 7.59 billion yuan, reflecting a year-on-year increase of 8.04% [2][3] - The company's gross margin for the first three quarters of 2024 was 9.76%, a decrease of 1.59 percentage points year-on-year, while the net margin was 2.68%, down 0.31 percentage points [3][4] Business Segments - High-performance computing generated revenue of 459 billion yuan, accounting for 60.40% of total revenue, with a doubling of revenue in data services [4][6] - The smart terminal segment contributed 257 billion yuan, representing 33.80% of total revenue, with significant growth in smartphone shipments [4][6] - AIoT revenue reached approximately 33 billion yuan, a year-on-year increase of 241% [4][6] Future Projections - Revenue projections for 2024-2026 are 1000.54 billion yuan, 1148.01 billion yuan, and 1296.59 billion yuan, respectively, with corresponding net profits of 31.64 billion yuan, 36.10 billion yuan, and 40.77 billion yuan [8][9] - The company is expected to benefit from the recovery in the smart hardware market and the development of AI hardware, opening growth opportunities from both volume and price perspectives [8][9]

Revenue and Profit - Revenue for the reporting period reached RMB 36.61 billion, a year-on-year increase of 45.36%[2] - Net profit attributable to shareholders of the listed company was RMB 758.56 million, up 8.04% year-on-year[2] - Operating revenue for the first three quarters of 2024 reached 76.01 billion yuan, up 17.1% from 64.88 billion yuan in the same period last year[14] - Net profit for the first three quarters of 2024 was 2.03 billion yuan, a 4.96% increase from 1.94 billion yuan in the same period last year[15] - The increase in revenue was primarily driven by the rapid expansion of high-performance computing business[5] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 74.90 billion, a 45.42% increase compared to the end of the previous year[3] - Total current assets increased to RMB 57.79 billion as of September 30, 2024, compared to RMB 36.13 billion as of December 31, 2023[11] - Accounts receivable rose significantly to RMB 28.00 billion as of September 30, 2024, from RMB 14.37 billion as of December 31, 2023[11] - Inventory increased to RMB 10.95 billion as of September 30, 2024, compared to RMB 4.34 billion as of December 31, 2023[11] - Long-term equity investments grew to RMB 1.65 billion as of September 30, 2024, from RMB 1.15 billion as of December 31, 2023[11] - Fixed assets increased to RMB 6.99 billion as of September 30, 2024, compared to RMB 6.66 billion as of December 31, 2023[11] - Construction in progress rose to RMB 1.56 billion as of September 30, 2024, from RMB 970.78 million as of December 31, 2023[11] - Intangible assets increased to RMB 1.25 billion as of September 30, 2024, compared to RMB 1.18 billion as of December 31, 2023[11] - Deferred tax assets grew to RMB 475.50 million as of September 30, 2024, from RMB 429.14 million as of December 31, 2023[11] - Other non-current assets increased to RMB 2.18 billion as of September 30, 2024, compared to RMB 2.06 billion as of December 31, 2023[11] - Monetary funds rose to RMB 13.37 billion as of September 30, 2024, from RMB 12.76 billion as of December 31, 2023[10] - Total assets increased to 74.90 billion yuan from 51.51 billion yuan, a growth of 45.4%[12] - Total liabilities rose to 53.20 billion yuan from 30.67 billion yuan, an increase of 73.5%[12] - Short-term borrowings surged to 7.59 billion yuan from 3.84 billion yuan, a 97.5% increase[12] - Accounts payable rose to 32.40 billion yuan from 15.37 billion yuan, a 110.8% increase[12] - Total equity attributable to owners of the parent company increased to 21.62 billion yuan from 20.87 billion yuan, a 3.6% growth[13] - Minority interests improved to 84.69 million yuan from a negative 23.28 million yuan[13] Cash Flow - Operating cash flow for the period from the beginning of the year to the end of the reporting period was RMB 1.14 billion, a decrease of 32.90% year-on-year[3] - The decrease in operating cash flow was mainly due to changes in product and business structure, leading to increased cash payments for goods purchased[5] - Cash received from sales of goods and services increased to 73,632,973,519.08, up from 62,096,769,309.69 in the previous period[18] - Total cash inflow from operating activities rose to 78,220,469,018.33, compared to 67,420,415,138.65 in the previous period[18] - Net cash flow from operating activities decreased to 1,139,385,250.25, down from 1,698,012,799.91 in the previous period[18] - Net cash flow from investing activities improved to -1,223,873,070.17, compared to -2,008,802,046.51 in the previous period[19] - Net cash flow from financing activities decreased to 1,324,580,848.66, down from 6,078,566,246.21 in the previous period[19] - Net increase in cash and cash equivalents was 1,415,354,520.71, compared to 6,018,427,197.01 in the previous period[19] - Ending cash and cash equivalents balance increased to 11,645,992,595.56, up from 10,521,398,583.90 in the previous period[19] Earnings and Returns - Basic earnings per share for the reporting period were RMB 0.7510, an increase of 1.23% year-on-year[3] - Weighted average return on equity (ROE) for the reporting period was 3.55%, a decrease of 0.90 percentage points year-on-year[3] - Basic earnings per share (EPS) decreased to 2.0243 from 2.1476 in the previous period[16] - Comprehensive income attributable to the parent company's owners decreased to -62,857,111.29, compared to -130,403,932.62 in the previous period[16] - Total comprehensive income for the company increased to 1,970,670,789.83, up from 1,806,982,953.52 in the previous period[16] Expenses and Subsidies - R&D expenses increased to 3.74 billion yuan, up 12.0% from 3.34 billion yuan in the same period last year[15] - Financial expenses showed a net income of 316.99 million yuan, compared to a net income of 150.41 million yuan in the same period last year[15] - Government subsidies received during the period amounted to RMB 136.34 million[4] Business and Operational Factors - The increase in total assets was attributed to both the growth in accounts receivable due to higher revenue and the increase in inventory for production preparation[5]