Core Viewpoint - Huakin Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and BofA Securities as joint sponsors [1] Group 1: Company Overview - Huakin Technology is a leading technology-driven smart product platform company, providing end-to-end solutions across the entire value chain [2] - The company has over 20 years of experience in the smart product sector and has established a strong market position in mobile terminals, computing, data centers, AIoT, and innovative business areas [2] - Huakin Technology is recognized as a global leader in the full-stack smart product ODM platform, achieving the top position in multiple smart product categories [2] Group 2: Product Matrix and Market Position - The company has strategically developed a "3+N+3" smart product matrix, focusing on three core product pillars: smartphones, laptops, and servers [2] - Huakin Technology is one of the most diversified ODM platforms globally, with a leading market position in smartphones, tablets, smart wearables, laptops, and data infrastructure products [2] Group 3: Manufacturing and Global Expansion - The company has established large manufacturing centers in Dongguan and Nanchang, leveraging geographical advantages [3] - Huakin Technology is expanding its global footprint by strategically setting up production facilities in Vietnam, India, and other overseas markets, including Mexico [3] Group 4: Financial Performance - The company reported revenues of approximately RMB 92.65 billion, RMB 85.34 billion, RMB 109.88 billion, and RMB 83.94 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [3][5] - The net profit for the same periods was approximately RMB 2.51 billion, RMB 2.66 billion, RMB 2.92 billion, and RMB 1.91 billion [3][5]

证券代码：603296 证券简称：华勤技术 公告编号：2025-092 华勤技术股份有限公司 关于向香港联交所递交境外上市股份（H 股） 发行上市申请并刊发申请资料的公告 1 pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相 关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料均不构成也不 得视作对任何个人或实体收购、购买或认购公司本次发行上市的境外上市股份 （H 股）的要约或要约邀请。 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。 华勤技术股份有限公司（以下简称"公司"）已于 2025 年 9 月 16 日向香港 联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上市事项的相 关申请资料为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"） 及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新 及修订，投资者不应根 ...

华勤技术（603296）(603296.SH)发布公告，公司已于2025年9月16日向香港联合交易所有限公司(以下 简称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。 ...

智通财经APP讯，华勤技术(603296.SH)发布公告，公司已于2025年9月16日向香港联合交易所有限公司 (以下简称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日 在香港联交所网站刊登了本次发行上市的申请资料。 ...

华勤技术(603296.SH)公告称，公司已于2025年9月16日向香港联合交易所有限公司递交了发行境外上市 股份（H股）并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的 申请资料。该申请资料为草拟版本，其所载资料可能会适时作出更新及修订。公司本次发行上市尚需取 得相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定性。 ...

格隆汇9月16日｜据港交所文件，华勤技术股份有限公司向港交所提交上市申请书。 ...

Core Viewpoint - Huqin Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] Group 1 - The company is seeking to go public through the Hong Kong Stock Exchange [1]

Core Viewpoint - The report highlights the significant performance growth of Huqin Technology, a leading global ODM company in smart hardware, focusing on smartphones, laptops, and data centers while actively expanding into emerging fields like robotics, software, and automotive electronics [1] Financial Performance - The company's revenue is projected to increase from 35.3 billion to 109.9 billion from 2019 to 2024, with a CAGR of 25.5% [1] - The net profit attributable to the parent company is expected to rise from 510 million to 2.93 billion during the same period, achieving a CAGR of 42.1% [1] Market Trends - There is a surge in demand for AI computing power, leading to strong growth in the server business [1] - The laptop shipment volume is experiencing rapid growth, aligning with the trends in the AI industry [1] Strategic Focus - The company is concentrating on three main areas: cockpit, display screens, and intelligent driving, establishing comprehensive self-research capabilities and automotive-grade manufacturing centers [1] - The company is continuously gaining customer recognition, and its business is gradually forming scale effects [1] Comparable Companies - The report selects Longqi Technology, Luxshare Precision, and Industrial Fulian as comparable companies [1] - According to iFinD consensus expectations, the average PE ratios for comparable companies from 2025 to 2027 are projected to be 29, 21, and 17 times, respectively [1] Investment Rating - Given the mature data center business system and significant customer advantages, the report initiates coverage with a "Buy" rating [1]

Group 1: Target Price Increases - On September 15, 53 target price adjustments were made by brokerages, with notable increases for Hanwang Technology, Ruipu Biology, and Xindian Software, showing target price increases of 79.86%, 64.51%, and 60.09% respectively [1][2] - Hanwang Technology's latest closing price is 42.23, while Ruipu Biology's is 36.16, and Xindian Software's is 44.84 [2] Group 2: Brokerage Recommendations - A total of 94 companies received brokerage recommendations on September 15, with notable mentions including Shanying International, which received 1 recommendation, and Huashang City A, also receiving 1 recommendation [3] - Three companies had their ratings downgraded, including Tongwei Co., which was downgraded from "Buy" to "Hold" by Tianfeng Securities [3][4] Group 3: First-Time Coverage - Five companies received first-time coverage on September 15, including Jinfeng Technology with a "Recommended" rating from Minsheng Securities, and Gaoweida with an "Increase" rating from Zhongyou Securities [5] - Other companies receiving first-time ratings include Huali Technology, Zhongce Rubber, and Huajin Technology, all rated "Buy" by various brokerages [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][54]. Core Views - The company is a leading global ODM manufacturer in smart hardware, leveraging AI to drive multi-business collaboration and growth [5][7]. - The company has shown significant revenue growth, with a projected increase in operating income from 85.34 billion RMB in 2023 to 160.62 billion RMB in 2025, representing a CAGR of 25.5% from 2019 to 2024 [7][14]. - The demand for AI computing power is surging, leading to strong growth in the server business, with a projected revenue increase of 178.8% in the data center segment for 2024 [7][21]. - The company is expanding its presence in emerging markets such as automotive electronics, with the automotive electronics market in China expected to grow to 1.28 trillion RMB by 2025 [48]. Summary by Sections Market Performance - The company's closing price is 84.24 RMB, with a total market capitalization of 85.57 billion RMB and a circulating market value of 48.14 billion RMB [3]. Financial Forecast and Valuation - The company is expected to achieve a net profit of 3.97 billion RMB in 2025, with a year-on-year growth rate of 35.56% [6][54]. - The projected P/E ratios for 2025, 2026, and 2027 are 21.57, 17.97, and 14.77, respectively [8][54]. Business Growth Drivers - The company is focusing on three core business areas: smartphones, laptops, and data centers, while also exploring new fields such as robotics and automotive electronics [7][10]. - The server business is expected to benefit from the increasing demand for AI servers, with global shipments projected to rise from 500,000 units in 2020 to 2 million units in 2024 [24][27]. - The laptop segment is also experiencing growth, with expected shipments reaching 15 million units in 2024 [7][32]. Emerging Business Opportunities - The automotive electronics market is projected to reach 1.28 trillion RMB in 2025, providing significant growth opportunities for ODM manufacturers [48]. - The company is enhancing its capabilities in automotive electronics, focusing on cockpit, display, and intelligent driving technologies [48]. Competitive Positioning - The company maintains a leading position in the smartphone ODM market, with a market share of 27% in 2024 [42]. - The ODM penetration rate for smartphones is expected to continue rising, driven by the increasing demand for AI-integrated devices [42][43].