智通财经7月29日电，华勤技术(603296.SH)公告称，公司拟以现金方式协议受让力晶创投持有的晶合集 成120,368,109股股份，占晶合集成总股本的6.00%，转让价格为19.88元/股，转让总价为23.93亿元。本 次交易不构成关联交易，亦不构成重大资产重组。交易完成后，公司将向晶合集成提名一名非独立董 事。本次交易尚需上交所进行合规性确认，并在登记结算公司办理股份过户登记手续。 华勤技术：拟协议受让晶合集成6.00%股份 ...

通过天眼查大数据分析，华勤技术股份有限公司共对外投资了24家企业，参与招投标项目16次，知识产 权方面有商标信息52条，专利信息1772条，此外企业还拥有行政许可81个。 来源：金融界 华勤技术最新一期业绩显示，截至2025一季报，公司营业总收入349.98亿元、同比增长115.65%，归属 净利润8.42亿元，同比增长39.04%，扣非净利润7.61亿元，同比增长43.55%，流动比率1.156、速动比率 0.924、资产负债率70.85%。 天眼查商业履历信息显示，华勤技术股份有限公司，成立于2005年，位于上海市，是一家以从事软件和 信息技术服务业为主的企业。企业注册资本101589.062万人民币，实缴资本60637.9385万人民币。公司 法定代表人为邱文生。 金融界消息 截至2025年7月29日收盘，华勤技术（603296）报收于85.78元，上涨4.88%，换手率 3.12%，成交量17.83万手，成交金额14.97亿元。 资金流向方面，今日主力资金净流入1.02亿元，占比成交额6.82%。其中，超大单净流入1721.83万元、 占成交额1.15%，大单净流入8485.28万元、占成交额5.67 ...

Core Insights - The Huawei mobile concept stock increased by 2.40%, ranking 6th among concept sectors, with 28 stocks rising, including Fangbang Co., which hit a 20% limit up, and Honghe Technology also reaching the limit up [1][2] Group 1: Stock Performance - The top gainers in the Huawei mobile concept include Fangbang Co. (+20%), Honghe Technology (+10%), and Furi Electronics (+8.73%) [1][3] - The stocks with the largest declines include Bee Assistant (-2.47%), Huqin Technology (-2.40%), and Luxshare Precision (-1.49%) [1][5] Group 2: Capital Flow - The Huawei mobile concept experienced a net outflow of 248 million yuan, with 21 stocks seeing net inflows, and 7 stocks receiving over 30 million yuan in net inflows [2][3] - Furi Electronics led the net inflow with 347 million yuan, followed by Honghe Technology (154 million yuan) and Jingwang Electronics (86.41 million yuan) [2][3] Group 3: Capital Inflow Ratios - The top stocks by net inflow ratio include Furi Electronics (20.21%), Honghe Technology (14.19%), and Rongqi Technology (9.89%) [3][4] - The trading volume and turnover rates for leading stocks indicate significant investor interest, with Furi Electronics showing a turnover rate of 26.71% [3][4]

Summary of Huaqin Technology - A Conference Call Company Overview - **Company**: Huaqin Technology - **Industry**: Technology, specifically focusing on original design manufacturing (ODM) for smartphones, notebooks, wearables, AIOT, and server products Key Takeaways 1. **AI Server Shipments**: Huaqin expects H20-based AI server shipments to resume as early as September 2025, with a stable schedule for the new NVDA platform AI server delivery starting in Q4 2025 [1][7] 2. **Market Growth**: The company anticipates robust growth in general servers and switches, projecting significant market share expansion in the coming years, which will enhance profitability in the datacenter segment [1][7] 3. **Earnings Growth**: Strong earnings growth is expected in Q2 2025, driven by both AI and non-AI segments, including smartphones, PCs, wearables, and tablets [1][7] 4. **Mid-term Financial Targets**: Huaqin aims to achieve revenue of approximately Rmb300 billion and net profit of around Rmb10 billion by 2030, indicating a compound annual growth rate (CAGR) of over 20% for earnings from 2024 to 2030 [1][7] 5. **Stock Recommendation**: The price target for June 2026 has been raised to Rmb110, with a recommendation for investors to accumulate shares following recent price pullbacks [1][7] Financial Projections - **Revenue Estimates**: - 2025E: Rmb152.863 billion - 2026E: Rmb177.201 billion - **Adjusted Net Income Estimates**: - 2025E: Rmb3.870 billion - 2026E: Rmb4.892 billion [2][16] Quarterly Financials - **Q2 2025 Revenue**: Rmb48.018 billion, reflecting a year-over-year growth of over 100% [15] - **Q3 2025 Revenue Estimate**: Rmb36.505 billion [15] Growth Drivers 1. **Datacenter Demand**: Increased demand for AI and general servers is expected to drive growth in the datacenter segment [10][19] 2. **Smartphone Growth**: Anticipated annual growth of over 10 million units starting in 2026, following a strong performance in 2025 [10][19] 3. **PC Market**: Projected revenue growth of over 20% year-over-year, driven by market share gains and portfolio expansion [10][19] 4. **Wearables**: Expected to contribute approximately 10% to earnings by 2030 [10][19] Valuation Metrics - **Current Price**: Rmb83.61 - **Price Target**: Rmb110.00 (based on a 21x one-year forward P/E) [2][20] - **Market Capitalization**: Approximately $11.871 billion [9] Risks 1. **Competition**: Increased competition among ODMs could negatively impact growth and margins [21] 2. **Supply Chain Issues**: Potential disruptions in GPU supply could affect operations [21] 3. **Market Corrections**: Risk of share price corrections post-lock-up period expiration [21] Conclusion Huaqin Technology is positioned for significant growth driven by its diversified product offerings and strong market demand, particularly in the AI and datacenter segments. The company’s ambitious financial targets and positive earnings outlook make it an attractive investment opportunity, despite potential risks associated with competition and supply chain constraints.

Group 1: Company Announcements - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project with a total investment of approximately 16.66 billion yuan, including a reconstruction compensation investment of about 2.228 billion yuan [1] - Fushun Special Steel announced that Ningbo Meishan Bonded Port Area Jincheng Shazhou intends to make a partial tender offer to acquire 5% of the company's shares at a price of 5.6 yuan per share [2] - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a year-on-year decrease of 20.81%, with total operating revenue of 28.151 billion yuan, down 9.96% [3] - Gaozheng Mining announced that its controlling shareholder, Cangjian Group, reduced its shareholding by 2.76 million shares, bringing its stake down to 57.6% [4] - Sanfeng Intelligent reported that its director Chen Wei is under investigation, but the company's operations remain normal [5] - Guangsheng Group's innovative hepatitis B treatment drug GST-HG141 has successfully enrolled its first participant in a Phase III clinical trial [6] - Western Gold announced plans to acquire 100% of Xinjiang Meisheng for 1.655 billion yuan, with a premium of 1421.66% over the book value [7] - Huqin Technology announced that shareholders holding more than 5% plan to reduce their holdings by up to 4% of the company's shares [8] - Dongshan Precision's subsidiary plans to invest up to 1 billion USD in a high-end printed circuit board project [10] - Yitian Intelligent plans to jointly invest in a private equity fund focusing on artificial intelligence and computing power, with a total subscription amount of 2 billion yuan [11] - *ST Wanfang is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [12] - Ruibeka and its controlling shareholder are also under investigation by the CSRC for similar reasons [13] - BioShares' subsidiary received clinical trial approval for a cat infectious peritonitis mRNA vaccine [14] - Ruipu Bio received the first clinical trial approval for an mRNA vaccine for economic animals in China [15] - Shengke Communication announced that a major fund plans to reduce its holdings by up to 3% of the company's shares [16] - ShenKai Co. announced a capital increase of 15 million yuan in Shandong Future Robotics, a deep-sea operation robot company [18] - Shouchuang Securities plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength [19] Group 2: Financial Performance - Western Mining reported a net profit of 1.869 billion yuan for the first half of the year, a year-on-year increase of 15% [20] - Digital Certification expects a loss of 80 million to 96 million yuan for the first half of the year [21] Group 3: Major Contracts and Share Buybacks - China Communications Construction Company signed new contracts worth 991.054 billion yuan in the first half of the year, a year-on-year increase of 3.14% [22] - Zhejiang Communications Technology's subsidiary won two projects totaling over 3.4 billion yuan [23] - Feilong Co. received a notification from SAIC Motor for a designated sales agreement, expecting sales revenue of over 400 million yuan during its lifecycle [24] - Liuyuan Group plans to repurchase shares worth 100 million to 200 million yuan [25] - Meikailong's shareholders plan to reduce their holdings by no more than 3.0011% of the company's shares [26]

Corporate Announcements - Sanfeng Intelligent's director Chen Wei has been placed under investigation, but the company's operations remain normal and unaffected [3] - Shanghai Pharmaceuticals plans to acquire a 10% stake in Shanghai Shihua Group Financial Company for 143 million yuan, increasing its ownership from 30% to 40% [4] - Western Gold intends to acquire 100% of Xinjiang Meisheng Mining for 1.655 billion yuan, with a premium of 1421.66% over book value; the target company is expected to commence production in the second half of 2025 [5] - Hengrui Medicine plans to acquire approximately 1.46% of Chengdu Shengdi Pharmaceutical from minority shareholders for 40.144 million yuan, increasing its stake to 97.37% [6] - Dongshan Precision has approved an investment of up to 1 billion USD for a high-end printed circuit board project to meet long-term demand in emerging markets [7] - ST Wanfang and Rebecca have both received notices from the China Securities Regulatory Commission regarding investigations into information disclosure violations, but their operations remain normal [8][9] Financial Performance - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a decrease of 20.81% year-on-year, with total revenue of 28.151 billion yuan, down 9.96% [13] - Digital Certification expects a loss of 80 to 96 million yuan for the first half of 2025, compared to a loss of 29.25 million yuan in the same period last year [14] - Western Mining reported a net profit of 1.869 billion yuan for the first half of 2025, an increase of 15% year-on-year, with total revenue of 31.619 billion yuan, up 27% [15] Major Contracts - ST Dongyi signed new orders worth 215 million yuan in the second quarter for its decoration business, with total uncompleted contracts amounting to 383 million yuan [17] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [18] Shareholder Actions - Huajin Technology's employee stock ownership platform plans to reduce its stake by up to 4% within three months [20] - Liuyuan Group intends to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.7 yuan per share [22]

证券代码：603296 证券简称：华勤技术 公告编号：2025-060 华勤技术股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 | 股东名称 | 海南软胜创业投资合伙企业（有限合伙） | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 √否 | | | 直接持股 5%以上股东 | √是 □否 | | | 董事、监事和高级管理人员 | □是 √否 | | | 其他：/ | | | 持股数量 | 54,805,548股 | | | 持股比例 | 5.40% | | 2 | | IPO 前取得：39,146,820股 | | --- | --- | | 当前持股股份来源 | | | | 其他方式取得：15,658,728股 | 截至本公告披露日，华勤技术股份有限公司（以下简称"公司"）持股 5%以 上股东海南勤沅创业投资合伙企业(有限合伙)（以下简称"海南勤沅"）持有公司 无限售条件 ...

Core Viewpoint - The major shareholders of Huqin Technology plan to collectively reduce their holdings by 4% through various trading methods [1] Shareholder Reduction Details - Five shareholders, including Hainan Qinyuan, Hainan Chuangjian, Hainan Ruosheng, Hainan Huaxiao, and Hainan Mozhi, intend to reduce their stakes between August 18, 2025, and November 17, 2025 [1] - The total shares to be reduced amount to 40,630,200 shares, which represents 4.00% of the company's total share capital [1] - Individual reductions include: - Hainan Qinyuan: up to 9,287,400 shares (0.91%) - Hainan Chuangjian: up to 7,282,800 shares (0.72%) - Hainan Ruosheng: up to 8,227,600 shares (0.81%) - Hainan Huaxiao: up to 6,922,000 shares (0.68%) - Hainan Mozhi: up to 8,910,300 shares (0.88%) [1]

Core Viewpoint - The A-share electronic industry is experiencing a positive trend, with over 70% of the 118 companies that have released performance forecasts for the first half of 2025 expected to be profitable, driven by strong demand from the AI industry and a recovery in consumer electronics [1][2]. Group 1: Performance Forecasts - A total of 482 electronic companies are listed in the A-share market, with 118 having announced their performance forecasts for the first half of 2025 [1]. - Among the 118 companies, 88 are expected to be profitable, representing over 70% of the total [3]. - The top three companies in terms of forecasted net profit are Industrial Fulian, Luxshare Precision, and Huaqin Technology, with net profits exceeding 50 billion yuan [2][4]. Group 2: Profit Growth - Industrial Fulian is projected to achieve a net profit of 119.58 billion to 121.58 billion yuan, an increase of 36.84% to 39.12% year-on-year, primarily due to rapid growth in its cloud computing business [5]. - Luxshare Precision expects a net profit of 64.75 billion to 67.45 billion yuan, reflecting a year-on-year increase of 20% to 25% [5]. - Huaqin Technology anticipates a net profit of 18.7 billion to 19 billion yuan, marking a year-on-year increase of 44.8% to 47.2% [5]. Group 3: Loss Forecasts - Among the companies that have released forecasts, 27 are expected to incur losses [6]. - The companies with the largest projected losses include Visionox, which anticipates a loss of 1 billion to 1.176 billion yuan, and AOC Technology, expecting a loss of 450 million to 490 million yuan [9]. - Visionox's loss is expected to narrow due to a gradual recovery in the consumer electronics sector and improved gross margins [9].

Summary of Huaqin Technology (603296.SS) Conference Call Company Overview - **Company**: Huaqin Technology - **Ticker**: 603296.SS - **Market Cap**: Rmb88.6 billion / $12.3 billion - **Industry**: Technology, specifically focusing on consumer electronics and data centers Key Financial Guidance - **2Q25 Revenue Guidance**: Rmb48 billion to Rmb49 billion, midpoint Rmb48.5 billion, representing a **39% QoQ** and **109% YoY** increase, **43% ahead** of estimates [1] - **2Q25 Net Income Guidance**: Rmb1.0 billion to Rmb1.1 billion, midpoint Rmb1,043 million, reflecting a **24% QoQ** and **52% YoY** increase, **30% ahead** of estimates [1] Growth Drivers - **Generative AI Demand**: Management attributes strong guidance to the growing demand for generative AI, indicating a positive outlook for Huaqin's expansion into data centers, including AI servers and switches [1] - **GPU Supply Improvement**: Enhanced GPU supply in China is expected to drive a new product cycle in 2H25, further supporting growth [1] - **Local Chipset Platforms**: The emergence of local chipset platforms is anticipated to capture the growing generative AI demand in China [1][5] Revenue Projections - **Revenue Growth**: Blended revenues projected to grow at a **30% CAGR** from 2024 to 2028 [4] - **2025 Revenue Estimates**: Revised from Rmb147.2 billion to Rmb162.0 billion, a **10% increase** [10] - **2026 Revenue Estimates**: Revised from Rmb208.4 billion to Rmb223.9 billion, a **7% increase** [10] Earnings Revisions - **Net Income Revisions**: Increased by **3%** for 2025 and 2026, and **7%** for 2027, reflecting higher revenue expectations [9] - **Long-term Margin Expectations**: Anticipated improvement in AI server gross margins in the longer term, despite a downward trend in blended gross margins through 2028 [9] Valuation and Price Target - **Target Price**: Raised to Rmb108 from Rmb94, reflecting a **14.9% increase** [1][19] - **P/E Multiple**: Target P/E multiple set at **21x** for 2026, aligned with historical averages and expected earnings growth [16] Risks - **AI Server Ramp-Up**: Potential slower-than-expected ramp-up in AI server production in China [17] - **Production Diversification**: Risks associated with slower diversification of production sites [17] - **Pricing Competition**: Increased competition leading to potential pricing pressures [17] Conclusion - Huaqin Technology is positioned for significant growth driven by the demand for generative AI and improvements in GPU supply. The company has revised its revenue and net income estimates upward, reflecting a strong outlook for the coming quarters. The raised price target and positive valuation metrics suggest a favorable investment opportunity, albeit with some risks related to market dynamics and competition.