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]

北京市中伦律师事务所 关于华勤技术股份有限公司 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 法律意见书 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 202 ...

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 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： (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， 董事长邱文生先生主持会议。本次股东大会的召集、召开程序及表决方式符合《中 华人民共和国公司法》《上市公司股东大会规则》等法律法规和《华勤技术股份 有限公司章程》的规定。 ? 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： 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。 | 股东类型 | | 同意 | | 反对 | | 弃权 | | | | --- | --- | --- | ...

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 ...

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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].

机构调研榜单中，共有161家公司获20家以上机构扎堆调研。兆威机电最受关注，参与调研的机构达到 332家；联影医疗被285家机构调研，榜单中排名第二；华勤技术、百济神州等分别被278家、251家机构 调研。 机构调研次数来看，曼卡龙机构调研最为密集，共获机构5次调研。雅戈尔、伟星股份等机构调研也较 为密集，分别被机构调研4次、3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有57只，盛和资源近5日净流入资金2.59 亿元，主力资金净流入最多；净流入资金较多的还有焦点科技、祥鑫科技等，净流入资金分别为1.84亿 元、1.84亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有118只，涨幅居前的有莱绅通灵、海能技术、欧陆通 等，涨幅为22.46%、17.16%、16.88%；下跌的有42只，跌幅居前的有容百科技、弘景光电、晶丰明源 等，跌幅为8.49%、8.29%、7.89%。（数据宝） 近5日机构调研股一览 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | -- ...