中国国际金融股份有限公司 2024 年度持续督导年度报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意华勤技 术股份有限公司首次公开发行股票注册的批复》（证监许可[2023]1340 号）核准， 华勤技术股份有限公司（以下简称"华勤技术"或"公司"）首次公开发行人民 币普通股（A 股）72,425,241 股，发行价格为每股 80.80 元，募集资金总额为人 民币 585,195.95 万元，扣除发行费用约 12,127.59 万元后，募集资金净额为 573,068.36 万元。本次发行证券已于 2023 年 8 月 8 日在上海证券交易所上市。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）担任 华勤技术持续督导的保荐机构。保荐机构根据《证券发行上市保荐业务管理办法》 以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》的相关规 定，出具关于华勤技术 2024 年度持续督导年度报告书。 一、保荐机构对上市公司的持续督导工作情况 序号 项目 工作内容 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的工 作计划 保荐机构已建立健全并有效 ...

Core Insights - Company held a live performance briefing for 2024 and Q1 2025, utilizing multiple platforms for investor interaction [1] - Company reported a steady growth in operating performance for 2024, with total revenue reaching 109.88 billion, a year-on-year increase of 28.8% [1] - Net profit attributable to shareholders was 2.93 billion, reflecting an 8.1% increase year-on-year, while net profit excluding non-recurring items was 2.35 billion, up 8.4% [1] - For Q1 2025, the company continued its high growth trend, with revenue, net profit, and net profit excluding non-recurring items showing year-on-year increases of 115.6%, 39.0%, and 43.6% respectively [1] Business Strategy - In response to external uncertainties and diverse global market demands, the company is advancing its "China+VMI" global manufacturing strategy [2] - The company has established a dual supply system with core domestic bases in Dongguan and Nanchang, and overseas VMI bases in Vietnam, Mexico, and India [2] - The manufacturing bases in Vietnam and India have commenced product mass production, while the acquisition process for the Mexican base is progressing smoothly [2] - The company aims to enhance supply chain resilience and better respond to external uncertainties through its global manufacturing layout [2] Future Outlook - The company is accelerating the implementation of its "3+N+3 global smart product platform" strategy and is committed to strengthening its core competitiveness [2] - For 2025, the company is optimistic about its growth prospects, projecting a revenue growth rate of over 20% [2]

风险提示 华勤技术 603296.SH 公司研究 | 季报点评 多品类驱动增长，全球化布局彰显韧性 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 39/48/58 亿元(原 25 年预测为 38 亿元，主 要上调收入预测，小幅下调毛利率预测)，根据可比公司 25 年 21 倍 PE 估值，对应 目标价为 80.01 元，维持买入评级。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.84 | -17.77 | -13.54 | 27.43 | | 相对表现% | 2.93 | -14.36 | -12.61 | 21.92 | | 沪深 300% | -0.09 | -3.41 | -0.93 | 5.51 | | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxia ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 80.01 CNY based on a 21x PE valuation for 2025 [2][5]. Core Views - The company is expected to achieve a net profit of 39 billion CNY in 2025, 48 billion CNY in 2026, and 58 billion CNY in 2027, with a slight adjustment in gross margin predictions [2][9]. - The company has shown resilience through a diversified product portfolio and a global supply chain strategy, which mitigates risks associated with market fluctuations [8]. Financial Performance Summary - Revenue for 2023 is projected at 85.34 billion CNY, with a year-on-year decline of 7.9%, followed by a recovery with a growth of 28.8% in 2024, and further growth of 32.8% in 2025 [4][10]. - The company's gross margin is expected to be 11.3% in 2023, declining to 9.3% in 2024, before gradually improving to 10.1% by 2026 and 2027 [4][10]. - The net profit attributable to the parent company is forecasted to grow from 2.71 billion CNY in 2023 to 5.84 billion CNY in 2027, reflecting a compound annual growth rate of approximately 21.5% [4][10]. Business Segment Growth - The company has reported significant growth across various business segments, including a 188% increase in AIoT and a 91% increase in automotive and industrial products in Q1 2025 [8]. - The smartphone and wearable segments have also shown strong performance, with revenues doubling in these categories [8]. Global Expansion Strategy - The company has implemented a "China + VMI" global supply chain strategy, establishing manufacturing bases in Dongguan and Nanchang, as well as overseas in Vietnam, Mexico, and India [8]. - Approximately 50% of the company's revenue comes from overseas markets, with only about 10% directly from the U.S., indicating a diversified market presence [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 34.998 billion yuan in Q1 2025, representing a year-on-year increase of 115.7% [6][7] - The net profit attributable to the parent company for Q1 2025 was 842 million yuan, showing a year-on-year growth of 39.1% [6][7] - The company has established itself as a leader in the ODM industry for smart hardware, with significant growth in data center and PC segments [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 120.52 billion yuan, with a year-on-year growth rate of 9.7% [6][9] - The net profit attributable to the parent company is forecasted to be 3.502 billion yuan for 2025, reflecting a growth rate of 19.7% [6][9] - The company’s gross margin is expected to be 10.2% in 2025, with a return on equity (ROE) of 13.4% [6][9] Business Overview - The company has a strategic upgrade to a 3+N+3 smart hardware platform, focusing on smartphones, PCs, and data centers as core businesses [7] - The revenue structure for 2024 includes high-performance computing at 63.22 billion yuan, smart terminals at 35.32 billion yuan, and AIoT and other products at 4.67 billion yuan [7] - The company has developed a full-stack product offering in the data business, becoming a core supplier for several domestic CSP manufacturers [7] Client Base and Global Presence - Major clients include well-known brands such as Samsung, OPPO, Xiaomi, and Amazon [7] - The company has a global layout with headquarters in Shanghai and multiple R&D centers across China, as well as manufacturing bases in Vietnam and Mexico [7]

Core Viewpoint - The company reported strong revenue growth driven by high-performance computing and effective cost control, with expectations for continued growth in 2025. Financial Performance - In 2024, the company achieved revenue of 109.878 billion yuan, a year-on-year increase of 28.76%, and a net profit of 2.926 billion yuan, up 8.1% year-on-year [1] - In Q4 2024, revenue reached 33.868 billion yuan, a year-on-year increase of 65.58%, with a net profit of 876 million yuan, up 21.25% year-on-year [1] - In Q1 2025, revenue was 34.998 billion yuan, a year-on-year increase of 115.65%, with a net profit of 842 million yuan, up 39.04% year-on-year [2] Business Segments - High-performance computing generated revenue of 63.2 billion yuan in 2024, a year-on-year increase of 28.79%, accounting for 57.54% of total revenue [4] - Data center revenue grew by 179% year-on-year, while the notebook and smart terminal segments also saw significant growth [4] - AIoT and other segments reported revenue of approximately 4.672 billion yuan, a year-on-year increase of 187.93% [4] - Automotive electronics revenue was approximately 1.562 billion yuan, a year-on-year increase of 91% [4] Strategic Initiatives - The company is advancing its "3+N+3" strategic upgrade, focusing on personal digital terminal hardware, office productivity hardware, and data center infrastructure [5] - Increased R&D investment and the establishment of a global R&D headquarters in Shanghai are part of the strategy to enhance product offerings and supply chain resilience [5] - The company anticipates overall revenue growth of over 20% in 2025, supported by a robust supply chain and inventory management [5] Profit Forecast - Revenue projections for 2025-2027 are 135.254 billion yuan, 162.791 billion yuan, and 191.553 billion yuan, respectively, with net profits of 3.538 billion yuan, 4.165 billion yuan, and 4.778 billion yuan [6] - The expected EPS for the same period is 3.48 yuan, 4.10 yuan, and 4.70 yuan per share, with corresponding PE ratios of 19, 16, and 14 [6]

Core Insights - The company's operational performance continues to show high growth momentum since Q3 2024, with a strong start in 2025. Q1 revenue increased by 115.7% year-on-year, and net profit attributable to shareholders grew by 39.1%, with gross margin recovering for two consecutive quarters [1][2] - The company upgraded its "3+N+3" global smart product platform strategy, focusing on mature businesses in smartphones, personal computers, and data centers, while also experiencing rapid growth in smart wearables, AIoT, and automotive sectors, demonstrating strong expansion capabilities and competitiveness across diverse fields [1][3] - The company is actively expanding into emerging markets, particularly in the robotics sector, through both external acquisitions and internal development, establishing a solid foundation for the growth of its robotics business [1][7] Financial Performance - In 2024, the company achieved operating revenue of 109.88 billion yuan, a year-on-year increase of 28.8%, and a net profit of 2.93 billion yuan, up 8.1% year-on-year, with a gross margin of 9.3%, down 2.03 percentage points [2] - In Q1 2025, the company reported operating revenue of 35 billion yuan, a year-on-year increase of 115.7% and a quarter-on-quarter increase of 3.3%, with a net profit of 840 million yuan, up 39.1% year-on-year but down 3.9% quarter-on-quarter, and a gross margin of 8.4%, up 0.15 percentage points [2] Strategic Developments - The upgraded "3+N+3" product strategy has led to stable growth through diversified layouts, with non-mobile business revenue accounting for over 70% of total revenue [3] - The smart terminal business generated revenue of 35.32 billion yuan in 2024, a year-on-year increase of 12.9%, accounting for 33.7% of total revenue, with significant growth in smart wearables, which saw a shipment increase of over 74.7% year-on-year [3][4] - The high-performance computing business achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.8%, accounting for 60.3% of total revenue, with notable growth in data center products, which increased by approximately 178.8% year-on-year [4] Mergers and Acquisitions - The company successfully completed acquisitions of Yiluda Holdings and Shenzhen Haocheng Intelligent Technology, enhancing its capabilities in audio products and robotics, respectively [7] - The dual development strategy of external acquisitions and internal R&D is aimed at rapidly integrating product lines and customer resources, particularly in the robotics sector [7] Global Supply Chain Strategy - The company is advancing its global supply chain layout with a "China+VMI" strategy, establishing a dual supply system with domestic core bases and overseas VMI bases to meet diverse customer needs and external uncertainties [8]

Core Viewpoint - Huqin Technology is set to hold its annual performance briefing for 2024 and Q1 2025 on April 29, 2024, where key executives will discuss the company's performance and address investor inquiries [2] Group 1: Company Overview - Huqin Technology Co., Ltd. was established in August 2005 and is headquartered in Shanghai, China, recognized as a leading global intelligent product platform company [2] - The company went public on the Shanghai Stock Exchange in August 2023, with the stock code 603296 [2] - Huqin Technology serves major clients such as Alibaba, Tencent, ByteDance, Samsung, OPPO, Xiaomi, Vivo, Lenovo, and ASUS, holding a leading market share in the global consumer electronics ODM sector [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of 109.88 billion yuan, marking a year-on-year increase of 28.8%, with a net profit attributable to shareholders of 2.93 billion yuan, up 8.1% [3] - The net profit after deducting non-recurring items reached 2.35 billion yuan, reflecting an 8.4% year-on-year growth, indicating a dual increase in both revenue and net profit [3] Group 3: Q1 2025 Performance - For Q1 2025, the company continued its strong growth trajectory, reporting a revenue of 35 billion yuan, which is a remarkable year-on-year increase of 115.6% [4] - The net profit attributable to shareholders for Q1 2025 was 840 million yuan, representing a 39% year-on-year growth, while the net profit after deducting non-recurring items was 760 million yuan, up 43.6% [4] Group 4: Strategic Developments - In 2024, the company completed its "3+N+3" global intelligent product platform strategic upgrade, focusing on three core mature businesses: smartphones, personal computers, and data center operations [4] - The company is expanding its product offerings to include smart living, commercial digital productivity, and full-stack solutions for data centers, while also venturing into emerging fields such as automotive electronics, software, and robotics [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].

证券代码：603296 证券简称：华勤技术 公告编号：2025-049 华勤技术股份有限公司 关于子公司增资扩股及公司放弃优先认缴出资权 暨关联交易的进展公告 本次增资完成后，广东东勤的注册资本将由人民币60,000万元增加至人民币 80,000万元，公司对广东东勤的持股比例将由100%降至75%，广东东勤仍为公司 控股子公司，不会导致公司合并报表范围内发生变化。详见公司于2025年3月18 日在上海证券交易所网站（http://www.sse.com.cn）披露的《华勤技术关于子公 司增资扩股及公司放弃优先认缴出资权暨关联交易的公告》（公告编号： 2025-024）。 二、本次增资情况暨关联交易进展 近日，广东东勤已完成本次增资的工商变更登记手续，并取得东莞市市场监 督管理局换发的营业执照，变更后的《营业执照》登记的相关信息如下： 名称：广东东勤科技有限公司 类型：其他有限责任公司 住所：广东省东莞市东坑镇东坑迎宾路8号 法定代表人：邓治国 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。 一、本次增资情况暨关联交易概述 为了 ...