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]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Huaqin Co., Ltd. 華勤技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊的本公 司招股章程作出投資決定，有關文本將於發售期內向公眾人士刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件所 載資料作出任何投資決定； (b) 在聯交所網站登載本文件或任何補充、修訂或更換附頁，並不引致本公司、其聯席保薦 ...

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].

Group 1 - Shanghai is implementing a comprehensive "Enterprise Service Package" policy to support companies in achieving high-quality international expansion [4] - Huqin Technology Co., Ltd. is a leading global ODM in consumer electronics, with approximately 50% of its revenue coming from overseas markets [1][3] - The company has expanded its business from mobile phones to various fields, including smart wearables, laptops, automotive electronics, servers, and robotics, employing around 17,000 R&D personnel [1][3] Group 2 - Shanghai's advantages include a strong talent pool, a robust supply chain in the Yangtze River Delta, and comprehensive government support for technological innovation [3] - The Shanghai government has introduced various supportive policies, including funding, talent support, and rent subsidies, to encourage companies to innovate and expand internationally [3][4] - Shanghai aims to cultivate 400 pioneering companies and 100 headquarters for overseas operations by the end of the 14th Five-Year Plan [4] Group 3 - Qinglong Intelligent Technology Co., Ltd. has developed a full range of robotic products, including humanoid robots and delivery robots, with over 50% of its revenue coming from international markets since entering overseas markets in 2022 [6] - The company has shipped over 100,000 robots, covering more than 600 cities in over 60 countries, with a total operational mileage exceeding 40 million kilometers [6] - The diverse applications of intelligent robots in various scenarios, such as restaurants and hospitals, exemplify Shanghai's support for companies going global [6]

Core Viewpoint - The report details the equity change of Hainan Chuangjian Venture Capital Partnership (Limited Partnership) in Huqin Technology Co., Ltd., indicating a reduction in shareholding to 4.9999% due to various corporate actions and a planned reduction of shares in the near future [1][2][5]. Group 1: Equity Change Details - The equity change is attributed to the company's implementation of a restricted stock incentive plan, dividend distribution, and share buyback, leading to a decrease in the shareholding percentage of Hainan Chuangjian [6][8]. - As of the report date, Hainan Chuangjian's shareholding in Huqin Technology was reduced to 4.9999% after a sale of 4,625,400 shares between August 28 and September 12, 2025 [8][9]. Group 2: Future Plans - Hainan Chuangjian plans to reduce its holdings by up to 7,282,822 shares, which represents no more than 0.72% of the total share capital, within three months following the announcement made on July 26, 2025 [6][7]. - The report confirms that there are no other plans for increasing or decreasing shareholdings in the next 12 months, aside from the disclosed reduction plan [6][7]. Group 3: Company Background - Hainan Chuangjian is a limited partnership established with a registered capital of 395.5362 million RMB, focusing on venture capital investments in unlisted companies [4]. - The principal responsible person of Hainan Chuangjian is Zou Zongxin, who also serves as the deputy general manager of Huqin Technology [4].