证券代码：603296 证券简称：华勤技术 公告编号：2024-079 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、对外投资基本情况概述 根据华勤技术股份有限公司（以下简称"公司"）长远战略规划和经营发展 需要，公司有意通过指定的境外主体，以现金方式收购易路达科技国际有限公司 （以下简称"易路达国际"）持有的易路达企业控股有限公司（以下简称"易路 达控股"或"目标公司"）80%的股份（以下简称"目标股份"）。 2024 年 9 月，公司完成了收购相关的尽职调查、审计、评估，参考评估结 果，并由买卖双方基于市场化交易原则谈判最终确定，以现金 28.5 亿港元收购 目标公司 80%的股份，并通过境外全资子公司海勤通讯香港有限公司（以下简称 "海勤香港"）与易路达国际及其创始方、目标公司正式签署了《股份买卖协议》。 具体内容详见公司披露的《华勤技术股份有限公司关于签署投资意向书的公告》 （公告编号：2024-047）、《华勤技术股份有限公司关于收购股权暨签署股份买 卖协议的进展公告》（公告编号：2024-069）。 二、进展 ...

Group 1: Financial Performance - The overall gross margin of the company has declined due to two main reasons: a decrease in smartphone product margins and changes in revenue structure, particularly the rapid growth of data center business where AI server revenue has a lower gross margin [3] - The company expects improvements in gross margin through design cost reduction and resource integration in new projects [3] - The AIoT business segment has seen a revenue increase of 214% year-on-year in the first three quarters [3] Group 2: Product Development and Market Strategy - The company plans to expand its product offerings in the gaming industry and enhance its core competitiveness in this sector [4] - The VR products from American clients are expected to enter mass production by the end of 2024, with significant supply anticipated in 2025 [4] - The company is actively involved in the research and development of next-generation VR/AR and wearable products, aiming for substantial growth in the AIoT field [4] Group 3: Mergers and Acquisitions - The acquisition of Yiluda is progressing smoothly, focusing on audio products while the company will concentrate on non-audio products [4] - This merger is expected to enhance both companies' core competitiveness and operational efficiency [4] Group 4: Wearable Products Growth - The global shipment of wearable products continues to grow, with smartwatches expected to see over 50% growth in 2024 and TWS earphones projected to double in shipment volume [5] - The company has established strong partnerships with major Android clients, leading to increased market share and growth potential in wearable products [5] Group 5: ODM Business Outlook - The company's smartphone ODM business remains a leader in the industry, with current ODM penetration at approximately 40%, expected to rise to 50% or more [5] - Despite a slight year-on-year decline in smartphone shipments in the first half of 2024, there is a significant improvement in the third quarter, indicating a positive growth trend [5]

证券代码：603296 证券简称：华勤技术 公告编号：2024-078 | 回购方案首次披露日 | 2024/2/19 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 2 日~2025 月 | 年 | 月 | 18 | 日 | 17 | | | 预计回购金额 | 30,000 万元~40,000 万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 555.61 万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.5469% | | | | | | | | 累计已回购金额 | 30,950.19 万元 | | | | | | | | 实际回购价格区间 | 43.18 元/股~78.31 元/股 | | | | | | | | | | | | | | | 年 | | | 2 | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth in Q3 2024, achieving an operating income of 366.12 billion yuan, a year-on-year increase of 45.36% and a quarter-on-quarter increase of 58.03% [1] - The company is actively expanding its product strategy with a "2+N+3" layout, focusing on AIoT and automotive electronics to create new growth curves [1][3] - The acquisition of EasyRoad is aimed at strengthening the audio business and expanding customer channels in North America, which is expected to enhance the company's smart terminal business revenue [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit attributable to shareholders of 20.50 billion yuan, up 3.31% year-on-year [1] - The Q3 2024 results showed a net profit of 7.59 billion yuan, a year-on-year increase of 8.04% and a quarter-on-quarter increase of 10.63% [1] - The gross profit margin for Q3 2024 was 7.63%, a decrease of 2.65 percentage points quarter-on-quarter, primarily due to a decline in smartphone product margins and a shift in revenue structure towards lower-margin data center business [1] Revenue Forecast - Revenue projections for 2024-2026 are 1020.48 billion yuan, 1192.84 billion yuan, and 1361.74 billion yuan, respectively, with corresponding EPS of 2.88 yuan, 3.36 yuan, and 3.94 yuan [3][5] - The company is expected to maintain steady growth in traditional businesses while achieving new performance increments through data center and AIoT businesses [3] Strategic Initiatives - The company is focusing on a "2+N+3" product strategy, leveraging its leadership in the smartphone ODM sector and expanding into automotive electronics and data center businesses [1][3] - The AIoT business segment has shown remarkable growth, with a revenue increase of 241% year-on-year in the first three quarters of 2024 [1]

Company Highlights - Huqin Technology's stock price reached a historical high, increasing by 7.12% to 62.12 yuan, with a trading volume of 11.0983 million shares and a transaction amount of 674 million yuan [1] - The latest total market capitalization of Huqin Technology in A-shares is 63.107 billion yuan, while the circulating market capitalization is 15.130 billion yuan [1] Industry Overview - The electronic industry, to which Huqin Technology belongs, has an overall increase of 3.35%, with 434 stocks rising in price and 15 stocks, including Oulaixin Material and Kangxi Communication, hitting the daily limit [1] - Conversely, 32 stocks experienced price declines, with Huaying Technology, Huati Technology, and Nanjiguang showing the largest drops of 5.61%, 4.36%, and 3.91% respectively [1] Margin Trading Data - As of November 7, the margin trading balance for Huqin Technology is 280 million yuan, with a financing balance of 280 million yuan, reflecting an increase of 110 million yuan over the past 10 days, representing a growth of 64.67% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company reported a significant revenue increase in Q3, with a year-on-year growth of 45.36% and a quarter-on-quarter growth of 58.03%, driven by strong performance across various business segments, particularly in servers, high-speed network switches, and AIoT products [1][2]. - The company is expected to benefit from the upcoming consumer electronics peak season, with anticipated growth in PC and server-related businesses due to the AIPC replacement cycle and the strong demand for AI servers [6]. - The company has made strategic acquisitions, including the purchase of Easy Road and Nanchang Spring and Autumn, which are expected to enhance its competitive edge in the precision components sector and expand its customer base in North America [5][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit of 20.50 billion yuan, up 3.31% year-on-year [1]. - The company's revenue for Q3 alone reached 366.12 billion yuan, with a net profit of 7.59 billion yuan, reflecting a year-on-year increase of 8.04% [1]. - The gross margin for the first three quarters of 2024 was 9.76%, down 1.59 percentage points year-on-year, while the net margin was 2.68%, down 0.31 percentage points year-on-year [2][3]. - The company expects net profits for 2024-2026 to be 30.29 billion yuan, 36.30 billion yuan, and 41.86 billion yuan, respectively, with EPS projected at 2.98 yuan, 3.57 yuan, and 4.12 yuan [6][12].

Group 1: Financial Performance - The company achieved a record revenue of 36.6 billion CNY in Q3 2024, marking a significant increase compared to previous quarters, indicating a new phase of rapid growth [6] - The overall gross margin has declined due to increased competition in the smartphone sector and rising raw material costs, but new projects are expected to improve margins [6] - The revenue structure has shifted, with a rapid increase in data center business, particularly AI servers, which have a lower gross margin [6] Group 2: Business Growth Strategies - The company plans to enhance profitability in its data business by increasing market share among CSP clients and optimizing customer structure [7] - Continuous investment in R&D and supply chain integration is expected to improve product profitability and operational efficiency [7] - The company is entering the automotive electronics sector, leveraging its experience in the electronics industry to capitalize on the shift towards electrification and intelligence in the automotive sector [8] Group 3: Market Position and Future Outlook - The company ranks fourth globally in the notebook ODM market and aims to increase market share through technological advantages and cost competitiveness [8] - The product strategy includes expanding into PC+ products, which are expected to drive further growth [8] - Approximately 50% of the company's revenue in the first three quarters of 2024 came from USD, with limited impact from foreign exchange fluctuations due to hedging strategies [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The strategic plan "2+N+3" continues to advance, leading to comprehensive and rapid growth in performance [1] - In the first three quarters of 2024, the company achieved operating revenue of 76.01 billion yuan, a year-on-year increase of 17.2%, and a net profit attributable to the parent company of 2.05 billion yuan, a year-on-year increase of 3.3% [1] - The revenue structure shows that high-performance computing accounted for 60.4%, smart terminals 33.8%, automotive and industrial products 1.4%, and AIoT and others 4.4% [1] Financial Performance - For the first three quarters of 2024, the company reported a single-quarter revenue of 36.61 billion yuan, a year-on-year increase of 45.4% and a quarter-on-quarter increase of 58.0% [1] - The gross profit margin for the third quarter of 2024 was 7.6%, down 3.2 percentage points year-on-year [1] - The company maintains its profit forecast, expecting net profits attributable to the parent company for 2024-2026 to be 3.04 billion, 3.63 billion, and 4.13 billion yuan respectively, with corresponding EPS of 2.99, 3.57, and 4.07 yuan [2][3] Business Segments - In the high-performance computing segment, revenue doubled in the first three quarters, with significant growth in AI servers and general servers [1] - The smart terminal segment saw a substantial increase in smartphone shipments, with smart wearable products expected to grow over 50% [1] - The automotive and industrial products segment reported a year-on-year revenue increase of 81% [1]

证券代码：603296 证券简称：华勤技术 公告编号：2024-077 华勤技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案实施期限 | 2024 2 日~2025 年 2 月 | 年 | 月 | 18 | 17 日 | | --- | --- | --- | --- | --- | --- | | 预计回购金额 | 30,000 万元~40,000 万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 555.61 万股 | | | | | | 累计已回购股数占总股本比例 | 0.5469% | | | | | | 累计已回购金额 | 30,950.19 万元 | | | | | | 实际回购价格区间 | 43.18 元/股~78.31 元/股 | | | | | | 回购方案首 ...

Investment Rating - Buy (maintained) [1] Core Views - Q3 revenue achieved high growth, with Q4 gross margin expected to improve sequentially [1] - High-performance computing business expanded rapidly, driving revenue growth, particularly in laptops and servers [2] - Automotive electronics grew rapidly, with comprehensive product layout in smart cockpit, smart driving, smart connectivity, and smart vehicle control [2] - Acquisition of Yiluda to enter North American specific customer supply chain, opening long-term growth potential [3] Financial Performance - Q3 2024 revenue: RMB 36.61 billion, +45.4% YoY, +58.0% QoQ [1] - Q3 2024 net profit attributable to parent company: RMB 760 million, +8.0% YoY, +10.6% QoQ [1] - Q3 2024 gross margin: 7.6%, -3.2pct YoY, -2.7pct QoQ [1] - Q3 2024 net margin: 2.1%, -0.7pct YoY, -0.9pct QoQ [1] - 2024E revenue: RMB 106.673 billion, +25% YoY [1] - 2024E net profit attributable to parent company: RMB 2.928 billion, +8% YoY [1] Business Highlights - High-performance computing: AI PC mass production and server/switch deliveries to major clients drove revenue growth [2] - Automotive electronics: Revenue reached RMB 640 million in H1 2024, +102% YoY [2] - Acquisition of Yiluda: Expected to generate cumulative net profit of at least HKD 750 million from 2024 to 2026 [3] Valuation and Forecast - 2024E P/E: 20.1x [1] - 2025E P/E: 16.3x [1] - 2026E P/E: 13.4x [1] - 2024E EPS: RMB 2.88 [1] - 2025E EPS: RMB 3.55 [1] - 2026E EPS: RMB 4.33 [1] Financial Ratios - 2024E ROE: 12% [1] - 2025E ROE: 13% [1] - 2026E ROE: 14% [1] - 2024E debt-to-equity ratio: 47.5% [32] - 2025E debt-to-equity ratio: 140.7% [32] - 2026E debt-to-equity ratio: 53.2% [32]