证券代码：603296 证券简称：华勤技术 公告编号：2025-053 华勤技术股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.9元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 14 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律 ...

Investment Rating - The report does not provide a specific investment rating for Longcheer (603341.SS) but indicates a positive long-term growth outlook for the company [1][4]. Core Insights - Longcheer is positioned as a market leader in the smartphone ODM sector with a global market share of 33% in 2024, although margins are currently affected by rising raw material costs [4][8]. - The company is optimistic about new business segments, particularly AI glasses and automotive electronics, which are expected to drive future growth [1][8]. - Management anticipates a recovery in margins in 2025 as raw material prices normalize, despite a saturated smartphone market [4][8]. Summary by Sections Smartphone ODM Outlook - Longcheer's smartphone ODM business holds a 33% global market share as of 2024, reflecting its leadership position [4]. - Current margins are pressured by increased raw material costs, but a recovery is expected in 2025 as prices stabilize [4]. - The smartphone market is viewed as saturated, yet AI applications may provide avenues for growth [4][8]. Development of New Business - The AI glasses segment is expected to see increased demand in 2025, supported by new foundational models [8]. - The penetration rate for AI PCs is projected to rise, contributing to a product replacement cycle [8]. - Longcheer's smart cockpit products are in testing and have begun to enter local car OEMs, indicating growth potential in automotive electronics [8].

Investment Rating - The report does not provide a specific investment rating for Longcheer (603341.SS) as it is categorized as "Not Covered" [1]. Core Insights - Longcheer is optimistic about its long-term growth prospects, driven by market share expansion in PCs and new opportunities in AI glasses and smart cockpit technology [1][7]. - The smartphone ODM business holds a global market share of 33% as of 2024, with expectations for margin recovery in 2025 due to stabilizing raw material prices [4][7]. - The company is entering new business segments, including AI glasses and automotive electronics, which are expected to contribute to growth [7]. Summary by Relevant Sections Company Overview - Longcheer (603341.SS) was established in 2002 and has become a global leader in consumer electronics ODM, with a diverse product line including smartphones, PCs, tablets, smart wearables, and automotive electronics [3]. Smartphone ODM Outlook - The smartphone ODM business is projected to recover margins in 2025 as raw material prices normalize, despite a saturated market [4][7]. - AI applications are anticipated to support future market growth, alongside increasing penetration rates in smartphone ODM [4]. New Business Development - The AI glasses segment is expected to see positive demand driven by new foundational models, while the penetration of AI PCs is projected to rise, enhancing the product replacement cycle [7]. - Longcheer's smart cockpit products are currently in testing and have begun to enter several local car OEMs, indicating a promising growth trajectory [7].

Investment Rating - The report assigns a "Buy" rating to Huaqin Technology with a 12-month price target of Rmb81.80, indicating an upside potential of 19.9% from the current price of Rmb68.20 [9]. Core Insights - Huaqin Technology is expected to achieve double-digit revenue growth in 2025, driven by its data center business, consumer electronics, and new ventures in automotive electronics and robotics [1][2][3]. Summary by Sections Data Center Business - Huaqin's data center product lines include AI servers, general servers, and switches, primarily targeting China cloud service providers (CSPs). The company is optimistic about ramping up its AI server production, benefiting from market share gains and increased capital expenditures in AI infrastructure in China [2][3]. Consumer Electronics - The management anticipates double-digit year-over-year growth in its PC business for 2025. The smartphone segment is expected to benefit from growing market share in the Android ODM market. Additionally, there are growth opportunities in smart wearables, driven by brand customers expanding their market share and the introduction of AI-powered wearables [3][4]. New Business Ventures - Huaqin has made strategic moves into automotive electronics and robotics, including the acquisition of HCTRobot to enhance its robotics capabilities. The company has established an R&D team focused on developing industrial robotics prototypes and is working on a smart driving domain controller [4][7]. Financial Projections - The report projects Huaqin's revenue to grow from Rmb109.88 billion in 2024 to Rmb209.38 billion by 2027. EBITDA is expected to increase from Rmb3.28 billion in 2024 to Rmb8.43 billion in 2027, with EPS projected to rise from Rmb2.88 to Rmb6.31 over the same period [9].

Core Insights - The 2025 Global Investor Conference held in Shenzhen focused on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] - Niu Junling, a partner at Yuanhe Puhua Fund, discussed the trends and changes in China's semiconductor industry, highlighting the impact of AI on revenue growth in integrated circuits [1] - The semiconductor industry in China has made significant advancements, with many segments transitioning from domestic substitution to intense competition, leading to mergers and innovations [2] Investment Strategy - Yuanhe Puhua's investment strategy is evolving, focusing on hard technology and original innovation, shifting from a "spindle-shaped" to a "dumbbell-shaped" investment model [4] - The firm is concentrating on minority equity investments in areas like semiconductor equipment, materials, and EDA/IP, as well as mergers and acquisitions to strengthen domestic leading enterprises [4][5] - The focus on mergers includes helping traditional companies transform and develop new growth avenues through acquiring hard technology assets [5] AI Impact on Semiconductor Industry - AI technology is enhancing semiconductor design by automating repetitive tasks, allowing developers to focus on more valuable work [5] - In manufacturing, AI is improving production intelligence and defect detection, significantly increasing efficiency and accuracy [5]

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 | | | | --- | --- | --- | ...