上 市 公 司 电子 2024 年04月 25 日 华勤技术 (603296) 公 司 研 究 ——Arm 及 x86 双硬件平台，PC、数据中心稳步拓展 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公告：2023年营业收入853.38亿元，同比-7.89%，归母净利润27.07亿元，同比+5.59%； 2024Q1营业收入162.29亿元，同比-3.52%，归母净利润6.06亿元，同比+2.59%。季 证 市场数据： 2024年04月25日 报业绩符合预期。1Q24 营收 162 亿元，同比-3.5%；季度毛利率 13.82%，同比提升 券 收盘价（元） 67.7 研 一年内最高/最低（元） 85.25/50.85 0.8pct，环比改善2.6pct；1Q24净利率3.67%，同比提升0.3pct。 究 市净率 2.3 报 息率（分红/股价） -  华勤技术成立于2005年，“智能硬件三大件”（智能手机、笔记本电脑和平板电脑）2021 告 流通A股市值（百万元） 4030 年出货量超 2亿台，位居全球智能硬件 ODM行业第一。据公司公告，2023年华勤智能 上证指数/ ...

消费电子设备 华勤技术（603296.SH） 买入-A(首次) 24年一季度业绩稳健增长，高性能计算充分受益 AI 大浪潮 2024年4月26日 公司研究/公司快报 公司上市以来股价表现 事件描述  公司公告2023年业绩：收入853.38亿元，同比-7.89%；归母净利润27.07 亿元，同比+5.59%。收入及归母净利润符合前期业绩预告。  公司公告2024年一季度业绩：收入162.29亿元，同比-3.52%；归母净 利润6.06亿元，同比+2.59%；扣非归母净利润5.30亿元，同比+43.14%；毛 利率13.82%，同比提升0.81pct，环比提升2.56pct。 事件点评 市场数据：2024年4月25日  智能终端业务受行业需求影响收入下滑，毛利率稳健上行。智能终端业 收盘价（元）： 67.70 务2023年实现收入312.72亿元，同比-22.95%，毛利率12.30%，同比增长 年内最高/最低（元）： 85.25/50.85 1.17pct。公司手机ODM业务不断壮大，当前是国内外众多终端品牌ODM 流通A股/总股本（亿）： 0.62/7.26 供应商，伴随ODM模式的渗透率提升，公司有 ...

证券研究报告：电子 | 公司点评报告 2024年4月25日 股票投资评级 华勤技术(603296) 买入|维持 盈利能力持续提升，高性能计算业务表现亮眼 个股表现 ⚫ 投资要点 ODMM 协同增效，扣非净利润高速增长。2023 年公司实现营业收 华勤技术 电子 13% 入853.38亿元，同比减少7.89%;归母净利润27.07亿元，同比增长 9% 5% 5.59%，扣非归母净利润21.63亿元，同比增长15.77%，全年综合毛 1% -3% 利率11.33%，同比增长1.48%;单季度来看，2024年Q1实现营业收入 -7% -11% 162.29 亿元，同比减少 3.52%，实现归母净利润 6.06 亿元，同比增 -15% -19% 长2.59%；扣非净利润5.30亿，同比增长43.14%，毛利率13.82%， -23% 同比增长 0.81%。从产品结构来看，2023 年高性能计算业务占比 -27% -31% 2023-08 2023-09 2023-11 2024-01 2024-03 2024-04 59.28%，智能终端业务占比37.77%，AIOT业务占比1.96%，汽车及工 业产品占比0.99% ...

2024年第一季度报告 证券代码：603296 证券简称：华勤技术 华勤技术股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 ...

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 12 yuan per 10 shares (tax included) and a capital reserve of 4 shares per 10 shares for the 2023 fiscal year[2] - The company's 2023 annual profit distribution plan has been approved by the second board of directors and requires approval at the 2023 annual shareholders' meeting[2] - 2023 annual profit distribution plan: 12 yuan per 10 shares in cash dividends (including tax) and 4 shares per 10 shares in capital reserve conversion[133] - Cash dividend amount (including tax): 869,281,516.80 yuan[135] - Net profit attributable to ordinary shareholders of the listed company in the consolidated financial statements for the dividend year was 2,706,874,614.61 RMB, accounting for 32.11% of the net profit attributable to ordinary shareholders in the consolidated financial statements[136] Subsidiaries and Business Operations - The company has multiple wholly-owned subsidiaries, including Dongguan Heqin, Dongguan Huabei, and Guangdong Dongqin, among others[5] - The company's subsidiaries are involved in various sectors such as electronics, communications, and technology[5] - The company's subsidiary, Dongguan Huabei Electronics Technology Co., Ltd., reported total assets of 1,808,923.68 thousand yuan and a net profit of 24,623.96 thousand yuan[74] - The company's subsidiary, HUAQIN TELECOM HONGKONG LIMITED, reported total assets of 1,342,505.47 thousand yuan and a net profit of 11,033.52 thousand yuan[74] - The company's subsidiary, Nanchang Huaqin Electronics Technology Co., Ltd., reported total assets of 1,216,017.86 thousand yuan and a net profit of 21,848.83 thousand yuan[74] - The company's subsidiary, Nanchang Qinsheng Electronics Technology Co., Ltd., reported total assets of 405,422.46 thousand yuan and a net profit of 3,686.15 thousand yuan[74] Risk Management and Governance - The company has a comprehensive risk management system in place, as detailed in the "Management Discussion and Analysis" section[2] - The company has no instances of non-operational fund occupation by controlling shareholders or related parties[2] - The company has no violations in decision-making procedures for external guarantees[2] - The company has no instances where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[2] - The company strictly adheres to regulatory requirements and has established a governance system in accordance with the "Corporate Governance Guidelines" and "Shanghai Stock Exchange Listing Rules"[100] - The company's 2023 annual report indicates no significant differences in corporate governance compared to legal, administrative regulations, and CSRC requirements[101] Financial Performance - Revenue for 2023 was RMB 85,338,484,213.69, a decrease of 7.89% compared to 2022[20] - Net profit attributable to shareholders in 2023 was RMB 2,706,874,614.61, an increase of 5.59% compared to 2022[20] - Net cash flow from operating activities in 2023 was RMB 3,849,779,748.50, an increase of 49.96% compared to 2022[22] - Total assets at the end of 2023 were RMB 51,509,637,668.01, an increase of 17.55% compared to the end of 2022[22] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was RMB 2,163,075,486.67, an increase of 15.77% compared to 2022[22] - Shareholders' equity attributable to the parent company at the end of 2023 was RMB 20,866,331,546.74, an increase of 68.51% compared to the end of 2022[22] - Revenue for 2023 was RMB 85.338 billion, a decrease of 7.89% compared to RMB 92.646 billion in 2022[28] - Net profit attributable to shareholders in 2023 was RMB 2.707 billion, an increase of 5.59% compared to RMB 2.564 billion in 2022[28] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was RMB 2.163 billion, an increase of 15.77% compared to RMB 1.868 billion in 2022[28] - Basic earnings per share in 2023 were RMB 3.9690, an increase of 0.91% compared to RMB 3.9331 in 2022[23] - Diluted earnings per share in 2023 were RMB 3.9690, an increase of 0.91% compared to RMB 3.9331 in 2022[23] - Weighted average return on equity in 2023 was 16.76%, a decrease of 6.59 percentage points compared to 23.35% in 2022[23] - Revenue for Q2 2023 was RMB 22.877 billion, Q3 2023 was RMB 25.186 billion, and Q4 2023 was RMB 20.453 billion[25] - Net profit attributable to shareholders for Q2 2023 was RMB 691.644 million, Q3 2023 was RMB 702.098 million, and Q4 2023 was RMB 722.880 million[25] - Non-recurring gains and losses in 2023 totaled RMB 695.224 million, compared to RMB 850.025 million in 2022[26] - The company's trading financial assets increased by RMB 2.128 billion in 2023, reaching RMB 2.728 billion at the end of the year[27] - Revenue from high-performance computing increased by 1.96% to RMB 49.09 billion[47] - Revenue from smart terminals decreased by 22.95% to RMB 31.27 billion[47] - Revenue from AIoT and other products surged by 466.53% to RMB 1.62 billion[47] - Production volume of AIoT and other products increased by 368.36% to 616,000 units[49] - Sales volume of smart terminals increased by 15.25% to 15.898 million units[49] - Cost of sales for AIoT and other products increased by 506.58% to RMB 1.30 billion[51] - Cost of sales for smart terminals decreased by 23.97% to RMB 27.42 billion[51] - Top 5 customers accounted for 64.60% of total annual sales, with sales amounting to 5,513,232.38 million yuan[52] - Top 5 suppliers accounted for 38.63% of total annual procurement, with procurement amounting to 2,682,797.16 million yuan[52] - Sales expenses increased by 14.66% to 237,508,227.06 yuan due to new business expansion[53] - Management expenses increased by 10.25% to 2,166,610,450.91 yuan due to employee compensation and depreciation[53] - R&D expenses decreased by 9.90% to 4,547,527,195.41 yuan, with R&D investment accounting for 5.33% of total revenue[55][56] - Net cash flow from operating activities increased by 49.96% to 3,849,779,748.50 yuan[58] - Net cash flow from financing activities surged by 331.71% to 5,437,304,918.75 yuan[58] - Monetary funds increased by 62.47% to 12,755,989,377.12 yuan, accounting for 24.76% of total assets[59] - Trading financial assets increased by 358.35% to 2,777,109,318.24 yuan, accounting for 5.39% of total assets[59] - Total overseas assets amounted to RMB 16,195,473,261.33, accounting for 31.44% of total assets[60] - HUAQIN TELECOM HONGKONG LIMITED reported revenue of RMB 96,833,423,894.94 and net profit of RMB 110,335,175.11[61] - Restricted assets at the end of the reporting period totaled RMB 5,836,054,526.51, with RMB 2,413,666,870.54 in restricted cash due to bill guarantees[62] - The company's total financial assets measured at fair value increased to RMB 5,312,058,743.11, with a significant rise in trading financial assets to RMB 2,728,153,568.76[64] - The company's stock investments in companies like Geke Micro (688728) and Tiande Yu (688252) showed significant fair value changes, with total stock investments amounting to RMB 676,488,576.48[66] - The company's private equity investments totaled RMB 1,220,014,385.55, with notable investments in Suzhou Fenhu Qinhe Venture Investment Center and Dongguan Qinhe Venture Investment Center[67] - The company's derivative investments for hedging purposes resulted in an actual loss of -709.319 million yuan in the reporting period[70] - The total initial investment in derivatives was 69.4 million USD, with a final book value of 3.34129 million yuan, accounting for 0.16% of the company's net assets at the end of the reporting period[68] - The company's hedging strategy effectively mitigated the adverse impact of exchange rate fluctuations, with the overall hedging effect meeting expectations[70] Strategic Partnerships and Market Position - The company has strategic partnerships with global tech giants such as Apple, Amazon, Google, Meta, Tesla, Samsung, Tencent, Alibaba, Baidu, ByteDance, Huawei, Xiaomi, Lenovo, OPPO, vivo, and Honor[8] - Key industry partners include 工业富联, 立讯精密, 歌尔股份, 浪潮信息, 闻泰科技, 龙旗科技, and 德赛西威[8] - The company has established a leading position in the global consumer electronics ODM market, with significant ecosystem effects in both smartphones and laptops, and is one of the few companies capable of R&D based on both ARM and X86 architectures[32] - The company's smartphone ODM business remains stable, with global ODM penetration expected to continue rising, and its laptop ODM business has entered the global top four, with market share steadily increasing[33] - The company's data product business has grown rapidly, offering a full-stack product portfolio including AI servers, general servers, and storage servers, driven by the increasing importance of data centers in supporting AI and IoT infrastructure[33] - The company's automotive electronics business has achieved mass production of mainstream products, with breakthroughs in smart cockpit, smart vehicle control, smart connectivity, and smart driving, and plans to expand into Japanese, European, and US markets[33] - The company's smartphone ODM business has become a key supplier for multiple well-known domestic and international terminal manufacturers, solidifying its position as a global leader in the smartphone ODM field[34] - The company's wearable products, including smartwatches, TWS earbuds, and smart bands, have entered the supply chains of several well-known brands, with future growth expected as health monitoring features and AI applications in TWS earbuds increase[34] - The company's laptop ODM business has entered the global top four, with a comprehensive product portfolio including laptops, all-in-ones, and desktops[36] - The company's data product business achieved a 3x revenue growth in 2023, with AI servers making their debut[41] - The company has established a full-stack self-research capability in the automotive electronics field, including hardware, software, HMI, and testing[37] - The company's AIoT business has achieved stable growth in VR and gaming product shipments, contributing to sustainable revenue growth[38] - The company's ODMM core capabilities include efficient operation, R&D design, advanced manufacturing, and precision structural components, maintaining its leading position in the smart hardware ODM industry[39] - The company has built a platform-type positioning, expanding into multiple growth curves such as servers and automotive electronics, leveraging its technical migration capabilities[40] - The company's data center business has accumulated rich industry experience and technical expertise, providing full-stack product combinations from general servers to AI servers[41] - The company's end-to-end digital management capabilities have significantly improved operational efficiency and reduced costs, supported by its self-developed IBP system[42] - The company has established a stable customer matrix and strategic cooperation with well-known smart hardware brands and internet companies, forming a deep cooperative relationship[44] - The company has built a high-level R&D team of over 10,000 people, maintaining its technical advantages and achieving rapid business growth[45] ESG and Sustainability - The company has established a comprehensive ESG governance structure, including a Board of Directors, Strategy and Sustainability Committee, ESG Executive Committee, and ESG Office, to ensure effective sustainability management[33] - The company invested 18.801 million RMB in environmental protection during the reporting period[141] - The company's wastewater and exhaust emissions met standards, with no instances of excessive emissions reported[141] - Dongguan Huabei Electronic Technology Co., Ltd. has 7 organized emission outlets for waste gas and 5 for wastewater, with no超标 emissions[142] - Guangdong Dongqin Technology Co., Ltd. has 4 organized emission outlets for waste gas and 2 for wastewater, with no超标 emissions[142] - Guangdong Qiyang Technology Co., Ltd. has 2 organized emission outlets for waste gas and 2 for wastewater, with no超标 emissions[142] - Guangdong Ruiqin Technology Co., Ltd. has 2 organized emission outlets for waste gas and 7 for wastewater, with no超标 emissions[142] - Dongguan Huayu Precision Technology Co., Ltd. has 11 organized emission outlets for waste gas and 1 for wastewater, with no超标 emissions[142] - Guangdong Xiqin Precision Mold Co., Ltd. has 13 organized emission outlets for waste gas and 2 for wastewater, with no超标 emissions[142] - All pollution prevention facilities, including 58M high exhaust stacks and rainwater-sewage diversion pipelines, are operating normally across various subsidiaries[144] - Environmental impact assessment and other environmental protection administrative permits have been obtained by all subsidiaries, with the earliest permit dated 2015/6/9[145] - The company reduced CO2 emissions by 33,920.30 tons in 2023[151] - The company implemented 15 major energy-saving projects across all manufacturing centers, including 312 management energy-saving initiatives and 71 technical energy-saving initiatives[153] - The company built five distributed photovoltaic power generation facilities with a total installed capacity of 19.5MW[153] - The company plans to separately disclose the 2023 Sustainability Report[154] - The company invested a total of 344,100 yuan in external donations and public welfare projects, benefiting 4,853 people[155] - Total investment in poverty alleviation and rural revitalization projects: 250,000 RMB, benefiting 954 people[157] Corporate Governance and Leadership - The company operates under the governance of the 《公司法》 and 《公司章程》[8] - The 《公司章程（草案）》 is applicable post the initial public offering and listing on the main board[8] - The company held its first temporary shareholders' meeting on February 27, 2023, approving adjustments to the IPO plan and related matters[101] - The 2022 annual shareholders' meeting on March 15, 2023, approved the 2022 financial report, 2023 financial budget, and profit distribution plan[101] - The company's chairman and CEO, Qiu Wensheng, holds 34,698,600 shares, with an annual remuneration of 2.5795 million RMB[103] - The total annual remuneration for the company's directors, supervisors, and senior management in 2023 was 31.5559 million RMB[103] - Qiu Wensheng, born in 1973, serves as the Chairman and General Manager of the company since November 2020, with extensive experience in the telecommunications industry[105] - Cui Guopeng, born in 1976, is the Vice Chairman and head of the Strategy Investment Department, with a strong background in marketing and strategy[105] - Wu Zhenhai, born in 1971, is the Director and Senior Vice President in charge of the Process and IT system, with a focus on R&D and quality systems[105] - Chen Xiaorong, born in 1971, is the Director and Senior Vice President in charge of Human Resources and Planning, with expertise in supply chain management[105] - Deng Zhiguo, born in 1977, holds a bachelor's degree in Applied Electronics Technology and has a background in electronic engineering[105] - Xi Pinghua, born in 1973, holds a Master's degree in Financial Accounting and Business Administration, and has served as the company's financial director since November 2020[106] - Jiao Jie, born in 1972, holds a Ph.D. in Strategic Management and Public Policy, and has been an independent director of the company since November 2020[106] - Hu Saixiong, born in 1967, served as Vice President of CATL from January 2019 to July 2020 and has been an independent director of the company since November 2020[106] - Huang Zhiguo, born in 1977, holds a Master's degree in Business Administration and has been an independent director of the company since November 2020[106] - Cai Jianmin, born in 1962, has been the Chairman of the Supervisory Board since November 2020, with extensive experience in quality management[106] - Yi Weijia, born in 1979, holds a Bachelor's degree in Theoretical and Applied Mechanics and has extensive experience in engineering roles across various companies[106] - Zhang Haibing, born in 1979, currently serves as a senior hardware R&D personnel in the company's First Business Unit and has been a supervisor since November 2020[107] - Zou Zongxin, born in 1972, holds an EMBA degree from CEIBS and currently serves as the company's Vice President and SVP of the XBG system[107] - Zhang Wenguo, born in 1979, currently serves as the company's Vice President and SVP of the CBG and ABG centers[107] - Wang Shichao, born in 1976, currently serves as the company's Vice President and SVP of the Operations Center[107] - Lian Ming, born in 1981, currently serves as the company's Vice President and SVP of the Marketing System[107] - Nie Zhigang, born in 1976, currently serves as the

公司研究 | 首次报告 华勤技术 603296.SH 智能硬件 ODM 全球龙头，AI 赋能多品类 买入（首次） 股价（2024年04月01日） 76.4元 共生成长 目标价格 110.76元 52周最高价/最低价 85.25/50.85元 总股本/流通A股（万股） 72,580/5,953 A股市值（百万元） 55,451 核心观点 国家/地区 中国 行业 电子 ⚫ 智能硬件平台型 ODM 龙头企业，多品类智能硬件共生发展。公司深耕智能硬件 报告发布日期 2024年04月02日 ODM行业十余年，现已成为全球手机ODM龙头企业，23H1占据全球3成份额，同 时笔记本 ODM 业务正快速突破台湾厂商份额，服务器 ODM 业务也在快速崛起， 23Q3公司非手机业务营收占比已至7成。在多品类终端持续贡献增长动能的布局下 1周 1月 3月 12月 绝对表现 2.33 4.23 -4.37 公司实现业绩高增，2019-2022 营收 CAGR 38%，利润 CAGR 高达 72%。未来 相对表现 0.35 2.6 -9.17 “2+N+3”（“智能手机+笔记本电脑”+“消费类电子产品”+“企业级数据中心产 沪深300 ...

证券代码：603296 证券简称：华勤技术 华勤技术股份有限公司 投资者关系活动记录表 记录表编号：2024-003 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 √其他 （电话会议、线上视频会议） 招商基金、富国基金、博时基金、鹏华基金、景顺长城基 金、圆信永丰基金、淳厚基金、华能贵诚信托、华能信托、 人保养老、方正人寿、LyGH Capital、泰康（香港）、海通 参与单位名称 证券、国海证券、华创证券、西南证券、国金证券、国泰君 （排名不分先 安、东吴证券、中信建投、招商证券、新华资产、信达证 后） 券、非马投资、混沌投资、上海任行投资、亘曦资产、上海 格传私募基金、上海至顺资产管理、睿亿投资、明涧投资、 上海宁涌富私募、犁得尔 时间 2024年3月12日至2024年3月21日 ...

华福证券 消费电子零部件及组装 2024年03月20日 公 司 华勤技术（ ） 603296.SH 买入（首次评级） 研 究 全球领先的平台型 ODM，品类扩张与卓越品质 当前价格： 76.14元 目标价格： 91.21元 助力成长 基本数据 投资要点： 总股本/流通股本(百万股) 725.80/61.55 流通A股市值(百万元) 4,686.79  手机IDH起家，逐步成长为全球领先的平台型ODM企业。 每股净资产(元) 27.71 资产负债率(%) 65.64 华勤技术成立于2005年，由功能手机IDH业务转型进入ODM领域，产品由功能机逐 一年内最高/最低价(元) 85.25/50.85 步向智能手机、平板电脑、笔记本电脑、智能穿戴、AIOT等品类延伸，目前已成为全 一年内股价相对走势 球头部的平台型ODM企业，根据Counterpoint数据显示，2021年华勤技术在全球“智 公 能硬件三大件”（智能手机、笔记本电脑以及平板电脑）出货量超2亿台，在智能硬件 司 ODM/IDH行业位居全球第一。此外，公司在2017年起前瞻布局数据中心与汽车电子 深 业务，不断拓展业务版图，致力于打造以智能手机、笔记本 ...

个股评级：买入 华勤技术（603296.SH）：内筑智能手机、电脑 业务基底，外拓服务器、汽车电子“枝干” 研 究 员 高宏 ...

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