Investment Rating - The report assigns a "Buy" rating to Huaqin Technology (603296.SS) with a 12-month price target of Rmb81.80, indicating an upside potential of 13.6% from the current price of Rmb71.99 [9]. Core Insights - Huaqin Technology's management is optimistic about the growth of its AI server business and expects continued solid growth in consumer electronics, including smartphones and PCs. The company is also exploring new business opportunities in automotive electronics and robotics [1]. - The report highlights Huaqin's diversified product lines, which have shown strong growth in data center infrastructure, smart wearables, and automotive components, contributing significantly to the company's revenue mix [6]. - Huaqin is positioned well in the smart devices market, with expectations for steady growth in smartphone shipments and leadership in smart wearables, driven by generative AI and market share gains from brand customers [6]. - The outlook for Huaqin's PC and server business remains strong, with continued market share gains in the notebook and tablet ODM markets, benefiting from the AI localization trend in China [6][7]. Summary by Sections Business Expansion - Huaqin is expanding its product lines beyond smartphones and PCs to include data center infrastructure, automotive components, and IoT products, with significant revenue growth in these areas [6]. - The data center business revenue is expected to grow at a triple-digit rate, while smart wearables and automotive components are projected to see strong double-digit growth [6]. Market Position - Huaqin has a long-standing experience in ODM for smartphones and is expected to maintain steady growth in shipments due to increasing ODM penetration rates [6]. - The company leads in the Android TWS and smartwatch segments, with generative AI driving growth and brand customers gaining market share from white box competitors [6]. Financial Projections - The report provides financial forecasts, projecting revenues of Rmb109.88 billion in 2024, increasing to Rmb209.38 billion by 2027, with corresponding EBITDA growth [9]. - Huaqin's EPS is expected to grow from Rmb2.88 in 2024 to Rmb6.31 by 2027, reflecting strong earnings growth potential [9].

2025 年 5 月 11 日 总量研究 小市值或持续占优 ——金融工程市场跟踪周报 20250511 要点 本周市场核心观点与市场复盘： 本周（2025.05.06-2025.05.09，下同）A 股震荡上涨，成交量有所修复。资金 面方面，ETF 资金整体净流出，市场冲高伴随资金止盈行为。交易情绪方面，截 至周五（2025.05.09，下同）主要宽基指数量能择时指标均发出谨慎信号。 当前市场流动性延续宽松背景下，小市值或持续占优。确定性方面，红利优势仍 将维持。"红利+小盘"杠铃组合或为市场探寻方向背景下获取相对收益的最优 选择。 本周上证综指上涨 1.92%，上证 50 上涨 1.93%，沪深 300 上涨 2.00%，中证 500 上涨 1.60%，中证 1000 上涨 2.22%，创业板指上涨 3.27%，北证 50 指数 上涨 3.62%。 截至 2025 年 5 月 9 日，宽基指数来看，创业板指处于估值分位数"安全"等级， 其余各大宽基指数处于估值分位数"适中"等级。 中信一级行业分类来看，建材、轻工制造、电力设备及新能源、国防军工、纺织 服装、计算机、综合金融处于估值分位数"危险"等级；有色金 ...

机构调研榜单中，共有239家公司获20家以上机构扎堆调研。兆威机电最受关注，参与调研的机构达到 332家；联影医疗被285家机构调研，榜单中排名第二；华勤技术、韦尔股份等分别被278家、259家机构 调研。 机构调研次数来看，曼卡龙机构调研最为密集，共获机构5次调研。伟星股份、天康生物等机构调研也 较为密集，分别被机构调研3次、2次。 近5日机构合计调研427家公司，兆威机电、联影医疗、华勤技术等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（4月29日至5月8日）两市约427家公司被机构调研，调研机构类型 显示，证券公司共对396家公司进行调研，即92.74%的上市公司调研活动有证券公司参与；基金公司调 研353家，位列其后；阳光私募机构调研260家，排名第三。 | 300979 | 华利集团 | 2 | 39 | 53.78 | -4.80 | 纺织服饰 | | --- | --- | --- | --- | --- | --- | --- | | 688512 | 慧智微 | 1 | 39 | 10.60 | 6.85 | 电子 | | 688356 | 键凯科技 | 1 | 38 | 61. ...

Core Viewpoint - Company Huqin Technology (603296.SH), a leading ODM in smart hardware, has attracted significant institutional attention, with expectations of over 20% growth in revenue and profit by 2025 despite external uncertainties [1][4]. Group 1: Financial Performance - In Q1 2023, Huqin Technology achieved approximately 35 billion yuan in revenue, a year-on-year increase of 115.65%, and a net profit attributable to shareholders of 842 million yuan, up 39.05% [3][4]. - The company has shown consistent growth in net profit since 2022, with projections indicating a net profit of 2.93 billion yuan in 2024, marking a continuous increase over the years [5][6]. Group 2: Research and Development - From 2022 to 2024, Huqin Technology's total R&D investment reached 14.767 billion yuan, reflecting a strong commitment to enhancing competitiveness [2][8]. - The company has a dedicated R&D team of 16,000 personnel and has invested a total of 20.815 billion yuan in R&D from 2020 to 2024 [9]. Group 3: Product and Market Strategy - Huqin Technology has diversified its product offerings, with significant growth in high-performance computing, smartphones, and AIoT products, leading to a balanced product structure [4][5]. - The company has established a global manufacturing footprint, with production bases in Dongguan and Nanchang in China, and VMI bases in Vietnam, Mexico, and India [9]. Group 4: Mergers and Acquisitions - Huqin Technology has actively pursued acquisitions to enhance its industry position, including a planned acquisition of 80% of Easy Road Technology International for 2.85 billion HKD [7][8]. - The company also acquired a 65% stake in Spring Autumn Electronics for approximately 348 million yuan, further consolidating its market presence [8].

| 603296 | 华勤技术 | -1.29 | 2.79 | -5995.84 | | --- | --- | --- | --- | --- | | 002230 | 科大讯飞 | -0.17 | 1.31 | -5967.15 | | 300496 | 中科创达 | 0.49 | 3.69 | -5606.19 | | 001339 | 智微智能 | -0.67 | 18.35 | -5504.24 | | 300454 | 深信服 | -3.08 | 2.89 | -4942.56 | | 688158 | 优刻得 | -1.97 | 8.17 | -4661.21 | | 301165 | 锐捷网络 | -2.85 | 12.90 | -4250.19 | | 002851 | 麦格米特 | 0.37 | 6.27 | -3837.18 | | 600588 | 用友网络 | -1.69 | 1.51 | -3748.75 | | 688111 | 金山办公 | -0.47 | 0.87 | -3727.57 | | 002364 | 中恒电气 | 1.69 | 10.16 | -2826.49 ...

Core Viewpoint - The announcement details the first unlock period of the 2023 restricted stock incentive plan for Huqin Technology, allowing 954,107 shares to be listed and traded starting May 12, 2025, following the fulfillment of specific conditions [1][5][10]. Group 1: Incentive Plan Approval and Implementation - The board of directors approved the 2023 restricted stock incentive plan on December 12, 2023, with independent directors providing opinions and the supervisory board verifying the plan [1][2]. - The company publicly disclosed the list of incentive recipients from December 19 to December 28, 2023, with no objections raised during the public notice period [2][3]. - The first extraordinary general meeting of shareholders in 2024 approved the incentive plan and related matters on January 5, 2024 [2][3]. Group 2: Unlock Conditions and Achievements - The first unlock period for the incentive plan is defined as the period from 12 months after the grant registration completion until the last trading day within 24 months [5]. - Out of 132 current incentive recipients, 125 have met the conditions for the first unlock period [6]. Group 3: Stock Listing and Trading Arrangements - The total number of shares eligible for unlock is 954,107, representing approximately 0.094% of the company's total share capital [7]. - The shares will be available for trading starting May 12, 2025, with specific transfer restrictions for directors and senior management during their tenure and for six months post-departure [7][8]. Group 4: Legal Compliance - The legal opinion confirms that the company has obtained necessary approvals and met the conditions for the unlock, complying with relevant regulations [9].

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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：603296 证券简称：华勤技术 公告编号：2025-051 华勤技术股份有限公司 关于 2023 年限制性股票激励计划首次授予部分 第一个解除限售期解除限售暨上市的公告 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 954,107股。 本次股票上市流通总数为954,107股。 本次股票上市流通日期为2025 年 5 月 12 日。 华勤技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第二届董 事会第十五次会议、第二届监事会第十二次会议，审议通过了《关于 2023 年限制 性股票激励计划首次授予部分第一个解除限售期解除限售条件成就的议案》，同意 公司为符合 2023 年限制性股票激励计划（以下简称"本激励计划"或"激励计划"） 首次授予部分第一个解除限售期解除限售条件的 125 名激励对象办理解除限售相 关事宜，本次可解除限售数量为 954,107 股，占目前公司总股本的 0.094%。现将 有关事项说明如 ...

资金流入比率方面，福日电子、水晶光电、珠海冠宇等流入比率居前，主力资金净流入率分别为 34.38%、9.29%、8.39%。（数据宝） 华为手机概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002475 | 立讯精 密 | 3.11 | 1.90 | 35288.63 | 8.16 | | 600203 | 福日电 子 | 9.97 | 6.23 | 11746.79 | 34.38 | | 603296 | 华勤技 术 | 7.94 | 3.21 | 8752.58 | 6.84 | | 002273 | 水晶光 电 | 2.24 | 3.11 | 7828.02 | 9.29 | | 300735 | 光弘科 技 | 8.10 | 4.12 | 6306.31 | 7.68 | | 300657 | 弘信电 子 | 4.99 | 8.25 | 5152.78 | 4.88 | | 000536 | ...

华勤技术股份有限公司 2024 年年度股东大会会议资料 股票代码：603296 证券简称：华勤技术 华勤技术股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 1 / 51 | 2024 | 年年度股东大会会议议程 2 | | | --- | --- | --- | | 2024 | 年年度股东大会会议须知 5 | | | 议案一： | 《关于<2024 年度董事会工作报告>的议案》 | 7 | | 议案二： | 《关于<2024 年度监事会工作报告>的议案》 | 15 | | 议案三： | 《关于<2024 年年度报告>及其摘要的议案》 | 21 | | 议案四： | 《关于<2024 年度财务决算及 年度财务预算报告>的议案》 2025 | 22 | | 议案五： | 《关于 2024 年度利润分配预案的议案》 30 | | | 议案六： | 《关于 2025 年度对外担保预计的议案》 31 | | | 议案七： | 《关于预计 2025 年日常关联交易的议案》 33 | | | 议案八： | 《关于 2025 年度外汇套期保值业务的议案》 38 | | | 议案九： | 《关于调整独 ...

计算机行业 行业研究 | 动态跟踪 透过财报看算力产业落地进度 核心观点 投资建议与投资标的 我们认为，从上市公司财报中，我们已经可以看出 AI 芯片与服务器行业受益于 AI 行业的 迅猛发展而呈现指标加速，此外，算力租赁服务企业订单的密集落地和预付账款的增 加，也预示着相关业务的落地指日可待，而 IDC 行业由于业务落地周期长，目前从行业 整体而言尚未看到财务数据变化但我们对前景也较为乐观。 风险提示 技术落地不及预期、政策落地不及预期、美国进一步制裁风险 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 05 月 05 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执 ...