记录表编号：2024-009 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 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------|------------------------------------------------------| | 投资者关系活动 \n类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 \n√其他 | √路演活动 \n（电话会议、线上视频会议） | | | | 中金公司、西部证券、德邦证券、华泰证券、海通证券、广 | | | | 发证券、工银安盛资管、建信保险资管、红土创新基金、毅 | | | | 木资产、华泰证券资管、同创佳业资管、国海证券、富国基 | | | | 金、光证自营、申万宏源证券、华福证券、信达证券、招商 | | 参与单位名称 | | 证券、国投证券、开源证券、东北 ...

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]

证券研究报告 | 公司动态点评 2024 年 11 月 04 日 华勤技术（603296.SH） Q3 营收同环比高增，内生外延增量可期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|---------|---------|---------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 92,646 | 85,338 | 100,272 | 115,635 | 133,873 | 股票信息 | | | 增长率 yoy （ % ） | 10.6 | -7.9 | 17.5 | 15.3 | 15.8 | | | | 归母净利润（百万元） | 2,564 | 2,707 | 3,02 ...

记录表编号：2024-008 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 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------|------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 □分析师会议 \n□媒体采访 √业绩说明会 \n□新闻发布会 \n□现场参观 \n√其他 | √路演活动 \n（电话会议、线上视频会议） | | | | 中邮创业基金管理股份有限公司、上海申银万国证券研究 | | | | 所有限公司、上海硅产业集团股份有限公司、 IGWT | | | Investment | 投资公司、百川财富(北京)投资管理有限公 | | | | 司、海通证券股份有限公司、杭州玖龙资产管理有限公司、 | | | 上海泾溪投资管理合伙企业(有限合伙 | ) ...

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]

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]

好感谢各位的观看那通过观看公司的宣传片我相信啊大家对华欣技术有了更多的了解那接下来呢由我为大家介绍一下公司在第三季度的相关的经营业绩的一个情况为了让大家更加全面的了解华欣啊下面呢我给各位简要的介绍一下公司所发展的历程和布局那公司从2005年成立到今天已经迈入了第19个年头 那先后经历了四个阶段第一个阶段的是2005年到2009年公司的定位主要是手机的ADH的方案设计公司那通过研发设计为手机品牌客户提供软硬件一体的PCBA的主板以及研发的服务 第二个阶段是2010年以后华擎具备了从设计研发运营采购生产制造的全链条的服务的能力之后为全球的手机品牌提供整机的ODM服务我们从IDH转型到了ODM的供应商第三个阶段是2015年之后定位是智能终端多品类的ODM的发展阶段 那我们将在手机领域里面所积累的这些核心的技术特别是一些软件的硬件的核心技术以及规模优势带来的供应链的持续整合的能力我们横向延展到了平板穿戴笔电这些多品类上那么通过这样的产品组合服务全球一线的电子消费的品牌那第四阶段的就当前我们形成了二加N加三的业务组合之后 定位为智能产品硬件平台的这样一个定位那公司的这个产品线组合呢是二加N加三二加N加三的智能产品的大平 ...

Investment Rating - Buy (Maintained) [10] Core Views - The company's Q3 2024 revenue reached 760.1 billion yuan, a YoY increase of 17.2%, with net profit attributable to the parent company at 20.5 billion yuan, up 3.3% YoY [8] - The company's Q3 2024 revenue hit a historical high of 366 billion yuan, with net profit attributable to the parent company at 7.59 billion yuan, up 8.0% YoY [8] - The company is a global leader in the smart hardware ODM industry, with over 200 million units shipped in 2021 for its "smart hardware trio" (smartphones, laptops, and tablets) [8] - The company's data business has made breakthroughs with top CSP clients, and its AIoT revenue grew 241% YoY in the first three quarters of 2024 [9] - The company's automotive and industrial revenue grew 81% YoY in the first three quarters of 2024 [9] Financial Summary - The company's total operating revenue for 2024E is projected to be 1,048.5 billion yuan, with a YoY growth rate of 22.9% [7] - Net profit attributable to the parent company for 2024E is projected to be 28.59 billion yuan, with a YoY growth rate of 5.6% [7] - The company's gross margin for 2024E is projected to be 10.4%, with ROE at 12.3% [7] - The company's EPS for 2024E is projected to be 2.81 yuan per share [7] Business Strategy - The company follows a "2+N+3" smart hardware platform strategy, focusing on smartphones and laptops while expanding into data centers, automotive electronics, and software [9] - The company's main product revenue in 2023 was 49.1 billion yuan for high-performance computing, 31.3 billion yuan for smart terminals, 1.6 billion yuan for AIoT, and 800 million yuan for automotive and industrial products [9] - The company expects smartwatch sales to grow over 50% in 2024, with TWS耳机 sales potentially doubling [9] Market Position - The company ranks 16th in the 2022 Top 100 Electronic Information Enterprises and 213th in the 2023 Fortune China 500 [8] - The company's major clients include Samsung, OPPO, Xiaomi, vivo, Amazon, Lenovo, Acer, Asus, and Sony [9] - The company's top five clients accounted for 65%-72% of its revenue from 2020 to 2023 [9] Global Layout - The company has a "1+5+5" global layout, with its headquarters in Shanghai, five R&D centers, two domestic manufacturing centers, and three overseas manufacturing bases [10]

Summary of Huaying Technology Q3 2024 Earnings Call Company Overview - **Company**: Huaying Technology - **Industry**: Technology, specifically focusing on smart terminals, high-performance computing, AIoT, and automotive products Key Financial Metrics - **Revenue**: 76 billion (CNY) for the first three quarters of 2024, a year-on-year increase of 17% [1] - **Net Profit**: 2.05 billion (CNY), a year-on-year increase of 3.3% [2] - **Net Assets**: 21.6 billion (CNY), total assets of 74.9 billion (CNY), a year-on-year increase of 28.4% [2] - **Gross Margin**: 9.8% for the first three quarters, with slight fluctuations due to business structure changes [3] Revenue Breakdown by Business Segment - **Smart Terminals**: 24.4 billion (CNY), 33.8% of total revenue - **High-Performance Computing**: 43.6 billion (CNY), 60.4% of total revenue - **AIoT**: 3.2 billion (CNY), 4.4% of total revenue - **Automotive and Industrial Products**: 1 billion (CNY), 1.4% of total revenue [2] Growth Highlights - **Data Business**: Over 100% year-on-year growth compared to 2023 [2] - **AIoT Products**: 241% year-on-year growth [2] - **Automotive and Industrial Products**: 81% year-on-year growth [2] - **Non-mobile Business Revenue**: Over 70% of total revenue, indicating diversification [3] Business Segment Insights Smart Terminals - Huaying is a leading player in the smartphone market, with a strong market share and customer partnerships [4] - The wearable product segment is expected to see over 50% growth in smartwatches and a doubling of TWS earphone sales [5] High-Performance Computing - The segment includes laptops, tablets, and data center products, accounting for 60% of total revenue [5] - Data center products have seen a 130% year-on-year growth [6] AIoT - The company is a major supplier for U.S. tech companies in smart home products and is optimistic about growth in XR (Extended Reality) products [7][8] Automotive and Industrial Products - Currently in the investment phase, focusing on smart cockpit and intelligent driving products [9] Future Outlook - **Revenue Growth**: Expected to maintain growth momentum into Q4 and beyond, with a target of 300 billion (CNY) in revenue for the next year [13][20] - **R&D Investment**: Continuous increase in R&D expenses, up 12% year-on-year, to support new business areas [3] - **Market Positioning**: Aiming to be in the top three in the industry for data business within two to three years [20] Challenges and Risks - **Gross Margin Pressure**: Margins have been affected by competitive pricing in the mobile segment and increased costs in data business [14][16] - **Market Competition**: Intense competition in the smartphone ODM market, but a more rational competitive landscape is anticipated post-IPO of major players [26][27] Strategic Initiatives - **Global Manufacturing Expansion**: Establishing production facilities in Vietnam, India, and Mexico to mitigate trade risks and meet diverse customer needs [10][37] - **Digital Transformation**: Enhancing operational efficiency through digitalization and automation to improve ROE [10] Conclusion Huaying Technology is positioned for robust growth across its diverse business segments, with a strong focus on innovation and market expansion. The company is navigating challenges in gross margins and competition while strategically investing in R&D and global manufacturing capabilities to sustain its growth trajectory.