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.

2024 年 10 月 29 日 公司研究●证券研究报告 电子 | 消费电子设备Ⅲ 投资评级 买入-A(维持) 股价(2024-10-29) 57.90 元 交易数据 总市值（百万元） 58,820.07 流通市值（百万元） 14,102.07 总股本（百万股） 1,015.89 流通股本（百万股） 243.56 12 个月价格区间 83.50/44.15 资料来源：聚源 升幅% 1M 3M 12M 相对收益 8.3 0.45 -3.72 绝对收益 14.27 15.57 6.45 会计年度 2022A 2023A 2024E 2025E 2026E 华勤技术（603296.SH） 公司快报 多业务齐发力，2024 年 Q3 单季度营收创新高 事件点评：公司发布 2024 年第三季度报告，公司前三个季度实现营收 760.10 亿元， 同比增长 17.15%，实现归属于上市公司股东的净利润 20.50 元，同比增长 3.31%。 多业务齐发力，单季度营收创历史新高：根据公司 2024 年 9 月 1 日发布的投资者 调研纪要显示，通过对各业务板块的成长性和预测判断，预计 2024 年公司营业收 入能够达到千亿左 ...

日均成交额（百万） 210.70 2024 年 10 月 29 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] Q3 营收创历史新高，数据中心业务倍数增长 ——华勤技术（603296）2024 年三季报点评 事件: 最近一年走势 10 月 28 日，公司发布 2024 年三季报： 2024 年前三季度，公司实现营收 760.10 亿元，同比增长 17.15%；归母 净利润 20.50 亿元，同比增长 3.31%；扣非归母净利润 16.94 亿元，同 比增长 2.50%。 2024Q3，公司实现营收 366.12 亿元，同比增长 45.36%；归母净利润 7.59 亿元，同比增长8.04%；扣非归母净利润 6.74亿元，同比下降 2.05%。 投资要点: 相对沪深 300 表现 2024/10/28 表现 1M 3M 12M 2024Q3 公司营收高速增长，期间费用控制效果显现 华勤技术 14.4% 15.7% 6.5% 沪深 300 7.0% 16.3% 11.3% 2024Q3，公司营收高速增长， ...

Revenue and Profit - Revenue for the reporting period reached RMB 36.61 billion, a year-on-year increase of 45.36%[2] - Net profit attributable to shareholders of the listed company was RMB 758.56 million, up 8.04% year-on-year[2] - Operating revenue for the first three quarters of 2024 reached 76.01 billion yuan, up 17.1% from 64.88 billion yuan in the same period last year[14] - Net profit for the first three quarters of 2024 was 2.03 billion yuan, a 4.96% increase from 1.94 billion yuan in the same period last year[15] - The increase in revenue was primarily driven by the rapid expansion of high-performance computing business[5] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 74.90 billion, a 45.42% increase compared to the end of the previous year[3] - Total current assets increased to RMB 57.79 billion as of September 30, 2024, compared to RMB 36.13 billion as of December 31, 2023[11] - Accounts receivable rose significantly to RMB 28.00 billion as of September 30, 2024, from RMB 14.37 billion as of December 31, 2023[11] - Inventory increased to RMB 10.95 billion as of September 30, 2024, compared to RMB 4.34 billion as of December 31, 2023[11] - Long-term equity investments grew to RMB 1.65 billion as of September 30, 2024, from RMB 1.15 billion as of December 31, 2023[11] - Fixed assets increased to RMB 6.99 billion as of September 30, 2024, compared to RMB 6.66 billion as of December 31, 2023[11] - Construction in progress rose to RMB 1.56 billion as of September 30, 2024, from RMB 970.78 million as of December 31, 2023[11] - Intangible assets increased to RMB 1.25 billion as of September 30, 2024, compared to RMB 1.18 billion as of December 31, 2023[11] - Deferred tax assets grew to RMB 475.50 million as of September 30, 2024, from RMB 429.14 million as of December 31, 2023[11] - Other non-current assets increased to RMB 2.18 billion as of September 30, 2024, compared to RMB 2.06 billion as of December 31, 2023[11] - Monetary funds rose to RMB 13.37 billion as of September 30, 2024, from RMB 12.76 billion as of December 31, 2023[10] - Total assets increased to 74.90 billion yuan from 51.51 billion yuan, a growth of 45.4%[12] - Total liabilities rose to 53.20 billion yuan from 30.67 billion yuan, an increase of 73.5%[12] - Short-term borrowings surged to 7.59 billion yuan from 3.84 billion yuan, a 97.5% increase[12] - Accounts payable rose to 32.40 billion yuan from 15.37 billion yuan, a 110.8% increase[12] - Total equity attributable to owners of the parent company increased to 21.62 billion yuan from 20.87 billion yuan, a 3.6% growth[13] - Minority interests improved to 84.69 million yuan from a negative 23.28 million yuan[13] Cash Flow - Operating cash flow for the period from the beginning of the year to the end of the reporting period was RMB 1.14 billion, a decrease of 32.90% year-on-year[3] - The decrease in operating cash flow was mainly due to changes in product and business structure, leading to increased cash payments for goods purchased[5] - Cash received from sales of goods and services increased to 73,632,973,519.08, up from 62,096,769,309.69 in the previous period[18] - Total cash inflow from operating activities rose to 78,220,469,018.33, compared to 67,420,415,138.65 in the previous period[18] - Net cash flow from operating activities decreased to 1,139,385,250.25, down from 1,698,012,799.91 in the previous period[18] - Net cash flow from investing activities improved to -1,223,873,070.17, compared to -2,008,802,046.51 in the previous period[19] - Net cash flow from financing activities decreased to 1,324,580,848.66, down from 6,078,566,246.21 in the previous period[19] - Net increase in cash and cash equivalents was 1,415,354,520.71, compared to 6,018,427,197.01 in the previous period[19] - Ending cash and cash equivalents balance increased to 11,645,992,595.56, up from 10,521,398,583.90 in the previous period[19] Earnings and Returns - Basic earnings per share for the reporting period were RMB 0.7510, an increase of 1.23% year-on-year[3] - Weighted average return on equity (ROE) for the reporting period was 3.55%, a decrease of 0.90 percentage points year-on-year[3] - Basic earnings per share (EPS) decreased to 2.0243 from 2.1476 in the previous period[16] - Comprehensive income attributable to the parent company's owners decreased to -62,857,111.29, compared to -130,403,932.62 in the previous period[16] - Total comprehensive income for the company increased to 1,970,670,789.83, up from 1,806,982,953.52 in the previous period[16] Expenses and Subsidies - R&D expenses increased to 3.74 billion yuan, up 12.0% from 3.34 billion yuan in the same period last year[15] - Financial expenses showed a net income of 316.99 million yuan, compared to a net income of 150.41 million yuan in the same period last year[15] - Government subsidies received during the period amounted to RMB 136.34 million[4] Business and Operational Factors - The increase in total assets was attributed to both the growth in accounts receivable due to higher revenue and the increase in inventory for production preparation[5]

证券代码：603296 证券简称：华勤技术 公告编号：2024-073 华勤技术股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票。 详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《华勤技术 股份有限公司 2024 年第三季度报告》全文。 （二）审议通过《关于增加2024年度授权管理层对外投资额度的议案》 本议案已经公司董事会战略与可持续发展委员会审议通过，同意提交董事会 审议。 一、董事会会议召开情况 华勤技术股份有限公司（以下简称"华勤技术"或"公司"）于2024年10月28日 以现场和视频通讯相结合的方式召开第二届董事会第十次会议，本次会议的通知 于2024年10月23日以电子邮件方式发出。会议应出席董事9人，实际出席会议董 事9人，本次会议由董事长邱文生先生主持。本次会议的召集、召开及表决程序 符合有关法律、行政法规、部门规章、规范性文件及《华勤技术公司章程》的规 定，表决形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于公司2024年第三季度报告的议案》 第二届董事会第十次会议决议公告 一、董事会会议召开情况 本公司董事会及全体董事保证本公告内 ...

证券代码：603296 证券简称：华勤技术 公告编号：2024-074 华勤技术股份有限公司 关于增加 2024 年度授权管理层对外投资额度的公告 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、准确性和完整性依法承担法律责任。 华勤技术股份有限公司（以下简称"公司"）为提高对外投资的决策效率， 满足公司经营发展需要，及时抓住发展机遇，拟增加 2024 年度授权管理层对外 投资额度，具体事项如下： 一、前次对外投资授权额度情况 二、增加对外投资授权额度情况 鉴于公司经营发展需要，为提高对外投资的决策效率，提请董事会增加 2024 年度授权管理层对外投资额度 300,000 万元（含本数），审议通过后，2024 年度 授权管理层累积投资总额不超过 660,000 万元（含本数）。同时调整授权范围， 1 相关投资额度的可使用范围包括但不限于：股权投资、项目投资及证券投资等对 外投资事项。上述授权额度及范围不包括根据相关法律法规及《公司章程》等规 定需经董事会或股东大会审议批准后方可实施的对外投资事项，授权期限及其它 授权内容保持不变。 三、公司履行的决策程序 ...

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：2024-075 华勤技术股份有限公司 关于对外担保的进展公告 （一）提供担保情况 根据业务经营需要，截至2024年9月30日，为全资子公司、控股子公司提供担 保情况如下： 1 被担保人名称：华勤技术股份有限公司（以下简称"公司"）的 5 家全资 子公司东莞华贝电子科技有限公司、南昌勤胜电子科技有限公司、南昌华勤电子 科技有限公司、广东东勤科技有限公司、上海勤允电子科技有限公司和 1 家控股 子公司东莞华誉精密技术有限公司。 单位：人民币亿元 本次担保金额及已实际为其提供的担保余额：本次为全资子公司、控股 子公司实际提供的担保金额 57.81 亿元人民币；截至 2024 年 9 月 30 日，公司为 全资子公司、控股子公司提供的担保余额 202.02 亿元人民币。 本次担保是否有反担保：无 | | | | | 本次签署 | 本协议项 | 是否 | 是否 | 被担保 人其他 | | --- | --- | - ...