Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 34.998 billion yuan in Q1 2025, representing a year-on-year increase of 115.7% [6][7] - The net profit attributable to the parent company for Q1 2025 was 842 million yuan, showing a year-on-year growth of 39.1% [6][7] - The company has established itself as a leader in the ODM industry for smart hardware, with significant growth in data center and PC segments [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 120.52 billion yuan, with a year-on-year growth rate of 9.7% [6][9] - The net profit attributable to the parent company is forecasted to be 3.502 billion yuan for 2025, reflecting a growth rate of 19.7% [6][9] - The company’s gross margin is expected to be 10.2% in 2025, with a return on equity (ROE) of 13.4% [6][9] Business Overview - The company has a strategic upgrade to a 3+N+3 smart hardware platform, focusing on smartphones, PCs, and data centers as core businesses [7] - The revenue structure for 2024 includes high-performance computing at 63.22 billion yuan, smart terminals at 35.32 billion yuan, and AIoT and other products at 4.67 billion yuan [7] - The company has developed a full-stack product offering in the data business, becoming a core supplier for several domestic CSP manufacturers [7] Client Base and Global Presence - Major clients include well-known brands such as Samsung, OPPO, Xiaomi, and Amazon [7] - The company has a global layout with headquarters in Shanghai and multiple R&D centers across China, as well as manufacturing bases in Vietnam and Mexico [7]

Core Viewpoint - The company reported strong revenue growth driven by high-performance computing and effective cost control, with expectations for continued growth in 2025. Financial Performance - In 2024, the company achieved revenue of 109.878 billion yuan, a year-on-year increase of 28.76%, and a net profit of 2.926 billion yuan, up 8.1% year-on-year [1] - In Q4 2024, revenue reached 33.868 billion yuan, a year-on-year increase of 65.58%, with a net profit of 876 million yuan, up 21.25% year-on-year [1] - In Q1 2025, revenue was 34.998 billion yuan, a year-on-year increase of 115.65%, with a net profit of 842 million yuan, up 39.04% year-on-year [2] Business Segments - High-performance computing generated revenue of 63.2 billion yuan in 2024, a year-on-year increase of 28.79%, accounting for 57.54% of total revenue [4] - Data center revenue grew by 179% year-on-year, while the notebook and smart terminal segments also saw significant growth [4] - AIoT and other segments reported revenue of approximately 4.672 billion yuan, a year-on-year increase of 187.93% [4] - Automotive electronics revenue was approximately 1.562 billion yuan, a year-on-year increase of 91% [4] Strategic Initiatives - The company is advancing its "3+N+3" strategic upgrade, focusing on personal digital terminal hardware, office productivity hardware, and data center infrastructure [5] - Increased R&D investment and the establishment of a global R&D headquarters in Shanghai are part of the strategy to enhance product offerings and supply chain resilience [5] - The company anticipates overall revenue growth of over 20% in 2025, supported by a robust supply chain and inventory management [5] Profit Forecast - Revenue projections for 2025-2027 are 135.254 billion yuan, 162.791 billion yuan, and 191.553 billion yuan, respectively, with net profits of 3.538 billion yuan, 4.165 billion yuan, and 4.778 billion yuan [6] - The expected EPS for the same period is 3.48 yuan, 4.10 yuan, and 4.70 yuan per share, with corresponding PE ratios of 19, 16, and 14 [6]

Core Insights - The company's operational performance continues to show high growth momentum since Q3 2024, with a strong start in 2025. Q1 revenue increased by 115.7% year-on-year, and net profit attributable to shareholders grew by 39.1%, with gross margin recovering for two consecutive quarters [1][2] - The company upgraded its "3+N+3" global smart product platform strategy, focusing on mature businesses in smartphones, personal computers, and data centers, while also experiencing rapid growth in smart wearables, AIoT, and automotive sectors, demonstrating strong expansion capabilities and competitiveness across diverse fields [1][3] - The company is actively expanding into emerging markets, particularly in the robotics sector, through both external acquisitions and internal development, establishing a solid foundation for the growth of its robotics business [1][7] Financial Performance - In 2024, the company achieved operating revenue of 109.88 billion yuan, a year-on-year increase of 28.8%, and a net profit of 2.93 billion yuan, up 8.1% year-on-year, with a gross margin of 9.3%, down 2.03 percentage points [2] - In Q1 2025, the company reported operating revenue of 35 billion yuan, a year-on-year increase of 115.7% and a quarter-on-quarter increase of 3.3%, with a net profit of 840 million yuan, up 39.1% year-on-year but down 3.9% quarter-on-quarter, and a gross margin of 8.4%, up 0.15 percentage points [2] Strategic Developments - The upgraded "3+N+3" product strategy has led to stable growth through diversified layouts, with non-mobile business revenue accounting for over 70% of total revenue [3] - The smart terminal business generated revenue of 35.32 billion yuan in 2024, a year-on-year increase of 12.9%, accounting for 33.7% of total revenue, with significant growth in smart wearables, which saw a shipment increase of over 74.7% year-on-year [3][4] - The high-performance computing business achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.8%, accounting for 60.3% of total revenue, with notable growth in data center products, which increased by approximately 178.8% year-on-year [4] Mergers and Acquisitions - The company successfully completed acquisitions of Yiluda Holdings and Shenzhen Haocheng Intelligent Technology, enhancing its capabilities in audio products and robotics, respectively [7] - The dual development strategy of external acquisitions and internal R&D is aimed at rapidly integrating product lines and customer resources, particularly in the robotics sector [7] Global Supply Chain Strategy - The company is advancing its global supply chain layout with a "China+VMI" strategy, establishing a dual supply system with domestic core bases and overseas VMI bases to meet diverse customer needs and external uncertainties [8]

Core Viewpoint - Huqin Technology is set to hold its annual performance briefing for 2024 and Q1 2025 on April 29, 2024, where key executives will discuss the company's performance and address investor inquiries [2] Group 1: Company Overview - Huqin Technology Co., Ltd. was established in August 2005 and is headquartered in Shanghai, China, recognized as a leading global intelligent product platform company [2] - The company went public on the Shanghai Stock Exchange in August 2023, with the stock code 603296 [2] - Huqin Technology serves major clients such as Alibaba, Tencent, ByteDance, Samsung, OPPO, Xiaomi, Vivo, Lenovo, and ASUS, holding a leading market share in the global consumer electronics ODM sector [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of 109.88 billion yuan, marking a year-on-year increase of 28.8%, with a net profit attributable to shareholders of 2.93 billion yuan, up 8.1% [3] - The net profit after deducting non-recurring items reached 2.35 billion yuan, reflecting an 8.4% year-on-year growth, indicating a dual increase in both revenue and net profit [3] Group 3: Q1 2025 Performance - For Q1 2025, the company continued its strong growth trajectory, reporting a revenue of 35 billion yuan, which is a remarkable year-on-year increase of 115.6% [4] - The net profit attributable to shareholders for Q1 2025 was 840 million yuan, representing a 39% year-on-year growth, while the net profit after deducting non-recurring items was 760 million yuan, up 43.6% [4] Group 4: Strategic Developments - In 2024, the company completed its "3+N+3" global intelligent product platform strategic upgrade, focusing on three core mature businesses: smartphones, personal computers, and data center operations [4] - The company is expanding its product offerings to include smart living, commercial digital productivity, and full-stack solutions for data centers, while also venturing into emerging fields such as automotive electronics, software, and robotics [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].

证券代码：603296 证券简称：华勤技术 公告编号：2025-049 华勤技术股份有限公司 关于子公司增资扩股及公司放弃优先认缴出资权 暨关联交易的进展公告 本次增资完成后，广东东勤的注册资本将由人民币60,000万元增加至人民币 80,000万元，公司对广东东勤的持股比例将由100%降至75%，广东东勤仍为公司 控股子公司，不会导致公司合并报表范围内发生变化。详见公司于2025年3月18 日在上海证券交易所网站（http://www.sse.com.cn）披露的《华勤技术关于子公 司增资扩股及公司放弃优先认缴出资权暨关联交易的公告》（公告编号： 2025-024）。 二、本次增资情况暨关联交易进展 近日，广东东勤已完成本次增资的工商变更登记手续，并取得东莞市市场监 督管理局换发的营业执照，变更后的《营业执照》登记的相关信息如下： 名称：广东东勤科技有限公司 类型：其他有限责任公司 住所：广东省东莞市东坑镇东坑迎宾路8号 法定代表人：邓治国 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。 一、本次增资情况暨关联交易概述 为了 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown robust revenue and net profit growth in 2024, with a significant increase in Q1 2025. The upgraded "3+N+3" business strategy and the "China + VMI" global capacity layout are expected to drive future growth [3][8] - The company is positioned well in the consumer electronics sector, with a strong competitive edge in multiple product categories, including smartphones, personal computers, and data centers [8] Financial Summary - The company is projected to achieve revenues of RMB 139.19 billion in 2025, reflecting a growth rate of 26.7% [7] - The net profit for 2025 is estimated at RMB 3.61 billion, with a growth rate of 23.5% [7] - The earnings per share (EPS) for 2025 is forecasted to be RMB 3.56, with a corresponding price-to-earnings (P/E) ratio of 18.7 times [5][7] - The EBITDA for 2025 is expected to reach RMB 4.78 billion, indicating a significant increase from previous years [7] Strategic Developments - The company has successfully upgraded its "3+N+3" strategy, establishing a comprehensive product platform that includes smart devices and emerging fields such as automotive electronics and robotics [8] - The global supply chain system, characterized by a "1+5+5" structure, supports the company's operational efficiency and future growth [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The AI computing industry chain continues to show strong performance, with significant year-on-year growth in Q1 2025 across various segments, including AI chips, servers, and optical modules [5][14][15] - The demand for data centers remains robust, with companies like Vertiv and Google Cloud reporting increased orders and revenue growth, indicating a strong market outlook [16][17] - The report emphasizes the importance of domestic AI computing, satellite internet, and 6G as key investment directions, recommending specific companies within these sectors [7][25] Summary by Sections 1. Weekly Investment Insights - The AI computing industry chain has shown impressive performance in Q1 2025, with companies like Haiguang Information and Huqin Technology reporting substantial revenue and profit growth [13][14] - Vertiv's Q1 2025 report indicates a 24% increase in net sales, with strong demand for data centers driving growth [16] - Google's Q1 2025 revenue reached $90.2 billion, with Google Cloud growing by 28%, reflecting a strong demand for AI infrastructure [17][19] - ByteDance and Meituan are actively developing AI applications, indicating a growing trend in AI recruitment and development [20][22] 2. Communication Data Tracking - As of February 2025, China has 4.325 million 5G base stations, with 1.051 billion 5G mobile users, marking a 23.5% year-on-year increase [35] - The report highlights the growth in 5G infrastructure and user adoption, with a notable increase in the number of 5G mobile devices shipped [35][42] 3. Investment Recommendations - The report suggests focusing on seven key industry directions, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [25][26][27][31][32]

Core Insights - The AI computing power industry chain is experiencing significant growth, with impressive Q1 performance across various sectors, indicating a high level of market activity and investment opportunities [2][3]. Group 1: Domestic Developments - ByteDance's Volcano Engine launched multiple Agent tools and AI data lake services to accelerate Agent development and operations for vertical enterprises [1][3]. - Meituan announced AI recruitment for various roles, aiming to develop a Native AI Agent product [1][3]. - Companies like Guanghuan Xinnet and Baoxin Software are investing in new projects, reflecting a growing demand for AIDC (AI Data Center) [1][3]. Group 2: AI Computing Power Performance - Haiguang Information reported a contract liability of 3.237 billion yuan in Q1 2025, a year-on-year increase of 113,510.65% [2]. - Huajin Technology achieved revenue of 34.998 billion yuan in Q1 2025, up 115.65% year-on-year [2]. - New Yisheng's net profit reached 1.573 billion yuan in Q1 2025, marking a 384.54% increase year-on-year [2]. Group 3: International Developments - Google Cloud generated revenue of $12.3 billion in Q1 2025, a 28% year-on-year increase, with an operating profit margin of 17.7%, up 8.4 percentage points [3]. - Viavi Solutions saw a 13% year-on-year increase in orders in Q1 2025, with a 21% quarter-on-quarter growth, indicating strong demand from data centers [3]. Group 4: Investment Recommendations - Recommended stocks in AIDC construction include Xinyi Network Group, Yingweike, and Baoxin Software [5]. - Recommended stocks in IT include Unisoc and ZTE Corporation, with beneficiaries like Cambrian and Haiguang Information [5]. - Recommended stocks in cloud computing include China Mobile, China Telecom, and China Unicom, with beneficiaries like Yunse Intelligent and Runjian Technology [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [5][12]. Core Views - The company has shown strong revenue growth, with a projected revenue of 109.88 billion yuan for 2024, representing a year-on-year increase of 28.8%. The net profit attributable to the parent company is expected to reach 2.93 billion yuan, up 8.1% year-on-year [6][8]. - The first quarter of 2025 saw impressive revenue of 35 billion yuan, a year-on-year increase of 115.7%, with a net profit of 840 million yuan, up 39.1% year-on-year [6][7]. - The company is benefiting from increased capital expenditures from domestic cloud service providers, which is expected to drive further revenue growth [7][8]. Summary by Sections Financial Performance - For 2024, the company forecasts revenue of 109.88 billion yuan and a net profit of 2.93 billion yuan, with a gross margin of 9.3% [6]. - In Q4 2024, revenue reached 33.87 billion yuan, a 65.6% increase year-on-year, with a net profit of 880 million yuan [6]. - In Q1 2025, revenue was 35 billion yuan, marking a 115.7% increase year-on-year, with a gross margin of 8.4% [6][7]. Profitability and Valuation - The company’s net profit is projected to grow to 3.64 billion yuan in 2025, with a corresponding P/E ratio of 17.9 [5][8]. - The report indicates a continuous improvement in profitability, particularly in the data center business, which has seen significant revenue growth [8]. Market Position and Growth Drivers - The company has established strong partnerships with major domestic cloud service providers, enhancing its market position and revenue potential [7][8]. - The anticipated recovery in the 3C electronics supply chain and the introduction of new AI products are expected to contribute positively to the company's growth [8].