Huaqin Technology (SH:603296) Xin Lang Cai Jing·2025-04-29 02:40Core 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]