Ge Long Hui A P P·2025-11-26 06:30Core Viewpoint - The report from Dongfang Securities indicates that Huqin Technology's consumer electronics fundamentals remain solid, and short-term industry disruptions do not alter the company's upward trend [1] Company Analysis - Recent concerns among investors about rising storage prices affecting end consumers and potentially impacting terminal sales and profitability in other supply chain segments are addressed [1] - The company primarily serves leading domestic and international brands, which typically sign long-term agreements with upstream core suppliers to lock in prices and inventory [1] - The ODM industry operates on a customer-supplied material model, meaning price increases in storage, OLED screens, or main control components will not erode the company's profitability [1] - Huqin Technology is a domestic leader in PC ODM, with a continuous increase in overseas customer share [1] Industry Outlook - The data center business is expected to maintain high growth, with further optimization of the product structure [1] - Future data business is anticipated to achieve sustained revenue growth, with ongoing improvements in product structure and steady enhancement of profitability [1] - Based on comparable companies' 26-year 21x PE valuation, the target price is set at 107.73 yuan [1]