Huaqin Technology (603296)2024-10-29 12:52Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company reported record-high revenue in Q3 2024, driven by rapid growth in its high-performance computing business, with a year-on-year revenue increase of 45.36% in Q3 [2][3] - The company aims to achieve approximately 100 billion yuan in revenue for 2024, supported by strong growth in both its laptop and data center businesses [7][8] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 760.10 billion yuan, a year-on-year increase of 17.15%, and a net profit of 20.50 billion yuan, up 3.31% [2][3] - In Q3 2024, the company reported revenue of 366.12 billion yuan and a net profit of 7.59 billion yuan, reflecting a year-on-year increase of 8.04% [2][3] - The company's gross margin for the first three quarters of 2024 was 9.76%, a decrease of 1.59 percentage points year-on-year, while the net margin was 2.68%, down 0.31 percentage points [3][4] Business Segments - High-performance computing generated revenue of 459 billion yuan, accounting for 60.40% of total revenue, with a doubling of revenue in data services [4][6] - The smart terminal segment contributed 257 billion yuan, representing 33.80% of total revenue, with significant growth in smartphone shipments [4][6] - AIoT revenue reached approximately 33 billion yuan, a year-on-year increase of 241% [4][6] Future Projections - Revenue projections for 2024-2026 are 1000.54 billion yuan, 1148.01 billion yuan, and 1296.59 billion yuan, respectively, with corresponding net profits of 31.64 billion yuan, 36.10 billion yuan, and 40.77 billion yuan [8][9] - The company is expected to benefit from the recovery in the smart hardware market and the development of AI hardware, opening growth opportunities from both volume and price perspectives [8][9]