Huaqin Technology (SH:603296) Huajin Securities·2024-10-29 16:06Investment Rating - The investment rating for the company is maintained at Buy-A [1][4] Core Views - The company achieved a record high revenue of 366.12 billion yuan in Q3 2024, driven by strong performance across multiple business segments [2][3] - The company expects to reach approximately 1 trillion yuan in revenue for the full year 2024, with significant growth in the laptop and data center businesses [3][4] - The gross margin for the first three quarters of 2024 was 9.76%, a decline from 11.74% in the first half of 2024, attributed to the rapid growth of the high-performance computing business [3][4] - The company is actively pursuing acquisitions to strengthen its position in specific product categories and enhance its ODM capabilities [4] Financial Performance - For the first three quarters of 2024, the company reported 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% year-on-year [2][3] - The company forecasts revenues of 1,014.35 billion yuan, 1,163.52 billion yuan, and 1,304.58 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 30.05 billion yuan, 36.04 billion yuan, and 42.01 billion yuan [4][9] - The projected P/E ratios for 2024, 2025, and 2026 are 19.6, 16.3, and 14.0 respectively [4][9] Business Strategy - The company is focusing on a product structure of "smartphones + laptops + consumer electronics + enterprise data center products + automotive electronics + software" to leverage its strong R&D, manufacturing, and supply chain capabilities [4] - The company is enhancing its investment in precision components through joint ventures and increased shareholding to improve its ODM competitiveness [4]