AI行业跟踪报告第58期：华勤技术：AI云、端全线卡位，全面受益于AI落地

Investment Rating - The report maintains a "Buy" rating for the electronic industry, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The report highlights that Huqin Technology is well-positioned to benefit from the AI industry's growth, with a comprehensive strategy covering both AI cloud and edge computing [10]. - The company anticipates a revenue of 109 billion to 110 billion yuan for 2024, representing a year-on-year growth of 27.8% to 29.0%, and a net profit of 2.85 billion to 2.90 billion yuan, reflecting a growth of 5.3% to 7.1% [17][44]. Summary by Sections AI Cloud and Edge Positioning - Huqin Technology, founded in 2005 and listed on the Shanghai Stock Exchange in August 2023, is a leading smart product platform company with a global presence in over 100 countries [10]. - The company has established a "1+5+5" global layout and a "3+N+3" smart product platform, aiming to leverage AI server and edge computing opportunities [13][14]. Server Market Dynamics - The collaboration between Apple and Alibaba Cloud is expected to benefit core ODM manufacturers, including Huqin Technology, which has developed strong R&D and manufacturing capabilities in the server ODM sector [19][22]. - The AI server market is projected to grow significantly, with an estimated value of 205 billion USD in 2024, contributing to over 70% of the overall server market by 2025 [20]. PC Market Trends - The penetration rate of AI PCs is expected to rise to 60% by 2025, with Huqin Technology maintaining a strong position in the ODM market, ranking among the top four globally [27][31]. - The company has established good relationships with well-known domestic and international brands, enhancing its market share in the PC sector [31]. Smartphone Market Recovery - The Chinese smartphone market is projected to recover, with an estimated shipment of 286 million units in 2024, a year-on-year increase of 5.6% [4][39]. - Huqin Technology, as a global leader in smartphone ODM, is expected to benefit from government subsidies and the increasing penetration of AI smartphones [42][44]. Investment Recommendations - The report suggests a positive outlook for Huqin Technology across AI cloud, edge computing, server, PC, and smartphone sectors, with anticipated net profits of 2.96 billion, 3.56 billion, and 4.20 billion yuan from 2024 to 2026 [44].