高盛-华勤技术：AI 服务器和交换机业务扩张；到 2028 年数据中心业务收入占比将达 51%；买入

7 July 2025 | 7:34AM HKT Exhibit 1: Huaqin revenue by products 14% 24% 36% 41% 45% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2022 2023 2024 2025E 2026E 2027E 2028E Smartphones PCs Smart wearables AI servers General servers Switch Others Blended revenues to grow at +29% CAGR in 2024-28E Rmb m Huaqin Technology (603296.SS): AI servers and Switch in expansion; Data center to up to 51% of revenues by 2028E; Buy (on CL) We initiated Huaqin at Buy in April (report link); the stock is on the APAC Co ...