Huaqin Technology (SH:603296) Huaan Securities·2025-08-28 09:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 839.39 billion yuan, a year-on-year growth of 113.06%, and net profit attributable to shareholders at 18.89 billion yuan, up 46.30% year-on-year [4][5] - The company's diversified product strategy, referred to as "3+N+3", has led to strong performance across various business lines, contributing to robust growth [5] Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved revenue of 489.42 billion yuan, a year-on-year increase of 111.24% and a quarter-on-quarter increase of 39.84% [4] - The net profit for Q2 2025 was 10.47 billion yuan, reflecting a year-on-year growth of 52.70% and a quarter-on-quarter growth of 24.35% [4] Business Segments - The smart terminal business generated revenue of 268.02 billion yuan in the first half of 2025, growing 116.44% year-on-year, with a strong performance in smart wearable products [5] - The high-performance computing segment saw revenue of 506.29 billion yuan, an increase of 128.22% year-on-year, with a comprehensive product offering in personal computers [6] - The AIoT business reported revenue of 33.15 billion yuan, up 79.89% year-on-year, driven by new smart hardware products [7] - The automotive electronics segment achieved revenue of 10.40 billion yuan, growing 62.49% year-on-year, with successful breakthroughs in various product modules [8] Profit Forecast - The company is projected to achieve net profits of 39.3 billion yuan, 46.5 billion yuan, and 54.0 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 3.87 yuan, 4.57 yuan, and 5.32 yuan [9]