华勤技术股份有限公司 2026 年第一次临时股东会会议资料 股票代码：603296 证券简称：华勤技术 华勤技术股份有限公司 2026 年第一次临时股东会 会议资料 2026 年 2 月 1 / 13 华勤技术股份有限公司 2026 年第一次临时股东会会议资料 华勤技术股份有限公司 2026 年第一次临时股东会会议议程 一、会议时间：2026 年 2 月 9 日上午 9:00 二、网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 华勤技术股份有限公司 2026 年第一次临时股东会会议资料 目 录 | 华勤技术股份有限公司 2026 年第一次临时股东会会议议程 3 | | | --- | --- | | 华勤技术股份有限公司 年第一次临时股东会会议须知 5 2026 | | | 议案一：《关于<公司 2026 年限制性股票激励计划（草案）>及其摘要的议案》 | 7 | | 议案二：《关于<公司 年限制性股票激励计 ...

Core Insights - The article emphasizes the shift of AI capabilities from cloud-based systems to real-world applications, highlighting the importance of complex hardware integration and manufacturing capabilities in this transition [2][10] - It suggests that companies capable of delivering complex AI hardware across multiple product forms will be better positioned for success, rather than those focusing on a single terminal type [2][10] Group 1: Company Evolution - The company, Huakin Technology, has evolved from a mobile phone ODM to a multi-terminal AI hardware platform, demonstrating a consistent ability to build capabilities ahead of industry demand [4][5] - Founded in 2005, Huakin initially focused on mobile phone motherboard design, later expanding its capabilities to include full-chain operations from R&D to manufacturing [4][6] - The transition to a full ODM model allowed Huakin to become the global leader in smartphone ODM shipments by 2011, maintaining its industry leadership for several years [5][6] Group 2: System Integration and Service Model - Huakin's experience in mobile phone manufacturing has honed its system integration capabilities, which are crucial for handling complex hardware systems [6][9] - The company has developed an "end-to-end" service model that reduces supply chain complexity for brand clients, enhancing product launch speed [8] - Huakin's software capabilities differentiate it from traditional ODMs, with a strong focus on AI software and system engineering, which are critical in the era of edge AI [8][9] Group 3: AI-Driven Growth - Huakin's strategic "3+N+3" model focuses on smartphones, laptops, and servers as core areas while expanding into new ecosystems and innovative sectors like automotive electronics and robotics [11][14] - The company has already established a presence in the data center business, with expectations of significant revenue growth driven by AI server demand [14][19] - The introduction of AI into consumer electronics is expected to enhance product complexity and value, with Huakin positioned to benefit from this trend [15][16] Group 4: Financial Performance and Market Position - In the first three quarters of 2025, Huakin reported a revenue of 128.88 billion yuan, a 69.6% year-on-year increase, with a projected annual revenue of 170-171.5 billion yuan [19][22] - The company's high-performance computing business is expected to account for 60% of its revenue by mid-2025, indicating a shift in revenue structure [19][20] - The global data infrastructure market is projected to grow significantly, with AI servers becoming a key growth driver, aligning with Huakin's strategic focus [22][24] Group 5: Market Valuation and Perception - Despite strong growth prospects, Huakin's valuation remains lower compared to peers, reflecting market perceptions tied to its historical focus on consumer electronics [25][27] - The company’s ability to capture opportunities across various sectors may lead to a re-evaluation of its market position, similar to past examples in the industry [26][27] - The current market narrative may not fully recognize Huakin's capabilities and potential, indicating a disconnect between fundamental performance and market valuation [27]

Core Viewpoint - The company indicates that fluctuations in storage chip prices do not significantly impact overall profit levels, as it does not engage in direct procurement of these chips [1]. Group 1: Smartphone Industry - The smartphone industry is expected to face pressure, with an anticipated overall decline of approximately 10% year-on-year by 2026 [1]. - Despite the industry downturn, the company observes an acceleration in the launch speed and diversification of client models, along with increased ODM penetration, which helps mitigate some of the negative impacts [1]. - The company aims to maintain its leading position in the smartphone ODM sector [1]. Group 2: Wearable Business - The wearable business is less affected by rising storage prices, as brand clients continue to replace long-tail white-label products [1]. - The company expects to grow its wearable revenue by over 30% in 2026 [1]. Group 3: Overall Performance - The overall smart terminal segment, which includes smartphones and wearables, is projected to maintain steady growth [2].

手机行业出货有一定压力，预计 2026 年行业整体大致会有 10%左右的同比下滑，但目前公司看到客户 机型推出速度变快、型号变多、ODM 渗透率进一步提升，能够对冲一些行业下滑的影响，公司会持续 保持智能手机ODM 行业第一的位置。 穿戴业务受存储涨价影响更小一些，品牌客户替代长尾的白牌的趋势在持续，我们会跟随品牌客户继续 快速成长，26 年穿戴预计营收 30%以上增长。 格隆汇2月3日丨华勤技术(603296.SH)近日接受特定对象调研时表示， 存储芯片公司不做直接采购，主 要由客户供应，因此存储芯片的价格波动对公司整体的利润水平基本没有影响。 综上，公司整体智能终端板块(含手机、穿戴等)来看，仍会保持稳健的增长。 ...

Core Viewpoint - The company has established partnerships with four of the top six global laptop brands and anticipates shipping approximately 18 million units in 2025, with expectations to exceed 21 million units by 2026, despite industry pressures from rising storage chip prices [1] Group 1: Company Performance - The company demonstrates competitiveness in the laptop industry through quality and product innovation accumulated from its mobile phone segment, faster R&D cycles, and efficient operational capabilities [1] - The company expects its overall PC business to achieve more than 20% year-on-year growth by 2026 [1] Group 2: Market Position - The company's market share and industry position in the global laptop ODM sector are projected to further improve as it increases its shipment volumes [1]

格隆汇2月3日丨华勤技术(603296.SH)近日接受特定对象调研时表示， 2025 年，公司在座舱和智驾上继 续实现布局和突破，实现了 10 亿以上的规模发货。在智能辅助驾驶域控上，既有国产平台解决方案， 也布局了 NV 的高端辅助智驾平台解决方案。 预计 26 年汽车电子业务能达到翻倍成长，争取3 年实现 100 亿左右的营收规模。 客户方面，我们在国内既有传统主流车厂客户，也有新势力客户，同时在日本车厂做到了项目定点的突 破。公司汽车电子的制造能力与质量管控能力，得到了车厂客户的一致认可，供应商地位更加稳固。 ...

我们预计以手机为主的移动终端品类、以 PC 为主的办公场景品类和以服务器交换机为主的数据中心品 类，在未来 3-5 年左右的时间里，均将先后实现 1000 亿左右的营收规模，集团整体达到 3000 亿规模， 届时公司整体利润率也会有一些提升。 格隆汇2月3日丨华勤技术(603296.SH)近日接受特定对象调研时表示，2026 年我们面临如存储芯片缺货 涨价、外部政策不确定等更加复杂的外部环境，我们谨慎评估，预计 2026年公司整体营业收入同比增 长超过 15%，利润的增长率会更高一些。同时产品结构会进一步改善，会拉动整体毛利率温和增长。 ...

Core Viewpoint - The company anticipates significant growth in data business revenue, projecting over 40 billion by 2025, nearly doubling its current figures and positioning itself among the industry leaders [1] Group 1: Revenue and Growth Projections - The company expects data business revenue to exceed 40 billion by 2025, indicating close to a doubling in growth [1] - AI servers are projected to account for over 70% of the revenue, with switch revenue experiencing a multiple growth, surpassing 2.5 billion [1] Group 2: Market Position and Client Relationships - The company has established itself as a core supplier among the top three major clients, being one of the few suppliers to engage in comprehensive cooperation across the full stack of data center products [1] - The company has built an independent brand in the industry client market, achieving revenue growth that has also doubled [1] Group 3: Product Development and Competitive Advantage - The company is expected to see increased shipments of supernode products, which are becoming mainstream offerings for large cloud vendors [1] - The company has an early layout in supernode products, which is anticipated to bring scale advantages by 2026, supported by its unique capabilities in computing, AI, and networking [1] - The company maintains a technology moat through continuous R&D investment and has prepared its own production capacity for supernode products, ensuring maximum resource availability for clients [1] Group 4: Future Outlook - By 2026, the company is projected to increase its procurement share among three major CSP clients, with ongoing optimization of product structure [2] - The company aims to maintain its leading position in AI servers, achieve scale leadership in supernode products, and continue doubling growth in switches [2] - The company is committed to a dual-driven strategy focusing on CSP and industry clients, leveraging its full-stack advantages to accelerate standard product and IDC layout, achieving simultaneous leadership in scale, technology, and efficiency [2]

Summary of Conference Call Records Industry Overview - The military industry shows significant differentiation in fundamentals, with traditional internal installation sectors under pressure and varying performances among individual stocks. Longjiang Securities recommends a bottom-up stock selection approach, focusing on companies with a second growth curve, such as commercial aerospace and overseas computing power [1][3]. Key Companies and Their Insights - **Guangdong Hongda** has developed into a military industrial group through both organic and external growth, achieving progress in exporting advanced ammunition and high-end equipment. The company has a robust order book in its traditional civil explosives and mining services business, with orders nearing 40 billion yuan. Its future prospects are promising due to a market-oriented mechanism [1][5][10]. - **AVIC Xi'an Aircraft Industry Group (中航西飞)** and **Aero Engine Corporation of China (航发动力)** are highlighted as key stocks for 2026, with AVIC Xi'an benefiting from its positioning in commercial aircraft and high-end military trade, while Aero Engine is noted for its significant role in the engine supply chain and high premium in military trade [2][6]. Market Trends and Catalysts - The commercial large aircraft and domestic engine sectors are expected to be major themes in the military industry for 2026, with projects like C919 and Changjiang 1,000 set to see important industry information releases. These developments will benefit companies like AVIC Xi'an and Aero Engine [6][8]. - The high-end military trade breakthrough is most favorable for main engine manufacturers, including AVIC Shenfei, AVIC Xi'an, and Aero Engine. Upcoming global aviation exhibitions, such as the Singapore Airshow and the Saudi World Defense Show, are crucial for promoting China's high-end weaponry exports [7]. Investment Opportunities - The domestic commercial aerospace industry presents significant investment opportunities, with a complete and independent supply chain. Key companies in this sector include Aerospace Electronics and Fudan Microelectronics, which align with the development direction promoted by SpaceX [13][14]. - Guangdong Hongda's second growth curve is characterized by the high-end military trade breakthrough and low-cost sustainable development, supported by strategic acquisitions that enhance its capabilities in ammunition and aerospace components [11][12]. Additional Insights - The differentiation in the military sector is more pronounced at the individual stock level, with companies like Beimo High-Tech and Ruichuang Weina showing strong performance. Longjiang Securities emphasizes the importance of market-driven incentives for companies like Guangdong Hongda, which is actively expanding into overseas markets [3][4][9]. - The company’s unique development advantages stem from its state-owned background and market-oriented mechanisms, which include competitive procurement strategies and performance-linked management incentives [10].

Macro Strategy - The report suggests a balanced ETF allocation in domestic equities, indicating a cautious approach due to macroeconomic uncertainties and geopolitical risks affecting market visibility and risk premiums [1][14][19] - The Hang Seng Tech Index is expected to experience a sideways trend in February 2026, with potential for recovery driven by seasonal market dynamics, but caution is advised regarding the impact of a strengthening US dollar [1][17] Financial Products - The Nasdaq 100 Index showed a monthly increase of 1.20% in January 2026, with fluctuations driven by macroeconomic data and political uncertainties, particularly surrounding inflation and Federal Reserve policies [2][4][18] - The report highlights the Nasdaq 100 ETF's high valuation, with a PE ratio of 36.15, indicating a reliance on interest rate environments and earnings confirmations [4][18] Industry Insights - The AI and semiconductor sectors are identified as key drivers of earnings support, contributing to a perceived "profit bottom" despite macroeconomic policy risks [2][4] - The report emphasizes the importance of upcoming earnings reports from major tech companies to validate market valuations and growth narratives, particularly in AI capital expenditures [4][18] Company Analysis - Keg Precision Machinery is projected to see significant profit growth due to increased demand for high-end solder paste printing equipment, with expected net profits of 1.9 billion, 4.0 billion, and 6.0 billion for 2025-2027 [8] - Juchip Technology anticipates a 41.44% increase in revenue for 2025, driven by AI-enabled audio chip sales, with net profit expected to reach 2.04 billion, reflecting a 91.40% year-on-year growth [9][10] - China Ping An is highlighted for its strong insurance business growth, with a low valuation and high weight in major indices, suggesting significant investment potential [12]