点击 关注我们 报告发布日期：2025年5月6日 报告名称:《 华勤技术（603296.SH）-全球领先的智能硬件ODM企业，多业务布局展现强劲增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年公司营收增长28.8%，归母净利润增长8.1% 公司2024年营业收入1098.78亿元(YoY 28.76%)，主要受益于高性能计算产品的业务规模增加；归母净利润 29.26亿元(YoY 8.10%)，扣非归母净利润23.45亿元(YoY 8.43%)，毛利率9.30%(YoY -2.03pct)。 估值的风险；盈利预测的风险；行业周期风险；产品研发风险；技术迭代风险；国际贸易摩擦及政策限制风 险；主要原材料价格波动的风险；ODM市场规模下滑的风险；市场竞争风险；汇率波动风险。 国信电子团队 2025年一季度营收增长超115%，归母净利润增长超39% 公司 ...

事件: 2025 年4 月23 日，公司发布2024 年年报与2025 年一季报： 2024 年，公司收入1,098.78 亿元，同比+28.76%；归母净利润29.26 亿元，同比+8.1%。2024Q4，公司 收入338.68 亿元，同比+65.58%；归母净利润8.76 亿元，同比+21.25%。 2025Q1，收入349.98 亿元，同比+115.65%；归母净利润8.42 亿元，同比+39.04%。 投资要点: 1）高性能计算：业务营收632 亿元，同比+28.79%，占比57.54%。 ①数据业务:营收同比+178.8%。稳固核心供应商地位，计算及网络融合技术显优势。②笔电业务:笔电 出货增长超行业，北美大客户突破。 2）智能终端：营收353.16 亿元，同比+12.93%，占比32.14%。智能手机发货量稳步增长，客户粘性提 高。智能穿戴类产品出货量快速增长，音频全栈产品布局，TWS 产品覆盖主流安卓客户。 3）AIoT 及其他：营收约46.72 亿元，同比+187.93%，占比4.25%，游戏掌机发货超200 万只；XR 量产 交付；北美互联网客户全品类AIOT 合作。 4）汽车电子：营收约1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown robust revenue and net profit growth in 2024, with a significant increase in Q1 2025. The upgraded "3+N+3" business strategy and the "China + VMI" global capacity layout are expected to drive future growth [3][8] - The company is positioned well in the consumer electronics sector, with a strong competitive edge in multiple product categories, including smartphones, personal computers, and data centers [8] Financial Summary - The company is projected to achieve revenues of RMB 139.19 billion in 2025, reflecting a growth rate of 26.7% [7] - The net profit for 2025 is estimated at RMB 3.61 billion, with a growth rate of 23.5% [7] - The earnings per share (EPS) for 2025 is forecasted to be RMB 3.56, with a corresponding price-to-earnings (P/E) ratio of 18.7 times [5][7] - The EBITDA for 2025 is expected to reach RMB 4.78 billion, indicating a significant increase from previous years [7] Strategic Developments - The company has successfully upgraded its "3+N+3" strategy, establishing a comprehensive product platform that includes smart devices and emerging fields such as automotive electronics and robotics [8] - The global supply chain system, characterized by a "1+5+5" structure, supports the company's operational efficiency and future growth [8]