Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company reported a significant revenue growth of 35.8% year-on-year for the first three quarters of 2025, achieving a total revenue of 25.11 billion yuan, with a net profit of 6.58 billion yuan, reflecting a year-on-year increase of 52.62% [4][6] - The gross margin for the first three quarters of 2025 was 38.36%, an increase of 4.64 percentage points year-on-year, indicating improved profitability and operational efficiency [5] - The company has seen a continuous increase in its market penetration in the U.S., with retail customers accounting for 70% of its top ten clients, and significant growth in procurement from these clients [6][7] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 8.30 billion yuan, a year-on-year increase of 29.25%, and a net profit of 2.26 billion yuan, up 55.06% year-on-year [4] - The company expects revenues of 33.79 billion yuan, 41.41 billion yuan, and 47.85 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.02 billion yuan, 10.94 billion yuan, and 12.7 billion yuan [7][10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 4.12 yuan, 5.00 yuan, and 5.81 yuan respectively, with price-to-earnings (P/E) ratios of 23.87, 19.67, and 16.94 [10][11]

Core Insights - The company reported strong financial performance for the first three quarters of 2025, achieving revenue of 128.88 billion yuan, a year-on-year increase of 69.56%, and a net profit attributable to shareholders of 3.099 billion yuan, up 51.17% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 44.943 billion yuan, a year-on-year increase of 22.75% but a quarter-on-quarter decrease of 8.17% [1] - The net profit attributable to shareholders for Q3 2025 was 1.210 billion yuan, reflecting a year-on-year increase of 59.46% and a quarter-on-quarter increase of 15.53% [1] - The company's gross profit margin for Q3 2025 was 8.17%, an increase of 0.54 percentage points year-on-year and 1.04 percentage points quarter-on-quarter [1] Group 2: Business Segments Growth - All four major business segments reported revenue growth exceeding 70% year-on-year [1] - The smart terminal business saw revenue growth of 84.4% year-on-year, while the high-performance computing segment grew by 70% [1] - The AIoT and other businesses experienced a revenue increase of 72.9%, and the automotive and industrial products segment grew by 77.1% [1] Group 3: Future Outlook - The smart terminal business is expected to achieve a smartphone shipment growth rate exceeding 30% in 2025, benefiting from increased ODM penetration and market share gains among leading ODM manufacturers [2] - The data center business is projected to maintain double-digit revenue growth, with expectations of exceeding 40 billion yuan in revenue for the year [2] - The automotive electronics segment is anticipated to surpass 1 billion yuan in revenue for the first time this year, with continued investment in this area [2] Group 4: Investment Recommendations - The company is expected to achieve net profits attributable to shareholders of 4.006 billion yuan, 4.940 billion yuan, and 5.987 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.94, 4.86, and 5.89 yuan [2] - The projected PE ratios for the same years are 25.8, 20.9, and 17.3 times [2]

Core Viewpoint - Huqin Technology, a leading player in the global mobile ODM industry, plans to issue H-shares and list on the Hong Kong Stock Exchange, marking the start of its "A+H" dual capital platform operation after less than two years of being listed on the A-share main board [3][4]. Company Overview - Founded in 2005 by Qiu Wensheng and former colleagues from ZTE, Huqin Technology has grown into a significant ODM player, focusing on mobile phone design and manufacturing [6][10]. - The company initially specialized in feature phone motherboard solutions before transitioning to smart phone production in 2010, capitalizing on the industry's shift towards smart devices [10][11]. Management Team - The management team consists of 11 senior executives, all of whom have prior experience at ZTE, including Qiu Wensheng as Chairman and General Manager, and Cui Guopeng as Vice Chairman [6][8]. Financial Performance - In 2024, Huqin Technology's revenue surpassed 100 billion yuan, reaching 1098 billion yuan, reflecting the success of its business strategies [13][16]. - The company reported a significant increase in revenue for the first half of 2025, achieving 839.4 billion yuan, a year-on-year growth of 113.1% [16]. Strategic Moves - Huqin Technology has made strategic acquisitions to expand into the semiconductor and robotics sectors, including a 75% stake in Haoceng Intelligent and a 6% stake in Jinghe Integrated [15]. - The company has established partnerships with major brands like Samsung, OPPO, Xiaomi, and Vivo, enhancing its market position and customer loyalty [12]. Market Position - The ODM industry is characterized by intense competition, and Huqin Technology has adopted a "heavy asset for light asset" business philosophy, investing in advanced manufacturing facilities to provide one-stop delivery services [12][11]. - The company's overseas revenue has consistently accounted for over 50% of its total revenue, indicating a strong international presence [13].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's mid-year performance aligns with forecasts, showing significant growth in electric tools, with a revenue increase of 4.87% year-on-year to 7.027 billion yuan in H1 2025 [1]. - The report anticipates better industry conditions in the second half of the year, driven by potential interest rate cuts that could enhance demand elasticity [7]. - The company is focusing on product innovation to sustain high growth in electric tools, which have seen a revenue increase of 56.03% year-on-year, raising their revenue share from 7.1% to 10.56% [7]. - The report projects revenues of 15.56 billion yuan for 2025, with a year-on-year growth of 5%, and net profits of 2.564 billion yuan, reflecting an 11% increase [2][7]. Financial Performance Summary - H1 2025 financials: Total revenue of 7.027 billion yuan, net profit of 1.273 billion yuan, and a non-recurring net profit of 1.254 billion yuan [1]. - Q2 2025 performance: Revenue of 3.371 billion yuan, net profit of 0.812 billion yuan, and a non-recurring net profit of 0.792 billion yuan [1]. - The company’s gross margin for H1 2025 was 31.95%, with a slight year-on-year decrease, while the net margin improved to 18.69% [7]. Revenue and Profit Forecast - Projected total revenue for 2025 is 15.56 billion yuan, with subsequent years expected to grow to 17.201 billion yuan in 2026 and 19.021 billion yuan in 2027 [2][14]. - Forecasted net profit for 2025 is 2.564 billion yuan, increasing to 2.896 billion yuan in 2026 and 3.255 billion yuan in 2027 [2][14]. Valuation Metrics - Current price-to-earnings (PE) ratio is projected at 16x for 2025, decreasing to 14x in 2026 and 13x in 2027 [7]. - The price-to-book (PB) ratio is expected to decline from 2.3 in 2025 to 1.8 by 2027 [2][14].

Core Viewpoint - Huqin Technology plans to strategically invest in Jinghe Integrated Circuit, marking its first foray into the semiconductor wafer manufacturing sector, aiming for vertical integration of "end products + chip manufacturing" [2][3] Group 1: Transaction Details - Huqin Technology will acquire 120 million shares of Jinghe Integrated Circuit, representing 6% of its total share capital, at a price of 19.88 yuan per share, totaling approximately 2.393 billion yuan [2][3] - Following the transaction, Huqin Technology will nominate one director to Jinghe Integrated Circuit, becoming a significant strategic shareholder and partner [2][3] Group 2: Strategic Implications - This investment aligns with Huqin Technology's strategy to extend its reach upstream in the supply chain, enhancing its technological capabilities and product competitiveness [2][3][4] - The move is expected to deepen resource integration and collaborative effects within the industry, exploring potential partnerships in various business and project investments [4] Group 3: Company Background - Huqin Technology is a leading global platform enterprise for smart products, providing end-to-end services from product development to operational manufacturing, and is a major supplier for well-known global tech brands [3][4] - Jinghe Integrated Circuit is the third-largest wafer foundry in China, producing a variety of semiconductor chips used in consumer electronics and office products [3][4] Group 4: Market Position and Performance - Huqin Technology's revenue for 2024 is projected to reach 109.9 billion yuan, with a market capitalization of 86 billion yuan, surpassing its competitor Wentai Technology [5] - The company expects to achieve a revenue of 83 billion to 84 billion yuan in the first half of 2025, reflecting a year-on-year increase of 110.7% to 113.2% [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company reported a strong performance in H1 2025, with a net profit attributable to shareholders expected to be between 410-460 million yuan, representing a year-on-year growth of 43.70%-61.23% [3] - The growth in performance is attributed to continuous optimization of market layout, product structure upgrades, improved internal operational efficiency, and effective control of period expenses [3] - 78% of the company's products are exported to the US via Vietnam, indicating limited impact from reciprocal tariffs [3] - The company is positioned as a significant ODM supplier in the global smart electric sofa and bed industry, with a robust overseas capacity layout and an integrated supply chain [4] Financial Projections - Revenue projections for 2025-2027 are 3.379 billion, 4.141 billion, and 4.785 billion yuan, with year-on-year growth rates of 32.6%, 22.5%, and 15.6% respectively [4] - Net profit attributable to shareholders is projected to be 902 million, 1.094 billion, and 1.268 billion yuan for the same period, with year-on-year growth rates of 32.0%, 21.3%, and 15.9% respectively [4] - The expected EPS for 2025-2027 is 4.14, 5.03, and 5.83 yuan, with corresponding P/E ratios of 22, 18, and 15 [4]

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of 2.214 billion CNY, a year-on-year increase of 31.76% [3] - The net profit attributable to shareholders was 188 million CNY, up 18.16% year-on-year [3] - Strong demand from European clients and the expansion of the MicroTouch™ brand contributed to revenue and profit growth [3] Group 2: 2025 Business Strategy - The company plans to adjust strategies across three main business segments: ODM, OBM MicroTouch™, and smart cockpit [3] - Focus on enhancing global manufacturing systems and core competitiveness [3] - Continuous improvement in core technology R&D capabilities [3] - Development of an efficient global team to expand and maintain global customer relationships [3] Group 3: Revenue Breakdown and Forecast - In Q1 2025, the company reported a revenue of 622 million CNY, with ODM contributing nearly 60%, MicroTouch™ at 10%, and smart cockpit at approximately 30% [4] - The company expects sufficient orders for Q2 2025 and aims to meet performance targets set in the 2024 stock incentive plan despite challenges [5] Group 4: Profit Margins and Market Strategies - The gross margin for ODM and MicroTouch™ in Q1 2025 remained above 30%, with slight decreases due to changes in product mix [6] - Strategies to enhance revenue and profit in the commercial display sector include focusing on new projects in retail, finance, and industrial control [7] - The company aims to increase penetration among global top clients and enhance its mainboard design capabilities [7] Group 5: Revenue Contribution and Supply Chain - In 2024, domestic and international revenue contributions were 6% and 94%, respectively, indicating a strong reliance on overseas markets [8] - The impact of U.S. tariffs on the supply chain is limited due to domestic sourcing of most raw materials [9] Group 6: Industry Competition and Expansion - The smart cockpit and vehicle display industry is highly competitive, with many players and low concentration [10] - The Thai factory began mass production in 2024, contributing to a dual manufacturing layout and enhancing supply chain resilience [11] Group 7: R&D Investment - The company invested 98 million CNY in R&D in 2024, an increase of nearly 30 million CNY from the previous year, representing 4.42% of revenue [12]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 61.06 CNY, maintaining the rating [5][12]. Core Views - The company reported a revenue of 2.929 billion CNY for 2024, a year-on-year increase of 6.25%, while the net profit attributable to shareholders was 388 million CNY, a decrease of 11.65% [1]. - The acquisition of Hubei Sibao is expected to enhance the brand value and market share of the company's products, particularly the "Jieting" brand [3]. - The company is focusing on expanding its overseas market presence, particularly in Thailand, through a multi-channel strategy [3]. Financial Performance - In 2024, the company achieved revenues of 2.060 billion CNY from baby hygiene products, 0.552 billion CNY from adult hygiene products, and 0.232 billion CNY from other products, with respective year-on-year growth rates of 4.3%, -0.5%, and 57.6% [2]. - The gross margin for 2024 was 27.91%, an increase of 0.97 percentage points year-on-year, while the net margin was 13.23%, a decrease of 2.68 percentage points [11]. - The company expects revenues to grow to 3.921 billion CNY in 2025, representing a year-on-year growth of 33.84% [12]. Market Strategy - The company plans to leverage its production bases across China to enhance production efficiency and reduce logistics costs [3]. - The strategy includes deepening the local market presence in Thailand and expanding into surrounding countries [3]. Future Projections - The projected net profit for 2025 is 496 million CNY, with a year-on-year growth of 27.95% [12]. - The company anticipates a steady increase in revenue and profit over the next few years, with expected revenues of 4.392 billion CNY in 2026 and 4.969 billion CNY in 2027 [12].

华勤技术股份有限公司 Huaqin Technology Co., Ltd. 中国（上海）自由贸易试验区科苑路 399 号 1 幢 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 联席主承销商 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 华勤技术股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发 行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 华勤技术股份有限公司 招股意向书 发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | --- ...

浙江普莱得电器股份有限公司 Zhejiang Prulde Electric Appliance Co., Ltd. （浙江省金华市金东区孝顺镇工业开发区） 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 （住所：上海市静安区新闸路 1508 号） 会 @ 创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 浙江普莱得电器股份有限公司 招股说明书 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 浙江普莱得电器股份有限公司 招股说明书 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投 ...