Core Viewpoint - The company, Huqin Technology, is a leading global ODM enterprise in smart hardware, showcasing strong growth through diversified business layouts [1] Financial Performance - In 2024, the company achieved a revenue of 109.88 billion yuan, representing a year-on-year growth of 28.8%, primarily driven by the increase in high-performance computing products [2] - The net profit attributable to shareholders for 2024 was 2.93 billion yuan, reflecting a year-on-year growth of 8.1% [2] - In Q1 2025, the company reported a revenue of 34.99 billion yuan, marking a year-on-year increase of 115.65% and a quarter-on-quarter increase of 3.34% [3] - The net profit attributable to shareholders in Q1 2025 was 842 million yuan, showing a year-on-year growth of 39.05% [3] Business Overview - Founded in 2005, the company specializes in the research, design, production, and operational services of smart hardware products, covering high-performance computing, smart terminals, AIoT, automotive, and industrial products [4] - The product portfolio includes smartphones, laptops, tablets, smart wearables, TWS earbuds, AIoT products, and servers [4] Strategic Initiatives - The "3+N+3" strategy focuses on three core businesses: smartphones, laptops, and data centers, while expanding into emerging fields such as robotics, software, and automotive electronics [5] - The strategy aims to establish the company as a comprehensive supplier in the smart ecosystem by enhancing operational efficiency, research and development, advanced manufacturing, and precision components [5] Market Dynamics - The demand for computing power has surged, leading to rapid growth in the company's data product business, which saw a revenue increase of 178.8% in 2024 [6] - Non-mobile business revenue now accounts for over 70% of total revenue, with significant growth in smart wearables, AIoT, and automotive sectors [6]

Core Viewpoint - The article discusses the potential rebound of technology stocks, particularly highlighting the recent performance of leading companies like Nvidia and the overall positive sentiment in the tech sector [2][3][6]. Group 1: Nvidia's Performance and Market Impact - Nvidia's stock has seen a significant rebound, with a cumulative increase of over 24% in May and nearly 6% since June, bringing its market capitalization close to $3.5 trillion [3]. - The CEO of Nvidia announced plans to establish AI research centers in seven European countries and build over 20 large AI factories, aiming to enhance Europe's AI computing power tenfold by 2026 [5]. Group 2: A-Share Market Response - A-shares related to technology sectors, such as quantum technology and AI glasses, have surged, indicating a potential value recovery in tech stocks, especially those with strong earnings and low stock prices [6][8]. - Institutions like Industrial Securities suggest capitalizing on the technology sector's recovery window in June, noting that growth stocks are showing signs of upward movement from their lows [8]. Group 3: High-Growth Technology Stocks - A list of high-growth technology stocks with strong fundamentals has been compiled, focusing on those with a weighted return on equity (ROE) exceeding 10% for three consecutive years and a projected net profit growth rate above 20% [13]. - Notable companies include Huqin Technology, which specializes in smart hardware, and Shihua Technology, which has seen significant stock price increases [14][16]. Group 4: Market Trends and Predictions - The article highlights that several technology stocks have already reached historical highs, with some companies experiencing stock price increases of nearly 155% year-to-date [9]. - The overall sentiment in the tech sector is bolstered by favorable economic indicators, such as better-than-expected non-farm payroll data, which alleviates concerns about an economic slowdown in the U.S. [8].

Core Viewpoint - The recent performance of global technology stocks, particularly Nvidia, indicates a potential rebound in the tech sector, with Nvidia's stock price rising significantly and its market capitalization nearing $3.5 trillion, reclaiming its position as the world's most valuable company [1][3]. Group 1: Nvidia's Performance - Nvidia's stock price has increased over 24% in May and nearly 6% since June, approaching its historical high [1]. - As of the latest data, Nvidia's market capitalization is approximately $3.49 trillion [2]. Group 2: AI Development Initiatives - Nvidia's CEO announced plans to establish AI technology centers in seven European countries and build over 20 large AI factories in Europe, aiming to enhance AI computing power tenfold by 2026 [3]. - The announcement has led to a surge in related sectors in the A-share market, with significant gains in quantum technology, CPO, and AI glasses concepts [3]. Group 3: Market Sentiment and Recovery - Analysts from Xinyi Securities suggest capitalizing on the recovery window for the tech sector in June, noting that growth stocks are showing signs of upward movement from their lows [4]. - The positive sentiment is supported by favorable non-farm employment data, which alleviated concerns about a slowing U.S. economy [4]. Group 4: Stock Performance and Growth Potential - Several tech stocks have shown remarkable rebounds, with some, like Shenghong Technology, seeing their stock prices increase by nearly 155% this year [5]. - A list of high-growth tech stocks with strong earnings potential has been compiled, focusing on those with a return on equity (ROE) exceeding 10% for three consecutive years and a projected net profit growth rate above 20% [9][11]. Group 5: Notable Stock Movements - New Yi Sheng's stock price surged from below 50 to above 100 in just two months, while Shi Jia Photon rose from below 13 to a peak of over 36 [6]. - Stocks like Huihan Technology and Huqin Technology have seen significant price corrections, with declines exceeding 30% from their yearly highs [10].

Core Viewpoint - The company held an earnings briefing on April 29, 2025, to discuss its 2024 annual and 2025 Q1 performance, highlighting significant revenue growth and strategic plans for future development [1][2]. Earnings Performance - In Q1 2025, the company reported a revenue increase of 115.65%, driven by strong performance in smartphones, smart wearables, data services, and AIoT products [2]. - The data business alone exceeded 10 billion RMB in revenue during Q1 2025, showcasing robust growth from major internet clients [2]. Business Strategy - The company upgraded its 3+N+3 business strategy at the end of 2024, aiming for sustainable growth across various product categories, including smartphones, PCs, and data services, with an expected revenue and profit growth of over 20% for 2025 [2][3]. - The company maintains a diversified product structure and client base, with approximately 50% of its business coming from overseas markets [3]. Response to External Factors - The company has assessed the impact of U.S. tariff policies and developed strategies to mitigate risks, indicating that the direct impact of tariff adjustments is limited and manageable [3][4]. - The global manufacturing layout includes domestic bases and overseas VMI bases in Vietnam, Mexico, and India, allowing for dynamic balance in response to changing tariff policies [5]. Product Development and Market Position - The personal computer business is projected to grow by 20% in 2025, with the company achieving over 10 million units shipped in recent years [6]. - The automotive electronics segment is in the investment phase, with progress in product development and client acquisition, aiming for breakeven within the next two to three years [9]. Research and Development - The company plans to increase R&D investment to 5.16 billion RMB in 2024, focusing on emerging business areas such as robotics and automotive electronics [10][11]. - The company has established a dedicated robotics team and aims to build core technological competencies in industrial and health care robotics [10]. Organizational Management - The company emphasizes strong organizational management and talent development to enhance operational resilience and sustainable growth [12]. - A core management team with extensive industry experience supports efficient operations across product development, design, and manufacturing [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 34.998 billion yuan in Q1 2025, representing a year-on-year increase of 115.7% [6][7] - The net profit attributable to the parent company for Q1 2025 was 842 million yuan, showing a year-on-year growth of 39.1% [6][7] - The company has established itself as a leader in the ODM industry for smart hardware, with significant growth in data center and PC segments [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 120.52 billion yuan, with a year-on-year growth rate of 9.7% [6][9] - The net profit attributable to the parent company is forecasted to be 3.502 billion yuan for 2025, reflecting a growth rate of 19.7% [6][9] - The company’s gross margin is expected to be 10.2% in 2025, with a return on equity (ROE) of 13.4% [6][9] Business Overview - The company has a strategic upgrade to a 3+N+3 smart hardware platform, focusing on smartphones, PCs, and data centers as core businesses [7] - The revenue structure for 2024 includes high-performance computing at 63.22 billion yuan, smart terminals at 35.32 billion yuan, and AIoT and other products at 4.67 billion yuan [7] - The company has developed a full-stack product offering in the data business, becoming a core supplier for several domestic CSP manufacturers [7] Client Base and Global Presence - Major clients include well-known brands such as Samsung, OPPO, Xiaomi, and Amazon [7] - The company has a global layout with headquarters in Shanghai and multiple R&D centers across China, as well as manufacturing bases in Vietnam and Mexico [7]

Core Insights - The report highlights the emergence of new product cycles for Dongshan Precision, focusing on foldable screens, robotics, and smart glasses, indicating a strategic shift towards innovative technologies [3][7]. Company Summaries Dongshan Precision (002384.SZ) - In 2024, Dongshan Precision is projected to achieve revenue of 36.79 billion yuan, a year-on-year increase of 9.33%, while the net profit attributable to shareholders is expected to decline by 44.55% to 1.09 billion yuan due to operational adjustments in the LED business [7]. - The company anticipates a significant recovery in Q1 2025, with net profit forecasted between 434 million and 463 million yuan, representing a year-on-year growth of 50%-60% [7]. - The demand for PCB and precision components is expected to rise due to the expansion of AI applications in ICT infrastructure and consumer products, leading to an increase in average selling prices (ASP) [7]. - Revenue projections for 2025 and 2026 are 43.6 billion and 50.7 billion yuan, respectively, with net profits expected to reach 3.8 billion and 4.8 billion yuan, reflecting substantial growth rates of 248.6% and 26.4% [7]. Huakin Technology (603296.SH) - Huakin Technology has established itself as a leading ODM manufacturer in the global smart hardware sector, with a diversified product structure that includes smartphones, laptops, and data center products [3]. - The company is expanding into new application areas such as servers, automotive electronics, and robotics, driven by the increasing demand for AI computing power and smart vehicle technologies [3]. - Revenue forecasts for 2024-2026 are 109.25 billion, 129.36 billion, and 152.09 billion yuan, with net profits projected at 2.88 billion, 3.41 billion, and 4.05 billion yuan, indicating growth rates of 28.0%, 18.4%, and 17.6% [3]. Hongcheng Environment (600461.SH) - Hongcheng Environment is experiencing growth in both revenue and profit, supported by an improving operational management and a robust cash flow [7]. - The company is expected to benefit from the expansion of its business segments, with net profits projected at 1.28 billion, 1.36 billion, and 1.44 billion yuan for 2025-2027 [7]. Bojun Technology (300926.SZ) - Bojun Technology is set to benefit from the release of core customer models and the ramp-up of new product capacities, with Q1 2025 net profit expected to be between 130 million and 160 million yuan, reflecting a year-on-year increase of 30%-60% [9]. - The company is focusing on lightweight and electronic components, enhancing its production capabilities and expanding into new product areas such as white body and battery packs [10].

HUAOIN - EBIT T 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 主承销商) 保荐 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 招股说明书 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 招股说明书 发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | - ...

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说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书（上会稿）不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书全文作为投资决定的依据。 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 华勤技术股份有限公司 招股说明书（上会稿） 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 ...

华勤技术股份有限公司 Huaqin Technology Co., Ltd. 首次公开发行股票并在主板上市招股说明书 （申报稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书全文作为投资决定的依据。 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 中国（上海）自由贸易试验区科苑路 399 号 1 幢 华勤技术股份有限公司 招股说明书（申报稿） 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 ...