Core Viewpoint - Wentech Technology is attempting to reverse its declining performance through a significant asset divestiture amid challenging external conditions and substantial financial losses [2][3]. Group 1: Asset Sale Details - Wentech Technology plans to sell its core product integration business to Luxshare Precision for approximately 4.4 billion RMB, encompassing nearly all of its product integration assets [2]. - The assets being sold include the entire equity of several subsidiaries and related business assets, with the total transaction price set at 4.389 billion RMB, to be paid in cash [2]. - The divestiture is a direct response to being placed on the U.S. Entity List, which has severely impacted the company's ability to secure new orders and maintain existing ones [2][3]. Group 2: Financial Performance - In 2024, Wentech Technology reported a net loss of 2.833 billion RMB, a decline of over 300% year-on-year, attributed to the impact of the Entity List [3]. - Despite achieving a total revenue of 73.598 billion RMB, the product integration business generated 58.270 billion RMB in revenue but had a low gross margin of 2.49%, while the semiconductor business, with revenue of 14.715 billion RMB, had a gross margin of 37.52% [3]. Group 3: Strategic Shift - The company aims to focus on its semiconductor business, which is expected to have better profit margins and growth potential, following the divestiture of the product integration business [4][6]. - Wentech Technology's semiconductor business is closely linked to its acquisition of Nexperia, which operates under a mature IDM model covering the entire semiconductor supply chain [6]. Group 4: Regulatory and Market Challenges - The Shanghai Stock Exchange has raised questions regarding the rationale behind the complete divestiture of the product integration business rather than selectively addressing the most affected parts [4]. - The company has faced scrutiny over the valuation of the assets being sold, particularly concerning the significant impairment provisions made prior to the sale [5]. Group 5: Future Outlook and Risks - While the semiconductor business has shown strong profitability, it has also experienced a revenue decline of 7.9% in the first half of 2024, raising concerns about its sustainability [7]. - The company carries a substantial goodwill of 21.397 billion RMB from the acquisition of Nexperia, which poses a risk of impairment if future performance does not meet expectations [7]. - Wentech Technology is also facing potential tax inquiries in India, which could lead to fines, although the company believes this will not significantly impact the asset sale [8][9].

May 13, 2025 10:44 AM GMT 中国的新兴前沿 前沿 28：投资于不断变化的趋 势 我们继续推出中国新兴前沿系列文章，引入我们的六要素框 架，以了解支撑产业升级故事的成功要素，并确定未来的投 资机会。 要点 有兴趣探索中国具备结构性竞争优势的新兴行业的投资者应考虑阅读本报告。本 报告概述了我们如何识别中国在面临债务、通缩、人口变化和全球多极化环境等 挑战下有望表现出色的行业。这些技术支持的新兴前沿将远超出我们今天的想 象，因此，我们理解我们的框架和选择过程的局限性，但持续跟踪这些趋势很重 要。我们还纳入了未上市的新兴初创企业，并进行了监测和跟进分析。 中国对产业升级和前沿产业的关注持续不减。在本系列的第一部分 Navigating the Path to Industry Upgrades 中，我们研究了中国的工业演变、前沿和关键产业如何 推动生产力以及发达市场的经验教训。在本报告中，我们探讨了中国先进供应链 和制造业的重大机遇，包括整个潜在市场。 中国新兴前沿投资策略⸺筛选产业升级机会：我们看到了机械、汽车和新能源领 域的竞争优势，以及半导体、航空航天、人工智能、软件、制药、人形机器人 ...

V i e w p o i n t | Taiwan Technology Sector Monthly Tracking – April Sales Largely on Track, AI Supply Chain Continues Showing Strength CITI'S TAKE Despite robust April sales, due to significant NTD appreciation in May, we would expect monthly sales revenue to peak out in April and 2H outlook to be bumpier given some early order pull-in in 1H25 as well as the tariff uncertainty. We understand investors' concerns on upstream and downstream shipment mismatch in AI GPU/accelerator and the rack shipment. With ...

2025 年 04 月 29 日 华勤技术 (603296) —— 25Q1 营收同比增 116%，数据中心、PC 多极增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 64.42 | | 一年内最高/最低（元） | 105.98/42.84 | | 市净率 | 2.8 | | 股息率%（分红/股价） | 1.86 | | 流通 A 股市值（百万元） | 36,750 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 23.03 | | 资产负债率% | 70.85 | | 总股本/流通 A 股（百万） | 1,016/570 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01- ...

Core Viewpoint - Huqin Technology is set to hold its annual performance briefing for 2024 and Q1 2025 on April 29, 2024, where key executives will discuss the company's performance and address investor inquiries [2] Group 1: Company Overview - Huqin Technology Co., Ltd. was established in August 2005 and is headquartered in Shanghai, China, recognized as a leading global intelligent product platform company [2] - The company went public on the Shanghai Stock Exchange in August 2023, with the stock code 603296 [2] - Huqin Technology serves major clients such as Alibaba, Tencent, ByteDance, Samsung, OPPO, Xiaomi, Vivo, Lenovo, and ASUS, holding a leading market share in the global consumer electronics ODM sector [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of 109.88 billion yuan, marking a year-on-year increase of 28.8%, with a net profit attributable to shareholders of 2.93 billion yuan, up 8.1% [3] - The net profit after deducting non-recurring items reached 2.35 billion yuan, reflecting an 8.4% year-on-year growth, indicating a dual increase in both revenue and net profit [3] Group 3: Q1 2025 Performance - For Q1 2025, the company continued its strong growth trajectory, reporting a revenue of 35 billion yuan, which is a remarkable year-on-year increase of 115.6% [4] - The net profit attributable to shareholders for Q1 2025 was 840 million yuan, representing a 39% year-on-year growth, while the net profit after deducting non-recurring items was 760 million yuan, up 43.6% [4] Group 4: Strategic Developments - In 2024, the company completed its "3+N+3" global intelligent product platform strategic upgrade, focusing on three core mature businesses: smartphones, personal computers, and data center operations [4] - The company is expanding its product offerings to include smart living, commercial digital productivity, and full-stack solutions for data centers, while also venturing into emerging fields such as automotive electronics, software, and robotics [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 28 日 浙商早知道 2025 年 04 月 28 日 重要推荐 重要观点 重要点评 http://www.stocke.com.cn 1/6 请务必阅读正文之后的免责条款部分 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 【浙商中小盘 钟凯锋/宋伟】日联科技（688531）公司深度：高端突破+进口替代，工业 X 射线检测龙头起航—— 20250424 【浙商通信 张建民/王逢节】华勤技术（603296）公司深度：国内领先 ODM 厂商，打造全球智能产品平台 —— 20250424 【浙商宏观 李超/林成炜/廖博/潘高远/费瑾】宏观专题研究：备足预案保持定力——20250425 【浙商固收信用债 杜渐/唐嵩】债券市场专题研究：自审自发背景下的专项债供给影响几何？——20250425 【浙商策略 廖静池/王大霁/赵闻恺】A 股策略周报：反弹趋势有分化，不贪胜、待时机——20250426 【浙商固收 覃汉/郑莎】债券市场专题研究：从"资产为王"到"资金为王"— ...

自2017年智能手机出货量达到峰值以来，ODM厂商的外包设计与制造模式在全球范围内持续激增， 其在整体市场中的份额也不断扩大。根据 Counterpoint Research最新《全球智能手机ODM产业报 告》 ，2024年外包设计部分已占全球智能手机出货量的44%。 随着手机市场经历快速技术变革，包括外形结构从直板机功能机、全键盘功能机到触屏智能机的转 变，手机品牌厂商日益依赖ODM模式实现规模效益。这不仅推动了ODM行业增长，也加速了行业 整合，2017年以来各ODM厂商间的竞争格局已发生显著变化。 分析师观点 自2017年智能手机出货量达到峰值以来，由ODM厂商进行的外包设计与制造的模式在全球范 围内持续增长。 该市场自2017年显著扩张并整合，竞争格局发生明显变化。目前头部ODM厂商已形成以中国 公司为主导的态势。 龙旗，华勤和闻泰（ODM部分2025起归属到立讯精密）等行业领先企业通过明智的产品设 计、不断精进的产品质量、高效的采购策略以及全球供应商的紧密合作，实现快速增长并且支 撑智能手机持续高端化的趋势。 为应对地缘政治紧张局势及美国最新关税政策的影响，部分ODM厂商正将产能向中国以外地 区扩展 ...

（上海市徐汇区漕宝路 401 号 1 号楼一层） 首次公开发行股票并在主板上市 招股说明书 上海龙旗科技股份有限公司 保荐人（主承销商） （Shanghai Longcheer Technology Co., Ltd.） （注册稿） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 上海龙旗科技股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股 说明书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 公告的招股说明书作为投资决定的依据。 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》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 上海龙旗 ...

上海龙旗科技股份有限公司 （Shanghai Longcheer Technology Co., Ltd.） （上海市徐汇区漕宝路 401 号 1 号楼一层） 首次公开发行股票并在主板上市 上海龙旗科技股份有限公司 招股说明书（上会稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股 说明书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 公告的招股说明书作为投资决定的依据。 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。 招股说明书 保荐机构（主承销商） （上会稿） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 目 录 | 声 明 | | --- | | 发行概况 | | 目 求…… | | 第一节 释 义 … | | 第二节 概 览 … | | 一、重大事项提示………………………………………………………………………………………………… ...