我们预测公司25-27 年归母净利润分别为41/52/63 亿元（原25-27 年预测分别为39/48/58 亿元，主要上调 PC、数据中心等业务收入预测），根据可比公司26 年21倍PE 估值，对应目标价为107.73 元。 风险提示 终端需求不及预期风险、贸易环境变动风险、其他收益占比过高风险。 消费电子基本盘稳固，短期行业扰动不改公司向上趋势。近期部分投资者担心存储涨价将传导至终端消 费者，进而引发市场对终端销量以及存储外其他供应链环节盈利能力的担忧。我们认为公司主要客户均 为国内外头部品牌，其与上游核心供应商通常都会签署长期协议,锁定价格与库存，且从商业模式来 看，ODM行业存储均采用客供料形式，存储、OLED 屏或主控等相关客供料环节涨价不会挤占公司盈 利能力。从出货量维度，一方面整个行业ODM 渗透率不断提升，另一方面头部ODM 厂商的市场份额 将继续提升，因此我们认为公司手机ODM出货量仍有望维持增长。同时公司智能穿戴、AIOT 等业务高 速增长， 25 年前三季度公司AIOT 收入55 亿元，同比增长73%，各类海外客户合作的智能家居产品、 XR、游戏机产品等持续放量，公司消费电子基本盘稳固。 ...

Core Viewpoint - The company has demonstrated strong growth in revenue and profit, driven by its strategic initiatives and favorable industry trends, with a positive outlook for future performance. Group 1: Financial Performance - The company achieved significant revenue and profit growth in Q3, with revenue exceeding the full-year level of 2024, attributed to the successful implementation of its 3+N+3 strategy and industry trends [2][3] - All four business segments reported over 70% growth, with smart terminal revenue up 84.4%, high-performance computing up 70%, AIoT and other businesses up 72.9%, and automotive and industrial products up 77.1% [2][3] - The gross profit margin for Q3 was 8.2%, with gross profit amounting to 10.1 billion RMB, a 37% year-on-year increase, outpacing expense growth [3] Group 2: Business Segments - The smart terminal business generated 45 billion RMB in revenue in the first three quarters, with smartphones showing strong growth due to improved R&D efficiency and manufacturing capabilities [4] - The AIoT segment reported a revenue of 5.5 billion RMB, growing 73% year-on-year, with a diverse product line including smart home devices and gaming consoles [12] - The automotive electronics business is expected to exceed 1 billion RMB in revenue this year, with multiple projects achieving breakthroughs [10] Group 3: Strategic Initiatives - The company plans to invest approximately 3 billion RMB in capital expenditures in 2025, focusing on manufacturing equipment to support business growth [13] - The company emphasizes long-term strategies, maintaining patience in new business development, which has led to sustained growth in various product lines [14] - The company has established a learning-oriented organization, enhancing its product development efficiency through integrated processes and digital capabilities [14]

Summary of Huqin Technology Conference Call Company Overview - **Company**: Huqin Technology - **Industry**: Technology, specifically focusing on high-performance computing, smart terminals, AIoT, and automotive electronics Key Financial Performance - **Revenue Growth**: - Total revenue for the first three quarters reached 128.88 billion RMB, a year-on-year increase of 69.6% [3] - Q3 revenue was 44.94 billion RMB, up 22.8% year-on-year [3] - **Net Profit**: - Net profit attributable to shareholders was 3.1 billion RMB, a 51.2% increase year-on-year [2] - Q3 net profit was 1.21 billion RMB, reflecting a 59.5% year-on-year growth [2] - **Gross Margin**: - Overall gross margin was 7.8%, with Q3 gross margin rising to 8.2% [3] Business Segment Performance - **High-Performance Computing**: - Revenue reached 74.1 billion RMB, accounting for 58.6% of total revenue, with a 70% year-on-year growth [4] - **Smart Terminal**: - Revenue was 45 billion RMB, making up 35.6% of total revenue, with an 84% year-on-year increase [4] - **AIoT Products**: - Revenue of 5.5 billion RMB, representing 4.4% of total revenue, with a 73% year-on-year growth [4] - **Automotive and Industrial Products**: - Revenue reached 1.8 billion RMB, with a 77% year-on-year increase [2][4] Research and Development - **R&D Investment**: - R&D expenses for the first three quarters totaled 4.62 billion RMB, a 23.7% increase year-on-year [7] - R&D personnel accounted for nearly 30% of the workforce, with close to 20,000 employees [7] - **Innovation Focus**: - The establishment of X Lab to drive innovation in emerging technology fields [16] Market Position and Customer Base - **Customer Concentration**: - Top five customers account for approximately 50% of revenue, with the largest customer contributing less than 15% [6] - **ODM Leadership**: - Maintains leading position in the smartphone ODM market, with a projected shipment of 250 million smartphones over the next five years [15] Future Outlook - **Revenue Goals**: - Aiming for three business segments to each exceed 100 billion RMB in revenue within 4-5 years [12] - **Profitability Expectations**: - Anticipates gross margins to gradually improve, targeting a healthy range of 8% to 9% [12] - **Data Business Growth**: - Expects data product revenue to grow by at least 30% next year, despite challenges from chip restrictions [14] Strategic Initiatives - **Long-term Strategy**: - Emphasizes a long-term investment approach, with new business segments typically taking 7-8 years to reach profitability [24][25] - **Global Manufacturing Expansion**: - VMI 3D manufacturing layout in Vietnam, Mexico, and India, with overseas production accounting for about 20% of total capacity [23] Additional Insights - **Cash Flow Management**: - Current cash flow is in a short-term maintenance state, with improvements noted in Q3 [22] - **Talent Strategy**: - Plans to recruit 2,200 new graduates, with a focus on maintaining a high concentration of talent in the ODM industry [29] This summary encapsulates the key points from the conference call, highlighting Huqin Technology's robust financial performance, diverse business segments, strategic initiatives, and future growth prospects.

Core Viewpoint - Huacong Technology, a leading global smartphone ODM, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its international capital operations and support future expansion and acquisitions [2] Group 1: Company Overview - Huacong Technology is one of the earliest companies in China's ODM industry to adopt smart manufacturing systems, serving major clients like Lenovo, OPPO, vivo, Samsung, and Xiaomi [2] - The company is recognized as the most diversified ODM platform globally, with a leading market position across smartphones, tablets, smart wearables, laptops, and data infrastructure products [4] Group 2: Financial Performance - Revenue figures for Huacong Technology from 2022 to 2024 are projected at 92.646 billion yuan, 85.338 billion yuan, and 109.878 billion yuan, respectively, with net profits of 2.514 billion yuan, 2.657 billion yuan, and 2.916 billion yuan during the same period [4] - The company achieved a revenue milestone of over 100 billion yuan last year, with a significant year-on-year increase in revenue for the first half of this year [4] Group 3: Research and Development - Huacong Technology's R&D investments from 2022 to 2024 are approximately 5.047 billion yuan, 4.548 billion yuan, and 5.156 billion yuan, accounting for 5.4%, 5.3%, and 4.7% of total revenue, respectively [4] - The company has established a "3+N+3" product matrix focusing on smartphones, laptops, and servers, while expanding into mobile terminals, AIoT, computing, and data center businesses [4] Group 4: Management and Strategy - Key executives at Huacong Technology have extensive experience in the industry, particularly from their previous roles at ZTE Corporation, which is beneficial for the company's development [5] - The company is actively exploring new growth areas, including robotics and semiconductors, having acquired a 75% stake in Shenzhen Haocheng Intelligent Technology Co., focusing on household cleaning and caregiving robots [8][10] Group 5: Future Plans - The company plans to use the net proceeds from the IPO for R&D, expanding and optimizing its manufacturing network, and strategic investments [11] - Huacong Technology is targeting innovation in automotive electronics, software, and robotics as new growth engines, with projected revenue growth rates of 32.9%, 91.9%, and 67.5% for its innovative businesses in the coming years [10]

Core Viewpoint - Huqeen Technology has officially submitted its application to the Hong Kong Stock Exchange, positioning itself as a leading technology-driven intelligent product platform company with over 20 years of experience in the smart product sector [2] Group 1: Company Overview - Huqeen Technology provides end-to-end solutions across the entire value chain, including design, research and development, manufacturing, and operational support [2] - The company has established a strong leading position in major product areas and is recognized as a global leader in the full-stack intelligent product ODM platform [2][3] Group 2: Product Matrix and Market Position - Huqeen Technology has strategically developed a "3+N+3" intelligent product matrix, focusing on three main pillars: smartphones, laptops, and servers, while also expanding into AIoT and data center businesses [3] - The company is the only ODM manufacturer to establish a leading market position across multiple categories, including smartphones, tablets, smart wearables, laptops, and data infrastructure products [3] Group 3: Market Leadership in ODM - Since entering the smartphone industry in 2005, Huqeen Technology has become the world's largest smartphone ODM manufacturer, with projections indicating it will also lead in tablet and smart wearable ODM by 2024 [4] - The company has successfully transferred its operational expertise from smartphone ODM to the laptop sector, becoming the fourth largest laptop ODM manufacturer globally and the largest in mainland China by 2024 [4] Group 4: Data Center and Innovation Opportunities - Huqeen Technology entered the data center market in 2017, developing a comprehensive product portfolio that includes AI servers and switches, becoming a key supplier for major internet companies and cloud service providers [5] - The company is actively exploring opportunities in automotive electronics, software, and robotics, aiming to leverage its platform capabilities to empower partners and create new growth avenues [6]

Core Viewpoint - Huqin Technology (603296) has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (601995) and BofA Securities as joint sponsors [1] Group 1: Company Overview - Huqin Technology is a leading global full-stack intelligent product ODM platform, ranking first in multiple categories of smart products [1] - The company offers a range of intelligent products across mobile terminals, computing and data centers, AIoT, and innovative business sectors, forming a product matrix centered on smartphones, laptops, and servers [1] - Huqin Technology is the only ODM manufacturer globally that has established a leading market position in smartphones, tablets, smart wearables, laptops, and data infrastructure products [1] Group 2: Manufacturing and Expansion - The company has large manufacturing centers located in China (Dongguan, Nanchang) and production facilities in Vietnam and India, while actively expanding into overseas markets such as Mexico [1]

Group 1: Overview of Chinese Companies Going Global - Chinese companies are actively engaging in globalization, showcasing "Chinese manufacturing" on the world stage while also creating opportunities for global partners in the Chinese market [1][2] - The article highlights two representative companies: Huaqin Technology and Schneider Electric, illustrating their successful integration into global markets and local operations [1][2] Group 2: Huaqin Technology's Global Strategy - Huaqin Technology, a leading player in the global ODM industry, has expanded its business from mobile phones to various sectors including smart wearables, laptops, automotive electronics, and robotics, with over 200 million smart terminal products shipped annually [3][4] - The company adopted the "HQ" quality label, which symbolizes its commitment to high quality, and has established strategic partnerships with eight of the top ten global smartphone brands [4] - Huaqin has successfully navigated challenges in international markets, such as forming joint ventures in India to address local production needs and relocating production lines to Vietnam to mitigate tariff impacts [5][6] Group 3: Schneider Electric's Local Integration - Schneider Electric has deeply integrated into the local supply chain in China, with 30 factories and logistics centers established, and five major R&D centers that are crucial to its global network [7][8] - The company emphasizes the importance of Chinese innovation, with over 2,200 R&D engineers and more than 3,000 patents, showcasing its capability for world-class product development [7][8] - Schneider Electric has implemented digital technologies such as big data, 5G, and AI in its production processes, resulting in an 82% increase in productivity and a 67% reduction in order delivery times [8]

Summary of Key Points from the Conference Call Industry Overview - The analysis focuses on the **Asia Tech Hardware** sector, particularly the **AI server** and **Apple supply chain** industries, over a 15-year horizon, examining business models, profitability, solvency, and operational efficiency [1] Core Insights Profitability Metrics - **Return on Equity (ROE)** for ODMs and equipment suppliers is projected to be between **20-30%** in 2024, with **Chroma** and **Delta** expected to show significant increases [2] - **Chroma's ROE** has improved from **12% in 2010 to 25% in 2024**, with expectations to reach **31% in 1H25** due to its focus on niche markets and divestment from low-margin segments [15] - **Largan** and **Sunny Optical** have shown fluctuating ROE due to market conditions, with signs of recovery noted since last year [15] Operational Efficiency - **Chroma** has the longest cash conversion cycle at **209 days** due to its industry characteristics, yet maintains a strong free cash flow margin [77] - **Luxshare** has achieved an almost zero cash conversion cycle, indicating high operational efficiency [78] - **Quanta's** cash conversion cycle is longer due to logistical complexities in its supply chain [78] Debt and Solvency - Most companies maintain healthy debt levels, with **Quanta's** net debt-to-equity ratio expected to rise significantly from **15% in 2024 to over 60% in 2025-26** due to AI server business expansion [4][69] - **Largan** has a notably low net debt-to-equity ratio, reflecting its strong cash position [69] Capital Expenditure and Free Cash Flow - **Unimicron** is identified as the most capex-intensive company with a capex-to-revenue ratio averaging **21%** over the past five years [5] - **Chroma** and **Largan** exhibit free cash flow margins between **20-40%**, indicating strong cash generation capabilities [5] Investment Ratings and Price Targets - **Delta Electronics**: Rated Outperform, Price Target (PT) of **NT$630** [8] - **Chroma ATE**: Rated Outperform, PT of **NT$570** [9] - **Quanta Computer**: Rated Underperform, PT of **NT$240** [10] - **Unimicron Technology**: Rated Outperform, PT of **NT$170** [11] - **Luxshare Precision**: Rated Outperform, PT of **RMB47** [12] - **Sunny Optical**: Rated Outperform, PT of **HK$97** [13] - **Largan Precision**: Rated Market-Perform, PT of **NT$2,400** [14] Additional Observations - The **camera and PCB sectors** show that CIS and lens suppliers achieve higher ROIC compared to module players, with higher technological barriers enhancing supplier concentration [3] - **Quanta's** financial performance is heavily reliant on the PC market, which has seen fluctuations impacting its ROE [15] - The **PCB market** is characterized by cyclical demand, with companies needing substantial capital investments to expand capacities [54] This comprehensive analysis highlights the competitive landscape and financial health of key players in the Asia Tech Hardware sector, providing insights into potential investment opportunities and risks.

Core Viewpoint - Company Huqin Technology is positioned as a leading ODM player with a 3+N+3 platform model, entering a new growth phase driven by AI advancements [1] Group 1: Company Overview - Established in 2005, Huqin Technology has capitalized on two decades of technological transformation [1] - The company is expected to achieve revenue exceeding 100 billion in 2024, solidifying its status as a top ODM leader [1] Group 2: Financial Projections - For 2025, the company anticipates a 25% year-on-year growth in revenue and profit [1] - Revenue projections for 2025-2027 are 1601.39 billion, 1879.07 billion, and 2196.93 billion respectively, with net profits of 40.38 billion, 51.65 billion, and 61.29 billion [1] - Corresponding PE ratios for these years are projected at 20.1, 15.7, and 13.2 times [1] Group 3: Market Position and Strategy - On the computing side, the company has become a core digital equipment supplier for Tencent and Alibaba, benefiting from the CSPAI capital investment cycle [1] - The company is expanding its traditional mobile and PC markets while actively exploring new growth sectors such as AR/VR, automotive, and robotics [1]

Group 1 - The core viewpoint of the article is that Huqin Technology (603296.SH) is rated as a "buy" by Open Source Securities due to its strong positioning in the ODM market and its ability to leverage AI technology for growth [2] - Huqin Technology is identified as a leading ODM player benefiting from the ongoing technological transformation characterized by the 3+N+3 platform model [2] - The company is expected to capitalize on the AI computing power trend, which is driving investment cycles in the CSP sector, showcasing its full-stack capabilities in response to market demands [2] Group 2 - The report highlights the growth potential in AI terminals, with Huqin Technology positioned to take advantage of trends in AIoT, automotive, and robotics sectors [2] - Financial summaries and valuation metrics are provided to support the investment thesis, although specific figures are not detailed in the excerpt [2]