来源：金融界 联合资信评级报告认为，华为投资控股有限公司（以下简称"公司"或"华为"）是一家100%由员工持股 的全球领先的信息与通信技术（ICT）基础设施和智能终端提供商，拥有通信业界完整的、端到端的产 品线和融合解决方案，具备先进的全球化管理体系和健全的激励机制，但国际政治经济环境复杂多变、 贸易壁垒凸显、外汇市场波动以及外汇管制等均对公司资产、业务全球化布局带来一定的不确定性和管 理难度。跟踪期内，公司在基础研究、专利规模、全栈全场景AI解决方案、生态合作、市场地位、研 发等方面保持了显著的竞争和规模优势，规模效益和客户资源优势显著。2024年，公司ICT基础设施业 务、数字能源业务和云业务保持稳定增长，终端业务大幅增加，智能汽车解决方案收入快速增长。公司 具备很强的整体盈利能力、现金获取能力和再投入能力；资产、权益规模增长，现金类资产充裕，债务 负担较轻，偿债指标表现非常好，融资渠道畅通。同时，需关注公司面临美国司法部提起的多项刑事指 控，存在诉讼周期长和诉讼结果可能不利的负面预期；公司研发费用、折旧摊销等刚性成本持续处于较 大规模，若未来业绩增长未如预期，利润增长将承压；上述因素均对公司信用水平可能 ...

Core Viewpoint - The company's Q1 performance met expectations with revenue and net profit showing significant year-on-year growth, indicating a positive trend in business operations and financial health [1][2]. Financial Performance - Q1 revenue reached 3.416 billion yuan, a year-on-year increase of 15.1% - Net profit attributable to shareholders was 212 million yuan, up 10.9% year-on-year - Non-recurring net profit attributable to shareholders was 208 million yuan, reflecting a 16.3% year-on-year growth - Gross margin slightly decreased to 19.8%, down 1.0 percentage points year-on-year, primarily due to annual pressure [1] Cost and Cash Flow - Operating expense ratio improved to 10.7%, down 1.6 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios - Financial expense ratio decreased by 0.8 percentage points due to increased exchange gains - Net cash flow from operating activities improved to -135 million yuan, compared to -638 million yuan in the same period last year, driven by increased cash receipts from sales [1] Business Segments - Passenger vehicle revenue grew approximately 10% year-on-year, with the new energy segment increasing by about 21% - Commercial vehicle and digital energy business revenues rose by approximately 12% and 50% respectively - The energy storage business is expected to grow rapidly due to rising customer demand, while the diesel generator thermal management business is entering a capacity ramp-up phase [2] International Expansion - Q1 overseas sales revenue was approximately 880 million yuan, accounting for 25.85% of total revenue - North American profitability continues to improve, and the European Setrab company has turned profitable - The company plans to accelerate overseas development, including the construction of a third factory in Mexico and expansion in Poland and Malaysia [2] Future Outlook - EPS forecasts for 2025-2027 are projected at 1.26, 1.63, and 2.02 yuan respectively - The average PE ratio for comparable companies in 2025 is estimated at 24 times, with a target price set at 30.24 yuan, maintaining a buy rating [3]

| (人民币百万元) | 2024年 | | --- | --- | | ICT基础设施业务 | 369,903 | | 终端业务 | 339,006 | | 云计算业务 | 38,523 | | 数字能源业务 | 68,678 | | 智能汽车解决方案业务 | 26,353 | | 其他业务 | 19,609 | | 合计 | 862,072 | 3月31日，华为发布2024年年度报告。报告显示，华为经营结果符合预期，实现全球销售收入8621亿元，净利润626亿元。2024年研发投入达到1797亿元，约 占全年收入的20.8%，近十年来累计投入的研发费用超过12490亿元。 孟晚舟透露，华为云、鲲鹏、昇腾和鸿蒙生态正在快速发展。截至2024年年底，鲲鹏、昇腾已发展665万开发者、8500多家合作伙伴，鸿蒙开发者超720万， 设备超10亿台。她指出，人工智能浪潮冲击在于变化速度。华为坚信网络安全与隐私保护是数智世界基石，致力于通过管理优化、技术创新、开放合作来打 造安全能力，与客户、供应商、伙伴共建网络安全和隐私保护能力，守护数智世界的美好生活。 具体来看，2024年，华为ICT基础设施业务实现营收3699. ...