Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 116.54 CNY over the next six months [4][6]. Core Views - The company has experienced significant growth in revenue and net profit, with a 113.06% year-on-year increase in revenue to 839.39 billion CNY and a 46.30% increase in net profit to 18.89 billion CNY in the first half of 2025 [1][2]. - The global investment in AI computing power is accelerating, with major tech companies expanding their AI product offerings, which is expected to drive demand for the company's products [2][3]. - The high-performance computing segment is rapidly developing, establishing the company as a core supplier for several well-known clients, particularly in the personal computer and data product sectors [3]. Financial Projections - Revenue projections for the company are 1,483.35 billion CNY in 2025, 1,780.02 billion CNY in 2026, and 2,100.43 billion CNY in 2027, with corresponding net profits of 39.47 billion CNY, 48.37 billion CNY, and 59.01 billion CNY respectively [4][8]. - The company is expected to achieve a price-to-earnings (PE) ratio of 30 times in 2025, indicating strong future earnings potential [4][8]. Market Position - The company is well-positioned in the smart hardware industry, with a diverse product line that includes smart terminals, high-performance computing, automotive and industrial products, and AIoT devices [2][3]. - The report highlights the company's ability to leverage synergies across its product lines, particularly in the tablet and smartphone sectors, enhancing its competitive edge [3]. Stock Performance - As of August 29, 2025, the company's stock price is 98.35 CNY, with a market capitalization of approximately 99.9 billion CNY [6]. - The stock has shown strong relative performance, with a 12-month return of 83.0% [7].

Core Viewpoint - Huawei's Spring Service Event offers multiple benefits to consumers, enhancing user experience through various services and discounts [1][4][9] Group 1: Event Details - The event runs from May 6 to May 15, providing discounts such as 8.8% off on certain spare parts and a 9.9 yuan shell replacement for select devices [1][5] - Users can enjoy free screen protection film application for mobile and wearable devices, including foldable screens, enhancing user experience [4][5] - Free basic cleaning and UV disinfection services for wearable devices are also included, addressing user concerns about device maintenance [4][5] Group 2: Service Accessibility - Huawei has established over 2,100 service stores and more than 20,000 service pickup points, covering 99% of prefecture-level cities and 92% of counties [7] - The company offers 24/7 customer service through various online platforms, ensuring easy access to service information and support [7] Group 3: Professionalism and Differentiation - All repairs utilize official original parts, conducted by professional service engineers with automated tools, ensuring precision and efficiency [7][9] - The event reflects Huawei's commitment to consumer-centric service, transforming technical capabilities into tangible user care [9]

Core Viewpoint - Huawei is leveraging its HarmonyOS ecosystem and service upgrades to enhance consumer experience and stimulate market demand during the Spring season through its "Spring Service Benefits" campaign [1][2]. Group 1: Service Offerings - Huawei is offering various service benefits from April 15 to May 15, including an 8.8% discount on certain spare parts and low-cost maintenance options such as a 9.9 yuan shell replacement for specific models [1][2]. - The campaign includes free screen protection film and screen testing services, allowing users to refresh their devices at minimal costs [2]. Group 2: Service Network - Huawei has established over 2,100 official service stores and more than 20,000 pickup points across 99% of prefecture-level cities and 92% of counties in China, creating a comprehensive service network [2]. - The service centers are equipped with nearly 200 specialized repair tools and 100% automated disassembly/assembly tools, achieving a disassembly success rate of 99% [2]. Group 3: Consumer Privacy and Engagement - Huawei has introduced a repair mode to protect consumer privacy, ensuring that personal data is isolated during the repair process [3]. - The company has initiated various community engagement activities, such as the "Love Station" program, which has provided care to over 400,000 outdoor workers since 2020, enhancing brand trust and consumer relationships [3]. Group 4: Brand Strategy - Huawei is redefining the temperature of technology companies by combining "hardcore technology" with "flexible services," aiming to create a deep connection with users through detailed service touchpoints [3].