东方证券研报指出，华勤技术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。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。公司PC ODM国内领先，突破海外客户份额持续提升。数据中心业务持 续高增可期，产品结构进一步优化。预计未来数据业务仍然能实现收入持续增长，产品结构也将会进一 步优化，同时有望实现盈利能力的稳步提升。根据可比公司26 年21倍PE 估值，对应目标价为107.73 元。 ...

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。 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 107.73 CNY [7][12]. Core Insights - The company's financial stability is supported by diverse business segments driving growth, with a significant increase in revenue projections for PC and data center businesses [3][11]. - The forecasted net profit attributable to the parent company for 2025-2027 is 41 billion, 52 billion, and 63 billion CNY respectively, reflecting an upward revision from previous estimates [3][12]. - The company is expected to maintain growth in its ODM (Original Design Manufacturer) business, particularly in the smartphone and PC sectors, with a notable increase in shipments and revenue [11][12]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 85,338 million CNY, 109,878 million CNY, 158,374 million CNY, 194,316 million CNY, and 233,809 million CNY, with growth rates of -7.9%, 28.8%, 44.1%, 22.7%, and 20.3% respectively [5][14]. - The operating profit is projected to grow from 2,831 million CNY in 2023A to 6,978 million CNY in 2027E, with corresponding growth rates of 1.0%, 6.7%, 49.7%, 28.0%, and 20.5% [5][14]. - The net profit attributable to the parent company is expected to increase from 2,707 million CNY in 2023A to 6,280 million CNY in 2027E, with growth rates of 5.6%, 8.1%, 39.2%, 28.0%, and 20.5% [5][14]. Business Performance - The company has a strong foothold in the consumer electronics sector, with a solid base that is expected to withstand short-term industry fluctuations [11]. - The PC ODM business is projected to see significant growth, with an expected revenue of over 300 billion CNY in 2025 and a shipment target of 1.8 million units [11]. - The data center business is anticipated to achieve over 40 billion CNY in revenue for 2025, with continued growth expected in AI servers and general servers [11].