华勤技术：2025 年第二季度业绩指引超预期；AI 服务器及交换机强劲增长；买入-Huaqin Technology (.SS) 2Q25 guidance beat; AI servers and Switches in strong growth; Buy (on CL)
Huaqin Technology (SH:603296)2025-07-22 01:5920 July 2025 | 1:49PM HKT Huaqin Technology (603296.SS): 2Q25 guidance beat; AI servers and Switches in strong growth; Buy (on CL) Huaqin announced 1H25 guidance (link), implying: (1) 2Q25 revenues at Rmb48bn to Rmb49bn, or midpoint at Rmb48.5bn (+39% QoQ, +109% YoY), or 43% ahead of our estimates; and (2) 2Q25 net income at Rmb1.0bn to Rmb1.1bn, or midpoint at Rmb1,043m (+24% QoQ, +52% YoY), or 30% ahead of our estimates. Management attributed the strong guidance to growing generative AI, reaffirming our p ...