华勤技术_人工智能服务器_数据中心业务扩张；2025 年第二季度符合预期；买入

28 August 2025 | 10:46PM HKT Huaqin Technology (603296.SS): AI servers / Data center business in expansion; 2Q25 in line; Buy (on CL) We remain positive on Huaqin post 2Q25 results, given Huaqin's business expansion from consumer electronics to data centers (AI server, general server, switch), with upside in further China CSPs customers penetration in AI servers, and Switch riding on the leading China CSPs' capex and specification upgrade, along with PCs market share gain and Smartphones rising ODM penetrat ...