华勤技术 - A_2025 年上半年各板块强劲增长；对人工智能势头和增长前景持乐观态度；重申超配

Technology Asia Pacific Equity Research 28 August 2025 Huaqin Technology - A Strong growth across segments in 1H25; optimistic on AI momentum and growth outlook; reiterate OW ▲ Key takeaways from Huaqin's earnings call include: 1) strong earnings growth of 46% yoy in 1H25 was driven by accelerating AI server delivery and strong momentum in smartphone/PC/wearable areas; 2) GPM dropped sequentially in 2Q25, due to product mix change, but is expected to recover with a better mix; 3) management expects >Rmb40bn ...