Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown robust revenue and net profit growth in 2024, with a significant increase in Q1 2025. The upgraded "3+N+3" business strategy and the "China + VMI" global capacity layout are expected to drive future growth [3][8] - The company is positioned well in the consumer electronics sector, with a strong competitive edge in multiple product categories, including smartphones, personal computers, and data centers [8] Financial Summary - The company is projected to achieve revenues of RMB 139.19 billion in 2025, reflecting a growth rate of 26.7% [7] - The net profit for 2025 is estimated at RMB 3.61 billion, with a growth rate of 23.5% [7] - The earnings per share (EPS) for 2025 is forecasted to be RMB 3.56, with a corresponding price-to-earnings (P/E) ratio of 18.7 times [5][7] - The EBITDA for 2025 is expected to reach RMB 4.78 billion, indicating a significant increase from previous years [7] Strategic Developments - The company has successfully upgraded its "3+N+3" strategy, establishing a comprehensive product platform that includes smart devices and emerging fields such as automotive electronics and robotics [8] - The global supply chain system, characterized by a "1+5+5" structure, supports the company's operational efficiency and future growth [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [5][12]. Core Views - The company has shown strong revenue growth, with a projected revenue of 109.88 billion yuan for 2024, representing a year-on-year increase of 28.8%. The net profit attributable to the parent company is expected to reach 2.93 billion yuan, up 8.1% year-on-year [6][8]. - The first quarter of 2025 saw impressive revenue of 35 billion yuan, a year-on-year increase of 115.7%, with a net profit of 840 million yuan, up 39.1% year-on-year [6][7]. - The company is benefiting from increased capital expenditures from domestic cloud service providers, which is expected to drive further revenue growth [7][8]. Summary by Sections Financial Performance - For 2024, the company forecasts revenue of 109.88 billion yuan and a net profit of 2.93 billion yuan, with a gross margin of 9.3% [6]. - In Q4 2024, revenue reached 33.87 billion yuan, a 65.6% increase year-on-year, with a net profit of 880 million yuan [6]. - In Q1 2025, revenue was 35 billion yuan, marking a 115.7% increase year-on-year, with a gross margin of 8.4% [6][7]. Profitability and Valuation - The company’s net profit is projected to grow to 3.64 billion yuan in 2025, with a corresponding P/E ratio of 17.9 [5][8]. - The report indicates a continuous improvement in profitability, particularly in the data center business, which has seen significant revenue growth [8]. Market Position and Growth Drivers - The company has established strong partnerships with major domestic cloud service providers, enhancing its market position and revenue potential [7][8]. - The anticipated recovery in the 3C electronics supply chain and the introduction of new AI products are expected to contribute positively to the company's growth [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth in Q1 2025, with revenue reaching 35 billion yuan, a year-on-year increase of 115.6%, and a net profit of 840 million yuan, up 39.0% year-on-year [4][5] - In 2024, the company achieved a total revenue of 109.88 billion yuan, representing a year-on-year growth of 28.76%, with a net profit of 2.93 billion yuan, an increase of 8.1% year-on-year [4][5] - The high-performance computing segment generated 63.22 billion yuan in revenue in 2024, a growth of 26.3%, accounting for 60.3% of total revenue [5][6] - The AIoT business saw significant growth, with revenue of 4.67 billion yuan in 2024, up 187.9% year-on-year [6] Financial Summary - The company expects net profits for 2025, 2026, and 2027 to be 3.78 billion yuan, 4.41 billion yuan, and 5.17 billion yuan respectively, with corresponding EPS of 3.72 yuan, 4.34 yuan, and 5.09 yuan [7] - The projected P/E ratios for 2025, 2026, and 2027 are 17.3, 14.8, and 12.6 respectively [7] - The company’s revenue is forecasted to grow to 133.89 billion yuan in 2025, 154.21 billion yuan in 2026, and 171.63 billion yuan in 2027, with year-on-year growth rates of 21.9%, 15.2%, and 11.3% respectively [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth in Q1 2025, with revenue reaching 350.0 billion yuan, a year-on-year increase of 115.6%, and a net profit of 8.4 billion yuan, up 39.0% year-on-year [4][5] - For the full year 2024, the company achieved revenue of 1,098.8 billion yuan, representing a 28.76% increase compared to the previous year, and a net profit of 29.3 billion yuan, which is an 8.1% increase [4][5] - The company's diverse business segments contributed to its growth, particularly in high-performance computing and AIoT sectors, which saw significant revenue increases [5][6] Summary by Relevant Sections Financial Performance - In 2024, the company generated revenue of 1,098.8 billion yuan, with a year-on-year growth of 28.76% and a net profit of 29.3 billion yuan, reflecting an 8.1% increase [4][5] - Q1 2025 revenue was 350.0 billion yuan, a 115.6% increase year-on-year, with net profit at 8.4 billion yuan, up 39.0% [4][5] Business Segments - High-performance computing revenue in 2024 was 632.2 billion yuan, a 26.3% increase, accounting for 60.3% of total revenue, with data services growing by 178.8% [5] - The smart terminal business generated 353.2 billion yuan in 2024, a 9.7% increase, with significant growth in smart wearables [6] - AIoT revenue reached 46.7 billion yuan in 2024, a remarkable 187.9% increase, with over 2 million game consoles shipped [6] Future Projections - The company expects net profits of 37.8 billion yuan, 44.1 billion yuan, and 51.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.72 yuan, 4.34 yuan, and 5.09 yuan [7][10] - The projected P/E ratios for 2025, 2026, and 2027 are 17.3, 14.8, and 12.6 respectively [7][10]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5] Core Insights - The company has focused on the ODM industry for over a decade, evolving from an IDH model to a comprehensive ODM model that includes R&D, design, and manufacturing [1][18] - The company has experienced rapid revenue and profit growth, with a CAGR of 22.5% in revenue and 71.6% in net profit from 2018 to 2023 [1][38] - The demand for AI computing power is expected to drive significant growth in the data business, with major cloud providers increasing capital expenditures [2] - AI is enabling innovation in consumer electronics, leading to a potential wave of device upgrades [3] - The automotive intelligence market is expanding, and the company is actively entering the robotics sector [4] Summary by Sections 1. Company Overview - The company has been dedicated to the ODM industry since its establishment in 2005, transitioning from IDH to ODM, with a product line that includes smartphones, laptops, tablets, wearables, AIoT products, and servers [1][18] - The management team has a high ownership stake and extensive experience, having implemented two employee stock ownership plans to enhance long-term incentives [1][29] 2. AI-Driven Growth - AI is expected to drive a new wave of innovation in consumer electronics, with significant increases in the penetration of AI-enabled devices [3][58] - The company is well-positioned in the ODM market, benefiting from the increasing demand for AI hardware and customized solutions [2][3] 3. Data Business Expansion - The demand for AI computing is leading to increased capital expenditures from major cloud providers, with a projected growth in AI server shipments [2][3] - The company is strategically positioned to capture growth in the data business, focusing on AI servers and switches [2][3] 4. Automotive and Robotics Market - The automotive electronics sector is experiencing robust demand, and the company is expanding into the robotics market, which is projected to reach a significant scale [4][4] 5. Client Relationships and Global Capacity - The company has established deep partnerships with leading clients across various sectors, ensuring stable operations [9] - A global production capacity strategy has been implemented, with manufacturing bases in multiple countries to meet diverse client needs [9] 6. Financial Projections and Valuation - The company is projected to achieve net profits of 38.11 billion, 48.78 billion, and 61.05 billion yuan from 2025 to 2027, with a PE ratio of 17X for 2025 [10][12]

关于实际控制人的一致行动人 部分股份质押及解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ●华勤技术股份有限公司（以下简称"公司"）实际控制人的一致行动人上海 海贤信息科技有限公司（以下简称"上海海贤"）持有公司股份数量为 56,700,000 股，占公司总股本的 5.5813%；本次股份质押及解除质押后，上海海贤累计质押 公司股份 20,400,000 股，占其所持公司股份总量的 35.9788%，占公司总股本的 2.0081%。 ●上海海贤及其一致行动人合计持有公司股份总数为 440,515,043 股，占公司 总股本的 43.3624%。本次股份质押及解除质押完成后，上海海贤及其一致行动 人持有的股份累计质押 20,400,000 股，占其合计持有公司股份的 4.6309%，占公 司总股本的 2.0081%。 一、本次股份质押及解除质押的基本情况 证券代码：603296 证券简称：华勤技术 公告编号：2025-048 华勤技术股份有限公司 | 单位：股 | | --- | | | | | 质 ...

Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, marking a year-on-year growth of 28.76%, with a net profit attributable to shareholders of 2.93 billion yuan, up 8.1% year-on-year [2] - In Q1 2025, the company achieved significant growth in key financial metrics, with revenue increasing by 115.65%, net profit by 39.04%, and net profit excluding non-recurring items by 43.55% [2] - The company has upgraded its strategy to the "3+N+3 Global Intelligent Product Platform," focusing on smartphones, laptops, and servers, while expanding into emerging sectors like robotics and automotive electronics [3] Financial Performance - For 2024, the company reported a total revenue of 109.88 billion yuan, with a net profit of 2.93 billion yuan and a net profit excluding non-recurring items of 2.35 billion yuan [2] - In Q1 2025, the company saw a revenue increase of 115.65% year-on-year, with net profit and net profit excluding non-recurring items growing by 39.04% and 43.55%, respectively [2] Strategic Initiatives - The "3+N+3 Global Intelligent Product Platform" strategy aims to leverage core businesses while developing a diverse ecosystem in smart living and digital productivity [3] - The company has made significant strides in the wearable technology sector, with a 74.7% year-on-year revenue growth in smart wearables [3] - The automotive electronics division successfully delivered its first cockpit product and expanded its client base beyond traditional manufacturers [4] Global Supply Chain and Manufacturing - The company has established a "1+5+5" global manufacturing layout, including a headquarters in Shanghai and multiple R&D and manufacturing centers in China and overseas [5] - The overseas manufacturing bases in India, Vietnam, and Mexico have made substantial progress, with large-scale production and delivery of terminal products [5][6] Shareholder Returns and ESG Efforts - The company plans to distribute a cash dividend of 912 million yuan for 2024, representing 31.15% of its net profit [7] - The company has been included in the MSCI China Index and received an A rating in the latest MSCI ESG rating, reflecting its commitment to sustainable development [7] - The company aims for a revenue growth rate of over 20% in 2025, focusing on the AI hardware ecosystem [7]

证券代码：603296 证券简称：华勤技术 公告编号：2025-045 华勤技术股份有限公司 (一) 股东大会类型和届次 2024年年度股东大会 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 14 日 10 点 00 分 网络投票系统：上海证券交易所股东大会网络投票系统 召开地点：上海市浦东新区绿科路 699 号华勤全球研发中心会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票起止时间：自2025 年 5 月 14 日 至2025 年 5 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 股东大会召开日期：20 ...

证券代码：603296 证券简称：华勤技术 公告编号：2025-031 华勤技术股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 表决结果：同意3票，反对0票，弃权0票。 本议案需提交公司股东大会审议。 （二）审议通过《关于<2024年年度报告>及其摘要的议案》 经审核，监事会认为：公司2024年年度报告全文及摘要的编制和审议程序符 合法律、法规、《公司章程》和公司内部管理制度等各项规定。公司2024年年度 报告全文及摘要的内容和格式符合中国证监会和上海证券交易所的各项规定，所 包含的信息公允地反映了公司报告期内的财务状况和经营成果，真实地反映出公 司报告期内的经营管理和财务状况等事项，未发现参与公司年度报告编制和审议 的人员有泄漏报告信息的行为。监事会同意此项议案。 表决结果：同意3票，反对0票，弃权0票。 华勤技术股份有限公司（以下简称"华勤技术"或"公司"）于2025年4月 23日以现场和视频通讯相结合的方式召开第二届监事会第十二次会议，本次会议 的通知于2025年4月11日以电子邮件 ...

一、董事会会议召开情况 华勤技术股份有限公司（以下简称"华勤技术"或"公司"）于2025年4月 23日以现场和视频通讯相结合的方式召开第二届董事会第十五次会议，本次会议 的通知于2025年4月11日以电子邮件方式发出。会议应出席董事9人，实际出席会 议董事9人，本次会议由董事长邱文生先生主持。本次会议的召集、召开及表决 程序符合有关法律、行政法规、部门规章、规范性文件及《华勤技术股份有限公 司章程》的规定，表决形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于<2024年度董事会工作报告>的议案》 证券代码：603296 证券简称：华勤技术 公告编号：2025-030 华勤技术股份有限公司 第二届董事会第十五次会议决议公告 一、董事会会议召开情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 详见公司于同日在上海证券交易所网站（http://www.sse.com.cn）披露的《华 勤技术2024年年度报告》及《华勤技术2024年年度报告摘要》。 本议案需提交公司股东大会审议。 （四）审议通过《关于<202 ...