证券日报网讯 1月27日，华勤技术（603296）在互动平台回答投资者提问时表示，公司五大持股平台均 为伴随公司多年成长的核心员工，持股时间长，所持有的公司股份来源均为公司IPO前取得的股份及公 司权益分派由资本公积转增股本方式取得的股份。公司上市前的股权激励一般是综合考虑有关激励对象 的职级、贡献等因素，并按照激励股权相关授予年度的最近一期每股经营性净资产值作为授予价格。 ...

Core Viewpoint - The company, Huqin Technology, is leveraging its extensive experience in the consumer electronics sector to develop a comprehensive research and development capability in robotics, aiming to become a leading provider of all-stack robotic solutions in the 3C manufacturing field [1] Group 1: Robotics Business Development - The robotics business is progressing well, with products including humanoid robots, key components, wheeled robots, and data collection robots [1] - The company is developing a wheeled robot suitable for flexible manufacturing, with expected delivery in June this year [1] - In the humanoid robot sector, the first generation of self-developed bipedal humanoid robots is set for debugging by 2025, with plans for a second generation [1] Group 2: Technological Advancements - The company is focusing on self-research for key components such as actuators and control boards, utilizing NVIDIA's latest Thor platform for development [1] - In the data collection robot area, the company efficiently completed the development and delivery of data collection robots for a major model company in 2025, showcasing its strong technical foundation and platform capabilities [1] Group 3: Strategic Collaborations - The company is actively engaging in technical and business exchanges with several leading overseas enterprises to explore collaboration opportunities in humanoid robotics [1] - These efforts aim to promote the popularization and industrialization of robotic technology [1]

证券日报网讯 1月27日，华勤技术在互动平台回答投资者提问时表示，华勤技术坚持以ODM模式为主 开展业务，在该模式下，公司按照客户的需求，负责产品的研发、设计与制造等环节的工作，终端产品 的销售则由客户完成。公司始终坚持全球化发展战略与多元化产品布局，产品也会由客户销往全球多个 市场，其中包括欧洲地区，关于具体区域市场的业务细节，请以公司公开披露的公告信息为准。未来， 公司将继续通过全球制造布局的稳步推进与敏捷的供应链管理，提升对全球不同区域市场需求的响应能 力与风险应对韧性，持续拓宽增长路径，从而促进公司高质量发展。 （文章来源：证券日报） ...

申万宏源研究指出，华勤技术2025归母净利润同比增长37%+数据业务高速成长，"1+5+5"全球化布局， 支撑China+VMI 全球化发展。由于2025年服务器、手机、可穿戴增速均实现高增，将2025年营收预测 从1655亿元上调至1711亿元；归母净利润从40.4亿微上调至40.5亿元。考虑公司PC/数据中心业务进展超 预期，上调2026/27年营收预测至1969/2360亿元（原值1830/2066亿元），上调2026/27年归母净利润预 测至51/60亿元（原值43/49亿元），2026PE 18X，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve a year-on-year growth of over 37% in net profit attributable to shareholders for 2025, driven by rapid growth in its data business [1] - The revenue forecast for 2025 has been raised from 165.5 billion to 171.1 billion yuan, with net profit slightly adjusted from 4.04 billion to 4.05 billion yuan [8] - The company is focusing on a strategic upgrade to a "3+N+3" smart hardware platform, with core businesses in smartphones, personal computers, and data centers, while also expanding into automotive electronics, software, and robotics [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 171.1 billion yuan, reflecting a year-on-year growth rate of 55.7% [7] - Net profit attributable to shareholders is forecasted at 4.05 billion yuan for 2025, with a growth rate of 38.4% [7] - The company anticipates a total revenue of 196.9 billion yuan for 2026 and 236.0 billion yuan for 2027, with respective growth rates of 15.1% and 19.9% [7] - The gross profit margin is expected to stabilize around 8.6% for 2026 and 2027 [7] - The return on equity (ROE) is projected to be 16.5% for 2026 and 16.2% for 2027 [7]

Group 1 - The core viewpoint of the article is that Huqin Technology has received approval from the China Securities Regulatory Commission for its overseas listing plan, aiming to issue up to 102 million ordinary shares in Hong Kong, which is a strategic move to enhance its global presence and competitive strength [1][2] - Huqin Technology adheres to a "3+N+3" business strategy, focusing on three mature business areas: smartphones, laptops, and data centers, while also incorporating emerging sectors such as robotics, automotive electronics, and software to create a balanced growth model [1][2] Group 2 - The company has established itself as a leading ODM platform for smart products, maintaining a top position in categories such as smartphones, tablets, and wearables, while also being a core supplier for major cloud service providers in the data center sector [2] - Notably, Huqin's automotive electronics business has achieved large-scale production in smart cockpit and advanced driver-assistance systems, while its software business is rapidly expanding through comprehensive development and testing collaborations [2] - The robotics division is set to complete the debugging of its first-generation bipedal humanoid robot by 2025, accelerating the commercialization of the robotics industry [2]

Core Viewpoint - Company Huqin Technology (603296.SH) continues to experience strong growth in its operating performance, aiming for a revenue target of 170 billion to 171.5 billion yuan in 2025, representing a year-on-year increase of 54.7% to 56.1% [1][3] Group 1: Financial Performance - For 2025, Huqin Technology expects a net profit attributable to shareholders of 4 billion to 4.05 billion yuan, a year-on-year increase of 36.7% to 38.4% [1][3] - The company has set a long-term goal of achieving a fivefold revenue increase over ten years, targeting 510 billion yuan by 2033 [1][6] - In the first three quarters of 2025, the company reported revenues of 128.88 billion yuan and a net profit of 3.099 billion yuan, both exceeding the total for 2024, with year-on-year growth of 69.56% and 51.17% respectively [4] Group 2: Strategic Initiatives - Huqin Technology's growth is supported by its "3+N+3" smart product platform strategy and global industrial layout, which enhances its service capabilities across various sectors [9] - The company has established itself as a leading global smart product platform, serving over 100 countries and regions, and providing billions of smart products to consumers [2][8] - The strategic focus includes emerging areas such as robotics, automotive electronics, and software, with a commitment to R&D investment, which has seen a consistent increase from 3.617 billion yuan in 2021 to 4.620 billion yuan in the first three quarters of 2025 [9]

Core Viewpoint - In 2025, AI computing power is expected to drive core assets in the market, with optical modules leading the high-demand sector due to a combination of industrial necessity, explosive performance, and solid barriers, indicating a growth potential that resonates with industry trends and corporate competitiveness [1] Group 1: Company Performance - In the first three quarters of 2025, the company reported a revenue growth of 69.6% year-on-year, with net profit attributable to shareholders increasing by 51.2% [1] - The company has achieved over 100 billion in annual revenue, positioning itself as a platform enterprise with a comprehensive AI layout across multiple business sectors [1] - The high-performance computing segment accounted for 60.3% of revenue in the first half of 2025, benefiting from the demand for AI PCs and servers [5] Group 2: Business Structure - The business structure includes high-performance computing (60.3% of revenue), smart terminals (31.9%), and emerging businesses like automotive electronics and AIoT (5.1%), which create new growth curves [5] - The smart terminal segment is the fastest-growing, with a revenue of 450 billion in the first three quarters, reflecting an 84.4% year-on-year increase [7] - The automotive electronics segment achieved over 1 billion in revenue for the first time in 2025, with significant breakthroughs in smart cockpit and intelligent driving domains [8] Group 3: Competitive Advantages - The company has established a competitive moat through technology, customer relationships, production capacity, and capital, enabling it to navigate industry cycles effectively [9] - The company has a unique vertical integration model with a self-sufficiency rate of approximately 45% in structural components, leading to shorter R&D cycles compared to the industry average [10] - R&D investment exceeded 4 billion in the first three quarters of 2025, with a workforce of 17,000 and over 12,000 patents covering key areas like AI algorithms and automotive-grade technology [11] Group 4: Market Position and Future Outlook - The company serves a matrix of global top brands, including eight of the top ten smartphone brands and four of the top five PC brands, with a diversified customer base reducing reliance on major clients [12] - The dual-circulation network of domestic and overseas production bases supports high-end product mass production, with a projected 30% increase in overall capacity by 2026 [12] - The company is planning an IPO in Hong Kong in 2025, which is expected to optimize shareholder structure and broaden financing channels [12][13]

据介绍，华勤技术坚持"3+N+3"业务战略，形成以智能手机、笔记本电脑、数据中心三大成熟业务及其 衍生的N类产品组合为基本盘，筑牢行业领先壁垒；同时前瞻性将机器人业务纳入核心布局，与汽车电 子、软件业务共同构成三大新兴增长极，形成"成熟业务提供稳定现金流与技术积淀，新兴业务打开未 来成长空间"的发展模式。目前，华勤技术已成为全球领先的、覆盖品类最丰富的智能产品ODM平台之 一，在智能手机、平板、智能穿戴等产品稳居行业第一；数据中心业务稳居头部云厂商核心供应商行 列。值得关注的是，公司汽车电子业务在智能座舱、智能辅助驾驶领域已实现规模化量产；软件业务通 过全栈开发与测试深化客户合作，规模快速提升；机器人业务依托智能硬件、系统集成与制造能力， 2025年完成自研双足人形机器人首代调试，并加速机器人产业商业化落地。 公司称，H股上市是其发展历程中的关键战略里程碑，将为下一阶段成长注入核心动力。其一，拓宽全 球化资本通道。赴港上市可直接联通国际资本市场，为支持技术研发、全球制造布局等战略投入打开融 资窗口，也为并购、再融资预留灵活资本空间。其二，提升国际品牌公信力。此次上市是对公司治理、 财务透明度及长期发展潜力的国 ...

Core Viewpoint - Huqin Technology Co., Ltd. has submitted an H-share listing application to the Hong Kong Stock Exchange, marking a significant step in building its "A+H" dual capital platform, which is crucial for enhancing its global presence and competitive strength [1] Group 1: Business Strategy - The company adheres to a "3+N+3" business strategy, focusing on three mature businesses (smartphones, laptops, data centers) and their derivative products, while also incorporating robotics into its core layout alongside automotive electronics and software [2] - Huqin Technology has become a leading ODM platform globally, maintaining the top position in smartphones, tablets, and wearables, and holding the number one spot in the Chinese mainland laptop market [2] - The company expects to achieve an operating revenue of 170 billion to 171.5 billion yuan in 2025, representing a year-on-year growth of 54.7% to 56.1%, and a net profit of 4 billion to 4.05 billion yuan, with a growth of 36.7% to 38.4% [2] Group 2: Future Growth and Innovation - The company is experiencing a second growth curve with its automotive electronics, software, and robotics businesses, which are achieving scale production and rapid growth [3] - The H-share listing will facilitate strategic investments and vertical integration within the industry, enhancing the value of the "3+N+3" platform strategy [3] Group 3: Competitive Advantage - Huqin Technology has developed a unique "ODMM" global core competitiveness through vertical integration across operations, development, manufacturing, and mechanical precision [4] - The company has established a global manufacturing and supply chain network, including VMI in Vietnam, Mexico, and India, to enhance responsiveness and local delivery while mitigating supply chain risks [4] Group 4: Capital and Governance - The H-share listing is a strategic milestone that will broaden the company's global capital access, supporting technology R&D and global manufacturing investments [5] - It will enhance the company's international brand credibility, improving trust among global clients and partners, and facilitating international business expansion [5] - The listing will also optimize governance and talent mechanisms, aiding in attracting and retaining top technical and management talent globally [6]