华勤技术：服务器延续高增，多个新兴业务表现亮眼

Investment Rating - Buy-A rating maintained with a 6-month target price of 60.6 RMB, implying a 20x forward P/E for 2024 [6][9] Core Views - The company is a global leader in smart hardware ODM, actively expanding into high-growth areas like enterprise data centers and automotive electronics, poised to benefit from the AI boom [9] - Revenue is expected to grow from 1007.2 billion RMB in 2024 to 1300.9 billion RMB in 2026, with net profit increasing from 30.8 billion RMB to 40.2 billion RMB over the same period [9] Business Performance Overall Performance - H1 2024 revenue reached 393.97 billion RMB, down 0.76% YoY, while net profit grew 0.73% to 12.91 billion RMB, with adjusted net profit up 5.75% to 10.20 billion RMB [1] Segment Performance - Smart terminal revenue was 124 billion RMB, with smart wearables showing rapid growth despite a slight decline in smartphone shipments [2] - High-performance computing revenue reached 222 billion RMB, accounting for 60% of total revenue, driven by strong growth in server business (up 150% YoY) and AI-related shipments [2][3] - Automotive electronics revenue surged 102% YoY to 6.4 billion RMB, with self-developed cockpit software gaining recognition from major automakers [2] - AIoT revenue skyrocketed 316% YoY to 18.4 billion RMB, supported by strong shipments of smart home devices, IP cameras, e-readers, and smart speakers to US tech clients [2] Operational Efficiency - Management and sales expense ratios declined YoY, reflecting improved scale efficiency [2] - Adjusted net profit margin increased to 10.2 billion RMB, up 5.75% YoY [2] Strategic Developments - The company plans to acquire 80% of Yiluda for 2.85 billion HKD, with Yiluda committing to cumulative net profit of at least 750 million HKD from 2024-2026 [4] - The acquisition is expected to create significant synergies in audio technology and customer resources [4][8] Market Position - Maintains global leadership in tablet ODM with high market share [3] - Breaks Taiwanese dominance in PC ODM, ranking among top 4 globally with million-unit scale [3] - Pioneers in AI server market with early shipments of new AI chip platforms for training and inference [3] Financial Projections - Revenue growth expected at 18.0% in 2024, 15.4% in 2025, and 11.9% in 2026 [12] - Net profit growth projected at 13.9% in 2024, 19.8% in 2025, and 8.9% in 2026 [12] - ROE forecasted at 14.0% in 2024, 15.1% in 2025, and 14.7% in 2026 [12]