华勤技术：服务器、AIoT景气度佳，上半年并购动作频繁

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [1]. Core Views - The company has shown stable revenue and net profit figures in the first half of 2024, with significant growth in its smart wearables, server, and AIoT businesses. The report highlights multiple acquisition announcements aimed at enhancing customer reach, component capabilities, and global expansion [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 39.397 billion, a slight decrease of 0.76% year-on-year. The net profit attributable to shareholders was RMB 1.291 billion, an increase of 0.73% year-on-year. The gross margin improved to 11.74%, up by 1.89 percentage points [1]. - For Q2 2024, the company achieved revenue of RMB 23.169 billion, a year-on-year increase of 1.27% and a quarter-on-quarter increase of 42.76%. The net profit for the quarter was RMB 0.686 billion, a decrease of 0.87% year-on-year but an increase of 13.23% quarter-on-quarter [1]. Business Segments - The smart terminal segment, which includes smartphones and smart wearables, generated RMB 12.4 billion in revenue, accounting for 33% of total revenue. While smartphone shipments saw a slight decline, smart wearables experienced rapid growth [1]. - The high-performance computing segment, which includes PCs, tablets, and data products, generated RMB 22.2 billion, representing 60% of total revenue. The server revenue grew by 150% year-on-year, and the company launched an AI server with a full-stack layout [1]. - The AIoT business achieved revenue of RMB 1.84 billion, a remarkable year-on-year growth of 316%, with products including smart home devices and audio products [1]. Mergers and Acquisitions - The company has been active in mergers and acquisitions, including a cash acquisition of 80% of a company specializing in high-fidelity and Bluetooth audio products. This move is expected to enhance the company's competitiveness and global footprint [1]. Valuation - The report slightly raises the earnings forecast, projecting earnings per share of RMB 2.86, RMB 3.31, and RMB 3.90 for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are 16.2x, 14.0x, and 11.9x [1].