Huaqin Technology (603296) 华安证券·2024-11-03 09:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The strategic plan "2+N+3" continues to advance, leading to comprehensive and rapid growth in performance [1] - In the first three quarters of 2024, the company achieved operating revenue of 76.01 billion yuan, a year-on-year increase of 17.2%, and a net profit attributable to the parent company of 2.05 billion yuan, a year-on-year increase of 3.3% [1] - The revenue structure shows that high-performance computing accounted for 60.4%, smart terminals 33.8%, automotive and industrial products 1.4%, and AIoT and others 4.4% [1] Financial Performance - For the first three quarters of 2024, the company reported a single-quarter revenue of 36.61 billion yuan, a year-on-year increase of 45.4% and a quarter-on-quarter increase of 58.0% [1] - The gross profit margin for the third quarter of 2024 was 7.6%, down 3.2 percentage points year-on-year [1] - The company maintains its profit forecast, expecting net profits attributable to the parent company for 2024-2026 to be 3.04 billion, 3.63 billion, and 4.13 billion yuan respectively, with corresponding EPS of 2.99, 3.57, and 4.07 yuan [2][3] Business Segments - In the high-performance computing segment, revenue doubled in the first three quarters, with significant growth in AI servers and general servers [1] - The smart terminal segment saw a substantial increase in smartphone shipments, with smart wearable products expected to grow over 50% [1] - The automotive and industrial products segment reported a year-on-year revenue increase of 81% [1]