Huaqin Technology (603296) 华安证券·2025-04-25 02:58Investment 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]