Huaqin Technology (603296) 华安证券·2025-04-25 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth in Q1 2025, with revenue reaching 35 billion yuan, a year-on-year increase of 115.6%, and a net profit of 840 million yuan, up 39.0% year-on-year [4][5] - In 2024, the company achieved a total revenue of 109.88 billion yuan, representing a year-on-year growth of 28.76%, with a net profit of 2.93 billion yuan, an increase of 8.1% year-on-year [4][5] - The high-performance computing segment generated 63.22 billion yuan in revenue in 2024, a growth of 26.3%, accounting for 60.3% of total revenue [5][6] - The AIoT business saw significant growth, with revenue of 4.67 billion yuan in 2024, up 187.9% year-on-year [6] Financial Summary - The company expects net profits for 2025, 2026, and 2027 to be 3.78 billion yuan, 4.41 billion yuan, and 5.17 billion yuan respectively, with corresponding EPS of 3.72 yuan, 4.34 yuan, and 5.09 yuan [7] - The projected P/E ratios for 2025, 2026, and 2027 are 17.3, 14.8, and 12.6 respectively [7] - The company’s revenue is forecasted to grow to 133.89 billion yuan in 2025, 154.21 billion yuan in 2026, and 171.63 billion yuan in 2027, with year-on-year growth rates of 21.9%, 15.2%, and 11.3% respectively [10]