Pacífico: Otorga una calificación de compra a Huaxun Technology

Pacific Securities Co., Ltd. Sun Yuanfeng, Zhang Shijie, and Li Juehan recently conducted research on Huaqin Technology and released a research report titled 《The 3+N+3 Intelligent Product Platform Strategy Has Shown Remarkable Effectiveness, with Revenue and Profit Rising Double Growth》, giving Huaqin Technology a “Buy” rating.

Huaqin Technology (603296)

Event: The company released its 25 annual report. In 25, the company achieved total operating revenue of 1714.37 billion yuan, a year-on-year increase of 56.02%; it is expected to achieve net profit attributable to owners of the parent company of 40.54 billion yuan, a year-on-year increase of 38.55%; and it is expected to achieve net profit attributable to the parent after deducting non-recurring items of 32.44 billion yuan, a year-on-year increase of 38.30%.

The 3+N+3 “Intelligent Product Platform” strategy has shown remarkable effectiveness, with double growth in revenue and profit. By product categories, in 25 mobile terminal business revenue was 802.10 billion yuan, a year-on-year increase of 57.17%; computing and data center business revenue was 754.75 billion yuan, a year-on-year increase of 51.93%; AIoT business revenue was 78.85 billion yuan, a year-on-year increase of 68.75%; innovative business revenue was 34.84 billion yuan, a year-on-year increase of 121.00%. The company’s 3+N+3 “Intelligent Product Platform” strategy has shown remarkable results, with very high double growth in revenue and profit.

Data center business delivers high growth; first, it lays out growth opportunities for super-node categories. The company’s data center business in 25 achieved a near doubling growth in operating revenue. Shipments of all types of products have also achieved rapid growth, and the company’s shares among major clients continue to increase. The company has already built a full-stack product portfolio including AI servers, general-purpose servers, switches, storage servers, and others. It was among the first to roll out and target super-node categories. With a dual-engine driven by CSPs and industry customers, it holds a core supplier position at major CSP clients, while continuing to expand customers in the industry and channel market.

Robot business builds a second growth curve. In response to demands in industrial manufacturing scenarios, the company has very rich manufacturing scenarios and data. It is currently developing wheeled robots suitable for flexible manufacturing. In 25, the company completed the commissioning of the first-generation self-developed biped robots, and it is also planning the second-generation biped robots. In key core components, it adopted NVIDIA’s latest Thor platform solution for R&D. In the data collection robot field, in 25 the company completed the development and delivery of data collection robots, demonstrating strong technical accumulation and platform capabilities.

Profit forecasts and investment recommendations: It is expected that total operating revenue for 2026-2028 will be 2055.92, 2409.37, and 2800.24 billion yuan, with year-on-year growth rates of 19.92%, 17.19%, and 16.22%, respectively; net profit attributable to the parent company will be 50.67, 63.11, and 75.62 billion yuan, with year-on-year growth rates of 24.98%, 24.54%, and 19.84%, respectively. The corresponding PE for 26-28 will be 17X, 14X, and 11X, and the “Buy” rating is maintained.

Risk warning: Risk that downstream demand is less than expected; risk of increased industry competition.

Latest detailed profit forecasts are as follows:

In the most recent 90 days, a total of 5 institutions have issued ratings for this stock, including 5 “Buy” ratings. In the past 90 days, the average target price set by institutions was 125.1.

The above content has been compiled from publicly available information by Securities Star and generated by an AI algorithm (filing and registration number: 310104345710301240019). It does not constitute investment advice.