华勤技术(603296):多业务协同发力,收入及利润创季度新高-半年报点评

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、2025H1公司实现营业收入839.39亿元，同比增长113.06%；归母净利润18.89亿元，同比增长46.30%。2、2025Q2单季度营收489.42亿元，同比增长111.24%，环比增长39.84%；归母净利润10.47亿元，同比增长52.70%，环比增长24.35%，收入及利润均创单季度历史新高。3、主营业务结构：高性能计算占比61.9%，智能终端占比32.8%，AIoT及其他占比4.0%，汽车及工业产品占比1.3%。4、数据业务实现倍数级增长，智能终端业务收入翻倍，智能穿戴业务同比大涨110.1%，个人电脑业务增速远超行业平均水平，汽车电子业务客户队列丰富，AIoT业务收入同比增长79.9%。5、2025年上半年研发投入29.6亿元，同比增长30.1%，近三年累计研发投入超过147.5亿元，具备ARM和X86架构整机设计能力，并启动人形机器人核心技术研究。6、公司完成“3+N+3”智能产品大平台战略升级，并通过收购易路达、深圳豪成智能及拟收购晶合集成股权持续推进多领域整合。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计2025-2027年实现营业收入1398.49/1673.48/1972.44亿元，同比增长27.3%/19.7%/17.9%，实现归母净利润37.73/44.50/52.94亿元，同比增长28.9%/18.0%/18.9%，维持“买入”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：手机、PC出货量复苏不及预期；AI PC出货量不及预期；贸易摩擦加剧；竞争格局恶化。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>