Research Report Mining | Kaiyuan Securities: Maintain a "Buy" rating for Huacheng Technology, with the "3+N+3" strategy driving diversified business growth

Open-source securities research reports indicate that Huacheng Technology will achieve high growth in 2025, driven by the “3+N+3” strategy to diversify its business. By 2025, the company is expected to reach revenue of 171.437 billion yuan, a year-on-year increase of 56.02%; net profit attributable to the parent company is projected at 4.054 billion yuan, up 38.55% year-on-year. It is believed that storage price increases will have limited impact on the company’s mobile terminal/AIoT business. The company’s super-node technology industry leadership will benefit data center business as domestic computing power demand grows. Innovative businesses such as automotive electronics and robotics are also expected to develop new growth curves. Mobile terminals are growing rapidly, maintaining the top market share, with extensive AIoT deployment, solidifying the business foundation. In terms of data center business, revenue nearly doubled, achieving four consecutive years of exponential growth. The software business builds a comprehensive ecosystem for consumer electronics, automotive, and smart industrial sectors, providing cross-system customized solutions. With high growth in mobile terminals and new growth curves in data centers and innovative businesses, the company maintains a “Buy” rating.