上海市锦天城律师事务所 关于四川华丰科技股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于四川华丰科技股份有限公司 2024 年年度股东大会的 法律意见书 致：四川华丰科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受四川华丰科技股份有限 公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司股东会规则》等法律、法规、规章和规范性文件以及《四川华丰科技股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律所对公司 2024 年年度股东大会（以下简称"本次股东大会"）进行见证，并出具本法律意 见书。 为出具本法律意见书，本所委派律师审查了公司本次股东大会的有关文件和 材料。本所委派律师得到公司如下保证，即其已提供了本所委派律师认为出具本 法律意见书所必需的材料，所 ...

证券代码：688629 证券简称：华丰科技 公告编号：2025-019 四川华丰科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 19 日 （二） 股东大会召开的地点：四川省绵阳市经开区三江大道 118 号华丰科技会 议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 164 | | --- | --- | | 普通股股东人数 | 164 | | 2、出席会议的股东所持有的表决权数量 | 201,403,030 | | 普通股股东所持有表决权数量 | 201,403,030 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 43.6889 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 43.6889 | 1 ...

Investment Rating - The report assigns a "Buy" rating for the company, Huafeng Technology [1]. Core Viewpoints - Huafeng Technology is positioned as a leading domestic high-speed connector enterprise, benefiting from the surge in AI demand and the ongoing transition towards domestic alternatives in various sectors [11][16]. - The company is expected to experience significant revenue growth, with projections indicating total revenue reaching 24.22 billion, 30.77 billion, and 39.15 billion yuan for the years 2025, 2026, and 2027 respectively [47]. - The report highlights the company's strong customer relationships with major clients such as Huawei, which enhances its market position and growth potential [43][44]. Summary by Sections Company Overview - Established in 1958, Huafeng Technology has evolved from technology introduction to independent innovation, focusing on the connector industry for over 60 years [11]. - The company has become a core player in the domestic connector market, leveraging its technological advancements and strategic partnerships [11][12]. Financial Performance - The company reported a total revenue of 1.09 billion yuan in 2024, marking a 20.83% year-on-year increase, following a decline in 2023 [18]. - Despite a projected net loss of 0.18 billion yuan in 2024 due to increased R&D investments, a significant profit rebound is anticipated in 2025 [19][47]. Business Lines and Growth Drivers - The company operates across three main business lines: communication connectors, defense connectors, and automotive connectors, all of which are expected to benefit from AI advancements and domestic market growth [16][25][39]. - The demand for high-speed connectors is driven by the rapid growth of AI applications and the need for advanced data transmission solutions [26][27]. Customer Relationships and R&D - Huafeng Technology has a high customer concentration, with significant sales coming from major clients in defense and telecommunications [42][43]. - The company has increased its R&D spending, with a rate of 10.45% in 2024, indicating a commitment to innovation and product development [44][46]. Profitability Forecast - The report forecasts that the company's net profit will reach 2.46 billion, 3.58 billion, and 4.50 billion yuan for the years 2025, 2026, and 2027, with substantial growth rates expected in the following years [47]. - The projected P/E ratios for 2025, 2026, and 2027 are 112.95, 77.83, and 61.84 respectively, indicating a strong growth outlook compared to peers [47].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing a turning point in performance, with a projected revenue of 1.092 billion yuan in 2024, representing a year-on-year growth of 20.83%. However, the net profit attributable to the parent company is expected to be -0.18 billion yuan, a decline of 124.53% due to strategic expenditures and increased costs in the CPU business [4] - The company is focusing on high-speed and system integration in its product offerings, expanding its capabilities in the server business and defense sectors, and developing high-pressure and high-speed connectors for the new energy vehicle market [5] - Revenue projections for the company are 2.34 billion yuan in 2025, 3.05 billion yuan in 2026, and 4.00 billion yuan in 2027, with net profits expected to be 0.25 billion yuan, 0.35 billion yuan, and 0.49 billion yuan respectively, maintaining a "Buy" rating [6] Company Overview - The latest closing price of the company's stock is 57.47 yuan, with a total market capitalization of 26.5 billion yuan and a circulating market value of 10.2 billion yuan. The company has a total share capital of 4.61 billion shares, with 1.78 billion shares in circulation [3] - The company has a debt-to-asset ratio of 46.8% and a price-to-earnings ratio of -1,436.75, indicating significant financial leverage and current unprofitability [3]

Core Viewpoint - The 2024 Annual General Meeting of Sichuan Huafeng Technology Co., Ltd. is set to discuss various proposals, including financial reports and future plans, while ensuring the rights of shareholders are protected and the meeting is conducted orderly [1][2][3]. Group 1: Meeting Procedures - The meeting will verify the identity of attendees to confirm their eligibility to participate [1]. - Shareholders and their representatives have the right to speak, inquire, and vote during the meeting, and must register in advance to speak [2][3]. - Voting will be conducted through both on-site and online methods, with specific time frames for online voting [5][6]. Group 2: Agenda Items - The agenda includes the review and voting on the 2024 Annual Report, the Board of Directors' work report, the Supervisory Board's work report, and the financial statements for 2024 [8][11][13][14]. - A proposal for the 2025 financial budget and the remuneration plans for directors and supervisors will also be presented for approval [15][16]. - The company plans to propose no profit distribution for 2024 due to a net loss of approximately 17.75 million yuan, aiming to maintain cash flow stability [17][18]. Group 3: Related Transactions - The company anticipates various related party transactions for 2025, including purchasing goods and services from related parties, with specific estimated amounts outlined [19][20]. - The expected total for related transactions is approximately 50 million yuan, with detailed categories and amounts specified [21][22]. - The company emphasizes that these transactions are necessary for daily operations and are conducted at fair market prices [27][28]. Group 4: Guarantees for Subsidiaries - The company plans to provide a guarantee of up to 60 million yuan for its subsidiary, Liuzhou Huafeng Technology Co., Ltd., to support its operational and business development needs [29].

证券代码：688629 证券简称：华丰科技 四川华丰科技股份有限公司 2024年年度股东大会会议资料 2025年5月 | 2024年年度股东大会会议须知 | 2 | | --- | --- | | 2024年年度股东大会会议议程 | 4 | | 2024年年度股东大会会议议案 | 6 | | 议案一：关于公司2024年年度报告及其摘要的议案 | 6 | | 议案二：关于公司2024年度董事会工作报告的议案 | 7 | | 议案三：关于2024年度监事会工作报告的议案 | 8 | | 议案四：关于2024年度财务决算报告的议案 | 9 | | 议案五：关于2025年度财务预算报告的议案 | 10 | | 议案六：关于2025年度董事薪酬方案的议案 | 11 | | 议案七：关于2025年度监事薪酬方案的议案 | 12 | | 议案八：关于2024年度利润分配预案的议案 | 13 | | 议案九：关于预计2025年度日常关联交易的议案 | 15 | | 议案十：关于预计2025年度为控股子公司提供担保额度的议案 | 22 | | 议案十一：关于购买董监高责任险的议案 | 25 | | 附件一： 2024年度董事会 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

截至5月8日收盘，铜缆高速连接概念上涨3.04%，位居概念板块涨幅第3，板块内，35股上涨，沃尔核 材涨停，神宇股份、兆龙互连、露笑科技等涨幅居前，分别上涨7.55%、6.65%、5.98%。跌幅居前的有 华丰科技、裕太微、意华股份等，分别下跌3.28%、1.21%、0.34%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 成飞概念 | 7.01 | 大豆 | -1.62 | | 大飞机 | 3.06 | PEEK材料 | -1.39 | | 铜缆高速连接 | 3.04 | 转基因 | -1.12 | | 军工信息化 | 2.96 | 玉米 | -1.00 | | 太赫兹 | 2.90 | 氟化工概念 | -0.79 | | 军民融合 | 2.87 | 化肥 | -0.70 | | 航空发动机 | 2.86 | 粮食概念 | -0.62 | | 共享单车 | 2.86 | 环氧丙烷 | -0.60 | | 空气能热泵 | 2.76 | 黄金概念 | -0.52 | | F5G概念 | 2.35 | 金属铅 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The demand for AI applications is increasing, and there is a strong need for self-controlled solutions, leading to a high level of domestic computing power demand. High-speed connectors are expected to penetrate AI computing clusters, benefiting the company's high-speed line module products. The projected net profits for the company from 2025 to 2027 are estimated to be 278 million, 371 million, and 486 million yuan respectively [2][4][9]. Financial Performance - In 2024, the company achieved an operating revenue of 1.092 billion yuan, a year-on-year increase of 20.83%. However, the net profit attributable to the parent company was -18 million yuan, a decline of 124.53% year-on-year. In Q1 2025, the company reported an operating revenue of 406 million yuan, a year-on-year increase of 79.82%, with a net profit of 32 million yuan, a year-on-year increase of 207.17% [4][9]. Strategic Developments - The company is focusing on a "high-speed + system" core strategy, expanding its industrial layout across multiple fields. It has made significant breakthroughs in the server product area and is collaborating with major communication clients on high-speed products [9]. - The company is advancing its capacity construction and optimization to ensure efficient production and meet market demand. The third phase of its connector industrial park is nearing acceptance, with a total investment of 270 million yuan [9]. Future Outlook - The report highlights the strong growth potential in the AI computing sector and the expected benefits for the company's high-speed connector products. The company is well-positioned to capitalize on the increasing demand for high-performance communication solutions [2][9].

从所属行业来看，养老金持有股票主要集中在医药生物、国防军工、电子行业，分别有4只、4只、4只 个股上榜。 从持有时间来看，养老金账户连续持股超过两个报告期的有15只，煜邦电力、凯立新材等均被养老金连 续持有11个报告期。 业绩方面，养老金持有个股中，一季报净利润同比增长的有10只，净利润增幅最高的是华丰科技，公司 一季报共实现净利润3181.10万元，同比增幅为207.17%，净利润同比增幅居前的还有煜邦电力、天德钰 等，净利润分别增长168.08%、116.96%。 市场表现方面，养老金持有的科创板股中，4月以来平均下跌2.50%。从具体个股看，益方生物累计涨 幅18.18%，表现最好，华丰科技、世华科技等分别上涨18.08%、13.43%位居其后。跌幅最大的是传音 控股，累计下跌17.35%。（数据宝） 科创板股机构持股动向曝光，一季度末养老金共现身20只科创板股前十大流通股东榜，新进5只，增持5 只。 养老金持有的科创板股 证券时报·数据宝统计显示，养老金最新出现在20只科创板股前十大流通股东名单中，合计持股量 6788.10万股，期末持股市值合计31.68亿元。持股变动显示，新进5只，增持5只，减持2 ...