四川华丰科技股份有限公司 关于增加远期结售汇业务额度的可行性分析报告 一、增加远期结售汇业务额度的背景 四川华丰科技股份有限公司（以下简称"公司"）在经营业务活动中存在 境外销售和境外采购，结算币种主要采用美元及欧元。由于国外客户前期呆滞项 目的终端客户需求逐步恢复，客户近期需求量增加，公司 2024 年国外销售收入 较前期预计增加 50 万美元。为了有效规避外汇市场风险，防范汇率大幅波动对 公司经营业绩造成不利影响，公司在远期结售汇业务的原有额度基础上再增加 50 万美元，即公司 2024 年度开展远期结售汇业务额度增加至不超过 130.69 万美 元及 29.27 万欧元，从而提高外汇资金使用效益，增强公司财务稳健性。 二、增加远期结售汇业务额度的基本情况 （一）交易目的 公司经营业务活动开展过程中存在境外销售和境外采购，结算币种主要采用 美元及欧元，为了规避汇率波动对公司造成的不利影响，提高外汇资金的使用效 率，拟与银行开展远期结售汇业务，使公司业绩保持平稳。 （二）交易金额 公司 2024 年度拟开展远期结售汇业务的金额增加至不超过 130.69 万美元及 29.27 万欧元，在决议有效期内可以滚动使 ...

申万宏源证券承销保荐有限责任公司 关于四川华丰科技股份有限公司 增加远期结售汇业务额度的核查意见 申万宏源证券承销保荐有限责任公司(以下简称"申万宏源"或"保荐机构")作 为四川华丰科技股份有限公司(以下简称"华丰科技"或"公司")的保荐机构和主承 销商,根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板上市公司自律 监管指引第1号 -- 规范运作》《上海证券交易所科创板股票上市规则》《科创板上市 公司持续监管办法(试行)》等有关规定,对华丰科技增加远期结售汇业务额度的事项 进行了审慎核查。核查的具体情况及核查意见如下; (五)交易期限及授权事项 本次授权远期结售汇业务的有效期为公司第二届董事会第五次会议审议通过之日 一、开展远期结售汇业务概述 (一) 交易目的 公司经营业务活动开展过程中存在境外销售和境外采购,结算币种主要采用美元 及欧元,为了规避汇率波动对公司造成的不利影响,提高外汇资金的使用效率,拟与 银行开展远期结售汇业务,使公司业绩保持平稳。 (二) 交易金额 公司2024年度拟开展远期结售汇业务的金额增加至不超过130.69万美元及29.27万 欧元,在决议有效期内可以滚动使用。锁汇保证金 ...

Investment Rating - The report assigns a "Buy" rating for Huafeng Technology (688629.SH) based on its potential for growth in the domestic computing power industry and its strong client base [1]. Core Insights - Huafeng Technology is a core supplier in the connector field, with a focus on defense, communications, and industrial applications. The company has established a stable operating condition supported by major clients like Huawei and BYD [1][4]. - The company is expected to benefit from the increasing market share of Huawei and the growing demand for AI applications, which will create new growth opportunities in computing power [1][4]. - The company has a strong technical moat, with continuous investment in R&D, maintaining a leading position in the connector industry [1][4]. - The demand for defense modernization and the growth trend in the electric vehicle sector are expected to drive future revenue growth for the company [1][4]. Summary by Sections 1. Core Supplier in Connectors - Huafeng Technology has been deeply engaged in the connector industry for 60 years, evolving from standard introduction to independent innovation [9]. - The company has a stable state-owned shareholding structure, which has facilitated long-term cooperation with equipment manufacturers [11]. - Major clients include Huawei, ZTE, and BYD, contributing to a stable revenue stream [13]. 2. Growth in Defense Connector Products - The defense connector market has high entry barriers, and Huafeng Technology has accumulated significant technical expertise over 60 years [24]. - Defense connectors contribute significantly to the company's revenue, with a high gross margin [28]. - The demand for defense connectors is expected to continue growing, providing a positive outlook for future performance [30]. 3. Strategic Partnership with Huawei and Growth from AI and Automotive Sectors - The company benefits from Huawei's increasing market share and the rising demand for AI computing power, which is expected to enhance its communication business revenue [36]. - The electric vehicle market is also growing, with Huafeng Technology positioned as a key supplier for major automotive manufacturers [44]. 4. Revenue Forecast and Valuation Analysis - The company is projected to achieve total revenues of 1,049 million, 2,495 million, and 2,813 million yuan for 2024, 2025, and 2026, respectively [49]. - The report highlights that the company's price-to-earnings (PE) ratio is higher than that of comparable companies, reflecting its growth potential in the defense and computing power sectors [49].

证券代码：688629 证券简称：华丰科技 公告编号：2024-037 四川华丰科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 25 日（星期三）至 10 月 8 日（星期二）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 security@huafeng796.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 四川华丰科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 10 月 9 日上午 09:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本 ...

Company Overview - Sichuan Huafeng Technology Co., Ltd. is a leading enterprise in the development and production of electrical connectors in China, focusing on optical and electrical connectors and cable components [1] - The company has over 60 years of experience in the connector field and has faced historical challenges that hindered growth until recent reforms [2] Recent Reforms and Developments - In 2018, the company implemented a separation strategy to address historical burdens, allowing for a more agile operation [2] - The introduction of an employee stock ownership plan in 2019 improved internal operational efficiency [2] - Strategic investors were brought in to reduce the high debt ratio in 2020, followed by further strategic investments and employee stock plans in 2021 to incentivize key talent [2] Focus Areas - The company is concentrating resources on "high-speed" and "system" solutions, aiming to establish these as its core offerings [2] - In the high-speed sector, the company has made significant advancements in 10Gbps and above backplane connector technology, achieving domestic alternatives to foreign competitors [2] - The system aspect includes integrated interconnection solutions, such as cable-free connection systems and high-speed connection solutions [2] Financial Performance and R&D - In the first half of 2024, the company increased R&D investment to CNY 51.03 million, a 17.32% increase year-on-year [3] - Inventory increased by 34.16% compared to the previous year, attributed to rising sales orders and raw material stockpiling for delivery [3] Market Expansion - The company is actively expanding in the communications sector, focusing on high-speed line modules and defense applications, including unmanned platforms and low-orbit satellites [3][4] - In the new energy sector, the company plans to rapidly scale up its market presence and expand its high-voltage connector product applications [4] Workforce Development - In the first half of 2024, the company added 42 new R&D personnel and is enhancing collaboration with educational institutions to boost innovation capabilities [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 480 million yuan for the first half of 2024, representing a year-on-year increase of 16.6%, but incurred a net loss of 20 million yuan, marking a shift from profit to loss. The profit pressure is primarily due to increased investments in new business development in the communications sector. The company's high-speed line module products have been approved by downstream customers, and with the active expansion of line module production capacity, the company is expected to experience rapid growth [2][6]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 480 million yuan, up 16.6% year-on-year. In Q2 alone, revenue was 260 million yuan, reflecting a 9.1% year-on-year increase and a 14.6% quarter-on-quarter increase. The loss of 20 million yuan in the first half was attributed to a decline in gross margin and high expense growth due to investments in new communication business [6][2]. - The gross margin for the first half of 2024 was 19.5%, down 9.8 percentage points year-on-year, while Q2's gross margin was 22.8%, up 7.1 percentage points quarter-on-quarter. The company’s expense ratio for the first half was 28.5%, an increase of 2.2 percentage points year-on-year, with Q2 reaching 32.5%, up 6.4 percentage points year-on-year and 8.7 percentage points quarter-on-quarter [6][2]. Growth Opportunities - The company is one of the few in China capable of mass-producing 56Gbps backplane connectors, with leading capabilities in system-level interconnect product development. The demand for high-speed line modules is driven by AI server clusters, as traditional backplane connectors may not meet the requirements for computing power clusters. The company has developed higher-integrated high-speed line module products based on backplane connectors and has made breakthroughs with key customers. It is also constructing four automated production lines for high-speed modules, positioning itself to benefit from rising demand [6][2]. - The company continues to invest in R&D, with approximately 51 million yuan spent in the first half of 2024, a year-on-year increase of 17.3%. New products have been developed in the communications, renewable energy, and defense sectors, laying a solid foundation for sustained growth [6][2]. Revenue and Profit Forecast - The company forecasts revenues of 1.331 billion yuan, 1.910 billion yuan, and 2.579 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 47.32%, 43.49%, and 35.04%. The projected net profits for the same years are 101 million yuan, 149 million yuan, and 210 million yuan, with growth rates of 39.48%, 47.87%, and 40.46% respectively, indicating a compound annual growth rate (CAGR) of 43% [6][2].

申万宏源证券承销保荐有限责任公司 关于四川华丰科技股份有限公司继续使用部分暂时闲置募集资 金进行现金管理的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源"或"保荐机构"）作 为四川华丰科技股份有限公司（以下简称"华丰科技"或"公司"）的保荐机构和主承 销商，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市 公司募集资金管理和使用的监管要求（2022年修订）》《上海证券交易所科创板上市公 司自律监管指引第1号——规范运作》《上海证券交易所科创板股票上市规则》《科创 板上市公司持续监管办法（试行）》等有关规定，对华丰科技使用部分暂时闲置募集资 金进行现金管理的事项进行了审慎核查。核查的具体情况及核查意见如下： 一、募集资金的基本情况 | 序号 | 项目名称 | 项目总投资金额 | 拟投入募集资金金额 | | --- | --- | --- | --- | | 1 | 绵阳产业化基地扩建项目 | 27,941.71 | 27,941.71 | | 2 | 研发创新中心升级建设项目 | 9,636.77 | 9,636.77 | | 3 | 补充流动资金项目 | 10,000. ...

四川华丰科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开 第二届董事会第四次会议和第二届监事会第二次会议。经对相关议案的审议，同 意公司在保证不影响募集资金投资项目实施、募集资金安全的前提下，使用不超 过人民币 22,900 万元（包含本数）的部分暂时闲置募集资金进行现金管理，购买 安全性高、流动性好、满足保本要求的投资产品（包括但不限于结构性存款、定 期存款、大额存单、七天通知存款等），使用期限自董事会审议通过之日起 12 个 月内有效，在前述额度及使用期限范围内，资金可以循环滚动使用。公司董事会 授权经营层在授权额度和期限内行使现金管理投资决策权并签署相关合同文件， 具体事项由公司财经管理部负责组织实施。 保荐机构申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"）对 上述事项出具了核查意见。本次使用部分暂时闲置募集资金进行现金管理的具体 情况如下： 证券代码：688629 证券简称：华丰科技 公告编号：2024-033 一、募集资金的基本情况 四川华丰科技股份有限公司 根据中国证券监督管理委员会《关于同意四川华丰科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔20 ...

本公司董事会及全体董事保证本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。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2023]893 号文核准，并经上海证券交易所同意， 本公司由主承销商申万宏源证券承销保荐有限责任公司于 2023 年 6 月 14 日向社会公众公 开发行普通股（A 股）股票 6,914.8924 万股，每股面值 1 元，每股发行价人民币 9.26 元。 截至 2023 年 6 月 20 日止，本公司共募集资金 640,319,036.24 元，扣除发行费用 68,835,655.58 元，募集资金净额 571,483,380.66 元。 证券代码：688629 证券简称：华丰科技 公告编号：2024-032 四川华丰科技股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 截至 2023 年 6 月 20 日，本公司上述发行募集的资金已全部到位，业经大华会计师事务 所（特殊普通合伙）以"大华验字[2023]000326 号"验资报告验证确认。 截至 2024 年 6 月 30 日，公司对募集资金项目累 ...

Financial Performance - The company reported a revenue of 1.2 billion CNY for the first half of 2024, representing a 15% increase compared to the same period last year[2]. - The company expects a revenue growth of 20% for the full year 2024, projecting total revenue to reach approximately 2.88 billion CNY[2]. - The company's operating revenue for the first half of 2024 was ¥484,041,888.36, representing a 16.57% increase compared to ¥415,239,479.65 in the same period last year[15]. - The net profit attributable to shareholders decreased by 147.62% to -¥17,926,751.25 from ¥37,647,987.49 year-on-year[17]. - The net cash flow from operating activities decreased by 170.01% to -¥40,411,472.24 compared to ¥57,723,696.49 in the same period last year[15]. - The gross profit margin improved to 40%, up from 35% in the previous year[2]. - The company achieved a revenue of 484 million yuan in the reporting period, representing a year-on-year growth of 16.57%[50]. - The net profit for the first half of the year was -20.54 million yuan, a decrease of 56.38 million yuan compared to the same period last year[50]. Research and Development - Research and development expenses increased by 18%, totaling 150 million CNY, focusing on innovative technologies[2]. - The R&D investment accounted for 10.54% of operating revenue, slightly increasing from 10.48% in the previous year[16]. - The company reported a total R&D investment of ¥51,034,195.86 for the current period, representing a 17.32% increase compared to ¥43,501,847.07 in the same period last year[28]. - The company applied for 33 new patents during the reporting period, including 8 invention patents and 24 utility model patents, with a total of 637 patents authorized to date[27]. - The company is actively engaged in technology innovation and has developed core technologies with independent intellectual property rights in the connector field[22]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[2]. - The company has no plans for mergers or acquisitions in the near term, focusing instead on organic growth strategies[2]. - The company is focusing on expanding its product offerings in the automotive sector, including high-speed connectors and cable assemblies for vehicle network communication protocols[27]. - The company is advancing the development of high-density circular connectors and components, with an expected total investment of ¥15,000,000 and ongoing progress in various applications[30]. Financial Position and Assets - The company's total assets increased by 4.05% to ¥2,673,707,826.75 from ¥2,569,683,792.72 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 2.66% to ¥1,462,784,361.62 from ¥1,502,827,735.18 at the end of the previous year[15]. - The company's total liabilities amounted to CNY 1,193,405,669.77, up from CNY 1,046,725,048.90, marking a growth of around 14.05%[131]. - The company's equity attributable to shareholders decreased to CNY 1,462,784,361.62 from CNY 1,502,827,735.18, reflecting a decline of approximately 2.66%[131]. Operational Efficiency - The company has implemented new strategies to enhance operational efficiency, aiming for a 5% reduction in operational costs by the end of 2024[2]. - The company employs a "sales-driven production" model, enhancing operational efficiency through integrated information systems like PLM, CRM, ERP, and SRM[25]. - The company has made significant advancements in manufacturing technology, doubling assembly efficiency for contact components and improving quality stability through automation[41]. Environmental and Regulatory Compliance - The company has established an environmental management system in accordance with ISO 14001 standards and has received third-party certification[81]. - The company has implemented pollution control facilities that are operating normally, with a wastewater treatment capacity of 1,000 tons per day and a collection efficiency greater than 90% for air pollutants[76]. - The company reported that all monitored pollutants were within the regulatory limits, including hexavalent chromium and total nickel[73]. Shareholder and Governance Matters - The company did not distribute dividends or increase capital reserves during this reporting period[70]. - The company held its second extraordinary general meeting on June 3, 2024, electing a new board of directors and supervisory board for a term of three years[68]. - The company will strictly adhere to the profit distribution policy outlined in the draft articles of association and the shareholder dividend return plan for the three years following the IPO on the Sci-Tech Innovation Board[92]. Risks and Challenges - The company is heavily reliant on Huawei, which accounts for over 70% of its communications business revenue, posing a risk to its stability[53]. - The company is facing risks related to concentrated customer reliance, particularly in defense and communications sectors, which may impact future growth[53]. - The company has recognized Gao Fei as a core technical personnel based on his leadership in core technology research and development[69].