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].

Investment Rating - The report assigns a "Buy" rating for Huafeng Technology (688629.SH) [1] Core Views - The demand for high-speed connectors is expected to grow significantly due to advancements in AI and 5G technology, with the global communication connector market projected to reach $21.5 billion by 2025 [2][5] - Huafeng Technology is a leading domestic enterprise in high-speed backplane connectors, benefiting from over 60 years of industry experience and strong ties with major clients like Huawei and ZTE [5][15] - The company is expected to see substantial profit growth from 2024 to 2026, with net profits projected at 110 million, 200 million, and 270 million yuan respectively [5] Company Overview - Huafeng Technology has a long history in the connector industry, established in 1958, and has evolved to focus on high-speed products and system interconnection solutions [15][18] - The company operates in three main sectors: defense, communication, and industrial applications, with a comprehensive product range [18][21] Financial Overview - In 2023, the company's revenue decreased by 8.17% year-on-year to 904 million yuan, influenced by weak downstream demand [24][26] - The projected revenue for 2024 is 1.38 billion yuan, reflecting a year-on-year growth of 52.9% [24] - The gross profit margin for 2023 was 27.44%, down 2.45 percentage points from the previous year [26][29] Research and Development Strength - The management team has extensive experience in the precision manufacturing industry, primarily from the Changhong system, and has been involved in key national projects [33][34] - The company has invested in R&D for high-speed backplane connectors, achieving breakthroughs in technology and completing the domestic replacement of certain products [33][34]

Investment Rating - The report assigns a "Buy" rating for the company, Huafeng Technology [5]. Core Insights - Huafeng Technology is a leading domestic enterprise in high-speed backplane connectors, benefiting from the surge in AI and 5G demand, which is expected to drive significant growth in the connector market [5][6]. - The company has established strong relationships with major clients such as Huawei and ZTE, and is positioned to expand its market share in high-speed connectors with upcoming product launches [2][5]. - The report forecasts the company's net profit for 2024-2026 to be 110 million, 200 million, and 270 million yuan respectively, indicating a strong growth trajectory [5]. Summary by Sections Company Overview - Huafeng Technology has over 60 years of experience in the connector industry and has transitioned into a public company focusing on high-speed products and system interconnection solutions [15][18]. - The company has a diversified product range covering defense, communication, and industrial sectors, with a strong emphasis on high-speed backplane connectors [18][21]. Financial Overview - In 2023, the company's revenue was 904 million yuan, a decrease of 8.17% year-on-year, primarily due to weak downstream demand [24][26]. - The projected revenue growth for 2024 is expected to rebound significantly, with a forecasted increase of 52.9% [24]. - The company's gross margin for 2023 was 27.44%, down 2.45 percentage points from the previous year, while the net profit margin was 7.44%, reflecting increased management and R&D expenses [29]. Research and Development Strength - The management team has extensive experience in the precision manufacturing industry, with a focus on developing high-speed backplane connectors and related technologies [33]. - The company has achieved significant breakthroughs in high-speed connector technology, including the successful development of a 56Gbps backplane connector that has been certified by clients [33][24]. Market Trends - The global communication connector market is projected to reach 21.5 billion USD by 2025, with high-speed backplane connectors being a key growth area [2][20]. - The defense sector is experiencing increased demand due to modernization efforts, while the rise of electric vehicles is driving the need for high-voltage connectors [6][24]. Client Base and Market Position - Huafeng Technology has successfully integrated into the supply chains of major clients, including Huawei, ZTE, and BYD, positioning itself as a key player in the connector market [5][18]. - The company is expected to continue expanding its market presence through strategic partnerships and product innovation [5][6].

四川华丰科技股份有限公司（以下简称"公司"）根据战略发展规划， 综合考虑公司核心技术研发等实际情况，经公司管理层研究，因陈天强先生退休 离任，不再认定为公司核心技术人员。 证券代码：688629 证券简称：华丰科技 公告编号：2024-031 四川华丰科技股份有限公司 关于公司核心技术人员退休离任暨新增认定核心技 术人员的公告 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： 陈天强先生退休离任后，其负责的工作已完成交接，不会对公司技术研 发、核心竞争力和持续经营能力产生实质性影响，不会影响公司现有核心技术及 研发项目的工作开展。 公司结合张洺诚先生的知识背景和任职履历，以及对公司核心技术研发 的领导和参与情况等相关因素，认定其为公司核心技术人员。 一、核心技术人员退休离任的具体情况 公司于 2024 年 8 月 14 日召开第二届董事会第三次会议审议通过了《关于核 心技术人员退休暨新增认定核心技术人员的议案》。公司根据战略发展规划，综 合考虑公司核心技术研发等实际情况，经公司管理层研究，因陈天强先生退休离 ...

申万宏源证券承销保荐有限责任公司 (二) 参与研发的项目 关于四川华丰科技股份有限公司 核心技术人员退休离任暨新增认定核心技术人员的核查意见 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, 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股票上市规则》 《科创板上市公司持续监管办法(试行)》《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》等有关规定,对华丰科技核心技术人员退休离任暨新增 认定核心技术人员事项进行了核查,并出具核查意见如下: 一、核心技术人员退休离任的具体情况 公司于2024年8月14日召开第二届董事会第三次会议审议通过了《关于核心技术人 员退休暨新增认定核心技术人员的议案》。公司根据战略发展规划,综合考虑公司核 心技术研发等实际情况,经公司管理层研究,因陈天强先生退休离任,不再认定为公 司核心技术人员。 (一)核心技术人员的具体情况 陈天强先生,1964年8月生,中国国籍,无境外永久居留权,高级工程师职称, 本科学历,无线电专用机械设备专业。1987年8月至20 ...

Key Points Industry and Company 1. **Industry Focus**: The report focuses on the high-speed connector industry. 2. **Company Mentioned**: The report specifically mentions Huafeng Technology. 3. **Report Title**: The report is titled "Emerging Module Applications to Bring Rapid Growth - Why Now?" [1] Core Views and Arguments 4. **Sector Growth**: The high-speed connector industry is identified as a promising sector with strong growth potential. 5. **Rationale for Report**: The report highlights the industry's growth prospects, prompting the analysis of Huafeng Technology. [1] Other Important Content 6. **Industry Analysis**: The report delves into the analysis of the high-speed connector industry, providing insights into its dynamics and potential. [1]

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is one of the only three domestic manufacturers capable of mass-producing 56Gbps backplane connectors and has developed products with 112G/224G speeds, gradually closing the gap with foreign leading products [2][8] - With the reduction of foreign patent barriers and the context of self-control, the company is expected to accelerate the replacement of backplane connectors [6][8] - The demand for high-speed connector modules is expected to surge due to AI server clusters, and the company has already received orders for high-speed line modules based on backplane connectors, positioning it to achieve scale production ahead of competitors [6][10] - Strategic partnerships with Huawei in the automotive sector may lead to breakthroughs in automotive business, opening up greater growth potential [2][8] Summary by Sections 1. Leading Optoelectronic Connector and Interconnection Solution Provider - The company has over 60 years of experience in the connector industry, focusing on R&D, production, and sales of optical/electrical connectors and cable assemblies [14] - It has a strategic layout of "one body and two wings," with defense as the core and communication and industrial products as complementary [14][19] - The company has established a strong customer base, including major clients like China Weapons, China Aerospace, Huawei, and BYD [6][14] 2. Growth from Backplane Connectors to Line Modules - The domestic market for backplane connectors is expected to grow significantly, with projected revenues of 3.9 billion, 5.0 billion, and 6.5 billion yuan from 2024 to 2026, respectively, reflecting a CAGR of 26% [6][10] - The rise of AI applications is driving demand for high-speed backplane connectors, with NVIDIA leading the way in system architecture upgrades [6][10] 3. First-Mover Advantage and Anticipated Demand - The company is expected to benefit from the rising demand for high-speed line modules, having already made breakthroughs with key customers [6][10] - The reduction of foreign patent barriers is likely to accelerate the domestic replacement of backplane connectors [6][10] 4. Defense Market Recovery and New Automotive Products - The defense market is anticipated to recover, which may boost the company's main business revenue [10][11] - The automotive high-voltage connector market is expected to become a new growth point for the company [10][11] 5. Profit Forecast, Valuation, and Investment Recommendations - Projected revenues for 2024-2026 are 1.331 billion, 1.910 billion, and 2.579 billion yuan, with corresponding net profits of 101 million, 149 million, and 210 million yuan [10][11] - The company is expected to maintain high growth potential due to its advantages in backplane connectors and ongoing expansion into automotive high-voltage/high-frequency connectors [10][11]

开始请稍后 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位尊敬的投资者大家晚上好非常感谢大家在晚上收听我们国产算力周的第三场然后我们第一场的话是在周日的晚上然后重点梳理了一下国产算力的一个整体的进展包括一些框架然后昨天的话我们重点是分享了一下 这个服务器这个环节啊然后其中的话呢这个左的公司啊也是我们这个研究的比较多的一个这个啊烽火通信研究的比较多的烽火通信啊那么前面两场的话呢我们整个电话会议啊都是可以这个回放的啊回放的那么今天的话呢我们重点是啊汇报一下这个呃那个 华峰科技同连接的一个环节因为在整个英伟达的GPU的眼睛里面然后我们看到到了这个B系列之后最大的一个变化就是上了Rack的这种服务器同时对应到整个柜内的集群的GPU的数量有一个 这个大幅的一个提升另外的话就是增加了这个铜连接整个片间的这个通信原来都是通过依靠这个PCB通过这个PCB板上面的这个内部的一些镀铜线这块进行一个通信的但是这个通信的速率是非常有上限的基本上 ...

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 年第三次临时股东大会的 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 年第三次临时股东大会的 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 公司股东大会规则》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 年第三次临时股东大会（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 ...

证券代码：688629 证券简称：华丰科技 公告编号：2024-030 四川华丰科技股份有限公司 2024 年第三次临时股东大会决议公告 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：2024 年 7 月 22 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 | 215,368,988 | | 普通股股东所持有表决权数量 | 215,368,988 | | 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 | 46.7185 | | 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（%） | 46.7185 ...