Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company's sensor and optical connection businesses are experiencing high growth, and there is optimism regarding further improvement in profitability [1][6] - The company is a leading supplier of optical modules for data center construction in China and a leader in PTC and sensor technology for electric vehicles [8] Financial Performance - In 2024, the company achieved revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% year-on-year [4][9] - The company expects a net profit of 390 to 440 million yuan in Q1 2025, representing a year-on-year increase of 34.54% to 51.79% [4] Business Segments - The smart manufacturing, connection, and perception businesses generated revenues of 3.492 billion, 3.975 billion, and 4.095 billion yuan in 2024, with year-on-year growth rates of 9.45%, 23.75%, and 9.2% respectively [6] - The smart manufacturing segment focuses on new energy vehicles and shipbuilding, with significant order growth in these areas [6] - The optical connection segment has expanded its customer base and product offerings, achieving full coverage and mass production of various optical modules [7] - The sensor business has maintained rapid growth, with revenues of 3.668 billion yuan, a year-on-year increase of 12.93% [6] Profitability and Cost Management - The company's gross margin and net margin for Q4 2024 were 23.42% and 9.73%, respectively, with improvements from the previous quarter [8] - The overall expense ratio has decreased, with sales, management, and R&D expense ratios at 4.61%, 2.28%, and 7.49% respectively [8] Future Projections - The company forecasts net profits of 1.693 billion, 2.051 billion, and 2.552 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 38.7%, 21.1%, and 24.4% respectively [8][9] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.68, 2.04, and 2.54 yuan [8]

网络接配及塔设 华工科技（000988.SZ） 买入-A(维持) 传感器与光联接业务高增，看好后续盈利能力进一步改善 | 市场数据：2025 年 | 4 月 | 21 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 39.18 | | 总股本（亿股）： | | | 10.06 | | 流通股本（亿股）： | | | 10.05 | | 流通市值（亿元）： | | | 393.75 | | 年 基础数据：2024 12 | 月 | 日 31 | | | --- | --- | --- | --- | | 每股净资产（元）： | | | 10.22 | | 每股资本公积（元）： | | | 2.68 | | 每股未分配利润（元）： | | | 6.26 | | 资料来源：最闻 | | | | 高宇洋 2025 年 4 月 22 日 公司研究/公司快报 公司近一年市场表现 投资要点： 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 孙悦 ...

14 April 2025 | 8:32AM CST HG Tech (000988.SZ): 1Q25 net profit beat; Rmb415mn at mid-point, +43% YoY; Buy HG Tech pre-announced 1Q25 net profit range of Rmb390mn-440mn, or Rmb415mn at mid-point (+43% YoY, +47% QoQ), 18.6% above GSe (see our 1Q25 Preview report). Heading into the print, the key investor concern has been on the poor optical transceiver profitability (for China market) and that it is unlikely to drive meaningful profit growth despite the strong revenue potential from China AI demand. The soli ...

毛利率小幅波动，费用管控良好。2024 年公司毛利率 21.55%，同比下降 1.56pct，主要受季度间营收结构波动影响；随着后续高速光模块逐步放量， 公司毛利率有望持续改善，四季度毛利率环比提升 5.8pct 至 23.42%；公司 费用管控良好，2024 年销售费用率/管理费用率/研发费用率同比分别变化 -0.07pct/-1.82pct/+0.11pct，至 4.61%/2.28%/7.49%。 证券研究报告 | 2025年04月19日 华工科技（000988.SZ） 优于大市 2024 年归母净利润同比增长 21%，高速光模块逐步放量 华工科技 2024 年总营业收入 117.09 亿元，同比增长 13.6%；归母净利润 12.21亿元，同比增长21.24%；扣非后归母净利润8.97亿元，同比增长9.02%。 其中，四季度单季营收 27.07 亿元，同比下降 10.24%；归母净利润 2.83 亿 元，同比增长 46.32%。 三大业务齐头并进，积极拓展国际市场。2024 年公司联接业务营收 39.75 亿 元，同比增长 23.75%，增长主要在 AIGC 应用领域，公司紧抓 AI 发展机遇， 40 ...

Investment Rating - The report assigns an "Outperform" rating for the company, marking the first coverage of the stock [6]. Core Insights - The company is expected to achieve a total operating revenue of 11.709 billion yuan in 2024, representing a year-on-year growth of 13.6%, with a net profit attributable to shareholders of 1.221 billion yuan, up 21.24% year-on-year [1][4]. - The company is actively expanding its international market presence, with overseas revenue reaching 1.38 billion yuan in 2024, a growth of 25.6% [2][25]. - The company has three main business segments: connectivity, perception, and intelligent manufacturing, all showing significant growth [2][10]. Revenue and Profit Forecast - The company forecasts revenues of 15.641 billion yuan, 20.505 billion yuan, and 24.584 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.582 billion yuan, 1.965 billion yuan, and 2.318 billion yuan for the same years [4][70]. - The report anticipates a significant increase in the demand for high-speed optical modules, particularly driven by AI developments, with expected revenue growth rates of 67%, 52%, and 25% for the connectivity business from 2025 to 2027 [70]. Business Performance - The connectivity business generated 3.975 billion yuan in revenue in 2024, a year-on-year increase of 23.75%, primarily driven by AIGC applications [2][25]. - The perception business achieved revenue of 4.095 billion yuan, with sensor revenue at 3.668 billion yuan, reflecting a 12.9% growth [2][25]. - The intelligent manufacturing segment reported revenue of 3.492 billion yuan, growing by 9.45% year-on-year [2][25]. Margin and Cost Control - The company's gross margin for 2024 is reported at 21.55%, a slight decrease of 1.56 percentage points year-on-year, but is expected to improve as high-speed optical modules ramp up production [3][29]. - The company has maintained good cost control, with sales, management, and R&D expense ratios showing minor changes [3][29]. Market Trends - The optical communication market is experiencing robust demand, particularly in telecommunications and data communication sectors, with a combined market size exceeding 100 billion USD [37]. - The report highlights the increasing importance of AI in driving demand for optical modules, particularly in data centers [40][45]. Competitive Landscape - The company is positioned as a leader in the laser manufacturing industry, with a strong focus on innovation and technology development [73]. - The report notes that the company has established a competitive edge through its proprietary technologies and cost advantages in optical chip production [66][70].

证券代码：000988 证券简称：华工科技 公告编号：2025-16 华工科技产业股份有限公司 回购股份报告书 3、回购专用证券账户的开立情况 公司已在中国证券登记结算有限责任公司深圳分公司开立了回购专用证券 1 账户，该账户仅用于回购公司股份。 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、回购股份的基本情况 华工科技产业股份有限公司（以下简称"华工科技"或"公司"）拟使用自 有资金及股票回购专项贷款以集中竞价交易方式回购公司发行的部分人民币普 通股（A 股）股份（以下简称"本次回购"），并在未来适宜时机用于实施员工 持股计划或股权激励。拟用于本次回购的资金总额不低于人民币 3 亿元（含）且 不超过人民币 4 亿元（含），回购股份价格不超过人民币 62.80 元/股（含）。按 照回购资金总额上限 4 亿元，回购价格上限 62.80 元/股进行测算，预计回购股 份数量为 6,369,426 股，约占公司当前总股本的 0.63%；按照回购资金总额下限 3 亿元，回购价格上限 62.80 元/股进行测算，预计回购股份数量为 4,777,070 ...

Core Viewpoint - The company perceives the "reciprocal tariff policy" as presenting more opportunities than challenges, leveraging overseas subsidiaries to mitigate the impact of U.S. tariffs on performance [2] Group 1: Business Expansion and Market Position - The company is expanding production capacity through subsidiaries in tariff-friendly countries like Australia, the U.S., and Vietnam, effectively reducing the impact of U.S. tariffs [2] - The company's differentiated competitive advantage has been enhanced due to China's increased tariffs on U.S. products, prompting a shift towards domestic supply chains [2] - As an industry leader, the company is focusing on core technology positioning and transforming domestic substitution into innovation-driven capabilities to expand business growth [2] Group 2: Business Segments and Growth Projections - The sensing business is expected to maintain growth by exploring new projects, expanding the pressure sensor market, and accelerating overseas development by 2025 [2] - The smart equipment business has seen a significant year-on-year increase in orders in the new energy vehicle and shipbuilding sectors, with shipbuilding orders expected to exceed 1 billion yuan in Q2 [2] - The optical module business is benefiting from a surge in domestic computing power demand, with ongoing capacity enhancements from the Thailand factory and domestic R&D projects, and new products like 800G and 1.6T entering mass delivery [2] Group 3: Talent Development and R&D Investment - The company has achieved significant results in school-enterprise reform and plans to stimulate innovation potential among young tech talents through stable core team retention and employee stock ownership plans [2] - R&D investment is projected to increase by 23.73% year-on-year in 2024, focusing on hardware platform development and attracting high-caliber talent, while exploring cutting-edge fields like 6G and interstellar communication [2] Group 4: Share Buyback and Talent Acquisition - The company plans to repurchase shares worth 300 to 400 million yuan for employee incentives and aims to recruit 500 PhDs and 2,000 master's degree holders over the next five years [3] - The company intends to increase its overseas sales proportion from less than 15% to over 30% through localized R&D, supply chain enhancements, and market expansion [3]

证券代码：000988 证券简称：华工科技 公告编号：2025-15 华工科技产业股份有限公司 关于回购股份事项前十名股东和 前十名无限售条件股东持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 华工科技产业股份有限公司（以下简称"华工科技"或"公司"）于 2025 年 4 月 15 日召开第九届董事会第十次会议，审议通过了《关于回购公司股份方案 的议案》，具体公告内容详见公司于 2025 年 4 月 17 日在指定媒体披露的《关于 回购公司股份方案暨取得股票回购专项贷款承诺函的公告》（公告编号：2025- 14）。 1、中国证券登记结算有限责任公司深圳分公司出具的股东名册。 特此公告 华工科技产业股份有限公司董事会 二〇二五年四月十九日 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等法律法规及规范性文件的相关规定，现将公司董事会公告 回购股份决议前一个交易日（即 2025 年 4 月 16 日）登记在册的前十名股东和 前十名无限售条件股东的名称、持股数量和持股比例情况公告如下： 1 2 序号 股东名称 ...

21世纪经济报道记者王雪 实习生花子怡 武汉报道 日前，华工科技（000988.SZ）发布2024年年报，公司全年实现营业收入117.09亿元，同比增长 13.57%；归母净利润12.21亿元，同比增长21.17%。其中，以高端光模块为核心的联接业务表现尤为亮 眼，实现营收39.75亿元，同比增长23.75%，在该公司三大核心业务中增速最快。 与此同时，华工科技也在积极布局下一代超高速光模块的研发和生产，推进光电子信息产业研创园项目 建设。 目前，该项目一期8.25万平方米基地已于去年11月封顶。该基地聚焦3.2T超高速产品研发，集成InP、 GaAs与硅光子三条核心产线，推动公司高端光模块产能进入倍增周期。 扩张海外产能破关税壁垒 与光模块芯片同样享受到国产替代红利的，还有智能制造与感知业务。据年报，2024年，华工科技感知 业务实现营业收入40.95亿元，同比增长9.23%；智能制造业务实现营收34.92亿元，同比增长9.45%。 不过，眼下关税不断调整，引发市场关注。对此，华工科技党委书记、董事长马新强在业绩交流会上表 示，得益于前瞻性的全球化布局和持续深入的供应链体系打造，"对等关税政策"对公司来说机 ...

Core Viewpoint - The company, Huagong Technology, reported strong financial results for 2024, driven by explosive growth in global AI computing infrastructure, with revenue reaching 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% [1] Group 1: Financial Performance - In 2024, Huagong Technology achieved a revenue of 11.709 billion yuan, reflecting a 13.57% year-on-year growth [1] - The net profit for the same period was 1.221 billion yuan, marking a 21.17% increase compared to the previous year [1] - The company has maintained a compound annual growth rate (CAGR) of 15% in sales revenue and 18% in net profit over the past five years [2] Group 2: Strategic Response to Market Challenges - The chairman, Ma Xinqiang, emphasized that opportunities outweigh challenges in the current international economic environment, advocating for "strong investment and active development" as the company's main strategy [1] - The company is expanding its core business by developing new products and markets while also exploring new fields, such as medical-engineering integration in collaboration with Tongji University and Xiehe Hospital [1] - Huagong Technology's global layout and robust supply chain have mitigated the impact of tariffs, with the chairman stating that "equal tariffs" present more opportunities than challenges [2] Group 3: Business Segments and Growth Areas - The sensing business generated 4.095 billion yuan in revenue, with the sensor segment contributing 3.668 billion yuan and laser holographic anti-counterfeiting business 427 million yuan [3] - The optical module segment achieved 3.975 billion yuan in revenue, a 23.75% increase, driven by demand for 400G and 800G modules [3] - The intelligent manufacturing business reported revenue of 3.492 billion yuan, up 9.45%, with significant growth in orders from the new energy vehicle and shipbuilding sectors [3][4] Group 4: Future Outlook - The company anticipates continued growth in its sensing business through advancements in new materials, processes, and technologies, targeting humanoid robots and low-altitude economy sectors [3] - The intelligent manufacturing strategy focuses on deepening domestic market penetration while expanding overseas, capitalizing on structural growth opportunities in shipbuilding, new energy, and semiconductor industries [4] - The company aims to enhance its competitive strength through a differentiated strategy that integrates AI technology into smart equipment, automated production lines, and intelligent factories [4]