Core Viewpoint - The company has reported a significant increase in revenue for 2024 and the first quarter of 2025, indicating a potential turning point in performance despite a net loss for the full year of 2024 [1][2]. Financial Performance - In 2024, the company achieved a total revenue of 1.092 billion yuan, representing a year-on-year increase of 20.83% [1]. - The net profit attributable to the parent company for 2024 was a loss of 0.18 billion yuan, a decline of 124.53% year-on-year [2]. - For the first quarter of 2025, the company reported a revenue of 0.406 billion yuan, a substantial increase of 79.82% year-on-year [1][2]. - The net profit attributable to the parent company for Q1 2025 was 0.32 billion yuan, reflecting a year-on-year increase of 207.7% [1][2]. Market Dynamics - The company is benefiting from the ongoing trend of reducing reliance on NVIDIA chips due to U.S. export restrictions, which has accelerated the domestic shift towards alternative AI chips [3]. - The Huawei Ascend 910C chip has emerged as a key player in the domestic AI server market, achieving performance levels comparable to high-end GPUs [4]. Product Development - The company focuses on high-speed backplane connectors and has developed a series of competitive products, including power connectors and RF connectors, which are essential for data centers and cloud computing infrastructure [5]. - The company has made significant advancements in high-speed line modules, which enhance signal transmission efficiency between servers and switches [7][8]. Growth Projections - Revenue forecasts for the company from 2025 to 2027 are projected to be 2.129 billion, 2.799 billion, and 3.150 billion yuan, respectively, with corresponding EPS estimates of 0.42, 0.61, and 0.88 yuan [9]. - The company is expected to benefit from the increasing penetration of domestic AI computing capabilities, which will enhance the demand for its high-speed backplane connectors [9].
华丰科技(688629)：国产高性能AI服务器渗透率提升 公司高速背板连接器开启高速增长曲线