民生证券给予宏发股份推荐评级，2025Q2符合预期，新门类捷报频传

Group 1 - The core viewpoint of the report is a recommendation for Hongfa Technology (600885.SH) based on its strong financial performance and growth prospects [2] - For the first half of 2025, the company achieved revenue of 8.347 billion yuan, a year-on-year increase of 15.43%, and a net profit attributable to shareholders of 964 million yuan, up 14.19% year-on-year [2] - In Q2 2025, the company reported revenue of 4.346 billion yuan, a year-on-year increase of 15.51%, and a net profit of 553 million yuan, reflecting a 13.25% year-on-year growth [2] Group 2 - The gross profit margin for Q2 2025 was 34.67%, showing a slight increase of 0.03 percentage points year-on-year, while the net profit margin was 16.82%, up 0.01 percentage points year-on-year [2] - The company is continuously improving operational efficiency and advancing research and development [2] - There is a positive demand trend in the downstream markets for relays, and the company is making progress in new categories with frequent positive news [2]