研报掘金丨华安证券：宏发股份全球份额保持领先，维持“买入”评级

Core Viewpoint - The report from Huazhong Securities indicates that the semi-annual performance of Hongfa Technology meets expectations, maintaining a leading global market share [1] Group 1: Financial Performance - The revenue from relay products in H1 2025 reached 7.614 billion yuan, representing a year-on-year growth of 17.26% [1] - The competitive advantage of the company's "7" types of relay products has been further consolidated and expanded [1] Group 2: Industry Trends - The total production and sales volume of new energy vehicles has experienced rapid growth, aligning with the company's high-voltage direct current series products that exhibit significant comprehensive competitive advantages [1] - The high-voltage control box project for new energy vehicles is progressing smoothly, showing year-on-year high growth [1] Group 3: Product Development - The "5+" product categories, including switchgear, connectors, capacitors, fuses, and current sensors, are developing solidly [1] - The company maintains a "buy" rating based on its performance and market position [1]