Core Viewpoint - Huawei's sales contribution to Huafeng Technology has significantly increased, raising concerns about customer concentration risk as over 60% of the company's revenue is now dependent on a single client [1][2] Group 1: Customer Concentration - In the first half of 2025, the top five customers accounted for 77.40% of Huafeng Technology's sales, with Huawei alone contributing 64.29%, a substantial increase from 35.82% in 2024 [1] - The increase in Huawei's sales contribution is attributed to a surge in demand for AI server products, leading to a significant rise in sales of high-speed line modules [1] Group 2: Business Stability and Growth - Huafeng Technology has maintained a nearly 30-year partnership with Huawei, expanding their product offerings from RF and power connectors to high-speed backplane connectors and modules [2] - The company believes that the demand for AI computing power will continue to grow, providing strong momentum for future growth due to sufficient orders on hand [2] Group 3: Mitigation of Customer Dependency Risks - To address potential risks associated with reliance on major clients, Huafeng Technology has successfully entered the supply chains of other server manufacturers and leading internet companies, securing bulk orders [2] - The company's industrial connector business is experiencing steady growth, and there are signs of recovery in the defense sector [2]
2025中报华为收入占比超60%遭问询 华丰科技回复