Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The demand for AI applications is increasing, and there is a strong need for self-controlled solutions, leading to a high level of domestic computing power demand. High-speed connectors are expected to penetrate AI computing clusters, benefiting the company's high-speed line module products. The projected net profits for the company from 2025 to 2027 are estimated to be 278 million, 371 million, and 486 million yuan respectively [2][4][9]. Financial Performance - In 2024, the company achieved an operating revenue of 1.092 billion yuan, a year-on-year increase of 20.83%. However, the net profit attributable to the parent company was -18 million yuan, a decline of 124.53% year-on-year. In Q1 2025, the company reported an operating revenue of 406 million yuan, a year-on-year increase of 79.82%, with a net profit of 32 million yuan, a year-on-year increase of 207.17% [4][9]. Strategic Developments - The company is focusing on a "high-speed + system" core strategy, expanding its industrial layout across multiple fields. It has made significant breakthroughs in the server product area and is collaborating with major communication clients on high-speed products [9]. - The company is advancing its capacity construction and optimization to ensure efficient production and meet market demand. The third phase of its connector industrial park is nearing acceptance, with a total investment of 270 million yuan [9]. Future Outlook - The report highlights the strong growth potential in the AI computing sector and the expected benefits for the company's high-speed connector products. The company is well-positioned to capitalize on the increasing demand for high-performance communication solutions [2][9].
华丰科技（688629）：乘风：AI算力扬帆，高速连接器破浪高增