Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing a turning point in performance, with a projected revenue of 1.092 billion yuan in 2024, representing a year-on-year growth of 20.83%. However, the net profit attributable to the parent company is expected to be -0.18 billion yuan, a decline of 124.53% due to strategic expenditures and increased costs in the CPU business [4] - The company is focusing on high-speed and system integration in its product offerings, expanding its capabilities in the server business and defense sectors, and developing high-pressure and high-speed connectors for the new energy vehicle market [5] - Revenue projections for the company are 2.34 billion yuan in 2025, 3.05 billion yuan in 2026, and 4.00 billion yuan in 2027, with net profits expected to be 0.25 billion yuan, 0.35 billion yuan, and 0.49 billion yuan respectively, maintaining a "Buy" rating [6] Company Overview - The latest closing price of the company's stock is 57.47 yuan, with a total market capitalization of 26.5 billion yuan and a circulating market value of 10.2 billion yuan. The company has a total share capital of 4.61 billion shares, with 1.78 billion shares in circulation [3] - The company has a debt-to-asset ratio of 46.8% and a price-to-earnings ratio of -1,436.75, indicating significant financial leverage and current unprofitability [3]
华丰科技（688629）：高速线模组产能快速爬坡