Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company is seizing opportunities in the communications, industrial, and new energy vehicle sectors, resulting in significant revenue growth. In the first half of the year, the company achieved operating revenue of 1.105 billion yuan, a year-on-year increase of 128.26%, and a net profit attributable to shareholders of 151 million yuan, an increase of 168 million yuan compared to the same period last year, indicating a notable improvement in profitability [4] - The company has effectively supported the demand from AI server manufacturers through forward-looking technology layout and rapid industrialization capabilities, successfully establishing market presence and scale by deeply binding with leading AI server manufacturers [4] - The company is promoting the application of high-voltage connector products and accelerating product structure adjustments, with a continuous increase in the proportion of new energy high-voltage connectors and ongoing expansion of strategic customers in the new energy vehicle sector [5] Financial Forecasts - The projected operating revenues for 2025, 2026, and 2027 are 2.364 billion yuan, 3.336 billion yuan, and 4.672 billion yuan, respectively. The net profits attributable to shareholders are expected to be 356 million yuan, 651 million yuan, and 913 million yuan for the same years [6] - The company is expected to experience a significant growth rate in operating revenue of 116.5% in 2025, followed by 41.1% in 2026 and 40.1% in 2027 [9]
华丰科技（688629）：连接AI，触达未来