公司订单饱满，定增加速新产品布局 华丰科技(688629) 证券研究报告 军工电子Ⅱ / 公司点评 / 2025.11.05 投资评级:增持(维持) | 基本数据 | 2025-11-05 | | --- | --- | | 收盘价(元) | 73.85 | | 流通股本(亿股) | 1.82 | | 每股净资产(元) | 3.65 | | 总股本(亿股) | 4.61 | 最近 12 月市场表现 -19% 22% 62% 103% 144% 184% 华丰科技 沪深300 上证指数 军工电子Ⅱ 相关报告 1. 《Q2 业绩创新高，高速线模组加速放量》 2025-09-05 2. 《连接器行业老兵，AI 高速互联领军人》 2025-04-24 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 904 | 1,092 | 2,409 | 4,385 | 5,745 | | 收入增长率(%) ...

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, achieving total revenue of 1.518 billion yuan, a year-on-year growth of 13.28%, and a net profit attributable to shareholders of 138 million yuan, a year-on-year increase of 53.82% [1][3] Financial Performance - The company's gross profit margin for the first three quarters was 20.44%, an increase of 4.53 percentage points compared to the same period last year [3] - The net profit margin was 9.1%, reflecting a year-on-year increase of 2.4 percentage points [3] - The diluted return on equity (ROE) excluding non-recurring items was 10.06%, up by 4.04 percentage points year-on-year [3] Business Overview - The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products, serving various sectors including telecommunications, cloud computing, data centers, AI computing centers, industrial internet, automotive Ethernet, and specialized applications such as medical, photovoltaic, industrial robotics, nuclear power, and aerospace [3] - The company has developed a product matrix for high-speed transmission technology, capable of mass production for transmission components and supporting high-speed transmission cables with rates up to 800 Gb/s, addressing the growing demand for data transmission in large and super data centers and high-speed communication fields [3] Cash Flow Improvement - The net cash flow from operating activities for the first three quarters reached 179 million yuan, representing a year-on-year increase of 167.16% [3] - As of the end of the third quarter, the company's cash and cash equivalents amounted to 256 million yuan, a year-on-year increase of 16.89% [3]