微风电子 华峰科技等十支个股作为板块的样本股那板块2024年收入是126.4亿元同比增长33.5%规模净利润是15.1亿元同比增长16.1%25年一季度收入是46.6亿元同比增长29.6%规模净利润是4.5亿元同比增长12.3%联系机板块它的下游相对来说是比较分散的 业绩表现抢眼也是依赖于多个领域顶级度的提升一是因为通信连接器方向我们看到伴随AI数据中心需求的提升像顶峰科技、华峰科技这类通信连接器厂商的业绩也是逐步兑现利润和定位率都实现大幅的增长二是瑞克达这类头部的汽车高压连接器厂商需求持续向好新客户、新车型、新产品拓展也是非常顺利市占率也是持续提升同时 厂商在这个毛利率在四季度之后也是期望回升第三点我们看到像微风电子这类公共连接器厂商也是受益于工业景气度的提振收入和利润都是显出回暖我们再来看盈利能力我们主要从毛利率和费率两方面来观察首先毛利率我们看从20年下半年的话整体毛利率也是在期望回暖 还是不及预期的我们看到不管是海外安非诺的产品还是华为这边推出的深蓝产品因为产品方案或者产品性能的原因推出的时间节点一直是在往后移所以对于通讯联系厂商的产能利用率和规模效应都带来一定的挑战第三点是在汽车这边其实去年上半年整 ...

2025 年上半年，航天电器新增订单接近 41 亿元，加上去年结转的 16 亿元，订单充足。预计下半年月均新增订单超 6 亿元，全年订单任务饱 满，预示未来两年行业高景气度，民用领域预计增长超 20%。 航天电器聚焦互联产业和驱动控制，孵化继电器、光电模块等新业务。 十四五期间发展符合预期，2025 年 2 月起行业快速复苏，对未来两三 年行业前景持乐观态度，受益于国内外环境变化。 收入确认面临客户验收周期延长和宏观政策影响，导致开票和挂账推迟。 存货端未开票商品约 6 亿多元，其中房屋类占 5.2 亿元，但这些收入最 终将被确认，不会长期影响财务状况。 2025 年上半年毛利和净利润承压，因生产任务不饱和、同行竞争和军 品收入确认比例较低。预计三、四季度军品收入确认比例增加将改善结 构性问题，公司正采取降本增效措施应对。 自 2022 年起，航天电器布局 AI 领域，设立华南研究院，加大高速互联 投入。多款产品进入工程化或市场阶段，包括高速背板连接器（112G 和 224G）和高速边缘连接器 112G，预计 2025 年该领域增长约 4 亿 元。 Q&A 航天电器 2024 年业绩预告显示净利润大幅下降，主 ...

Investment Rating - The report initiates coverage on Huafeng Technology with an "Accumulate" rating and a target price of 59.86 RMB per share, based on a 75x PE valuation for 2026 [6][5]. Core Views - Huafeng Technology is positioned as a leader in high-speed connectors in China, benefiting from the increasing demand for short-distance interconnects driven by AI and domestic computing power expansion. The company is gradually releasing production capacity for high-speed line modules developed for major clients, which is expected to lead to sustained performance growth [1][15]. - The report highlights the growth potential in the communications sector, driven by the demand for high-speed interconnects in AI clusters, with a projected market size of 24.1 billion RMB by 2029, growing at a CAGR of 45% from 2025 to 2029 [2][16]. - In the defense sector, the company is expected to benefit from the "14th Five-Year Plan" military budget increase, with a projected 7.2% year-on-year growth in military spending in 2025, enhancing the outlook for defense orders [3][17]. - The industrial segment is anticipated to see stable growth due to the rising penetration of new energy vehicles and the trend towards 800V high-voltage systems, with the high-voltage connector market projected to reach 33.7 billion RMB by 2026, growing at a CAGR of 42% from 2022 to 2026 [3][18]. Summary by Sections Company Overview - Established in 1958, Huafeng Technology is a leading supplier of optical connectors and interconnection solutions in China, focusing on high-speed connectors and system interconnection solutions across communications, defense, and industrial sectors. The company has achieved significant milestones in developing high-speed backplane connectors, breaking the monopoly of foreign leaders in the domestic market [15][25]. Communications Sector - The company is deeply collaborating with major clients to meet the growing demand for high-speed interconnects in AI clusters. The increasing GPU computing power and bandwidth requirements are driving the need for higher signal transmission rates. The domestic high-speed backplane connector market is projected to reach 24.1 billion RMB by 2029, with a CAGR of 45% from 2025 to 2029 [2][16]. Defense Sector - The defense segment focuses on defense connectors and related system interconnection products. With the military budget expected to reach 1.78 trillion RMB in 2025, a 7.2% increase year-on-year, the company is well-positioned to capture growth in defense orders [3][17]. Industrial Sector - The industrial connectors primarily serve the new energy vehicle and rail transportation sectors. The market for high-voltage connectors in new energy vehicles is projected to reach 33.7 billion RMB by 2026, with a CAGR of 42% from 2022 to 2026. The company is also expanding its applications in drone and eVTOL systems [3][18].

01 双轮驱动 打造技术创新硬核引擎 创新始终是驱动长虹发展的核心引擎。2024年以来，长虹控股集团坚持自主创新和协同创新双轮驱动， 在智慧家居、数字产业、人工智能、医疗健康、绿色能源、特种装备等产业领域，大力实施智改数转和 AI+行动，推进科技创新与产业创新融合发展，一些突破性、首创性成果，助力企业呈现良好发展新气 象。2024年长虹入选国务院国资委国有企业数字化转型试点企业。 自主创新方面，长虹构建"人才+平台+机制"创新模式，积极引育创新人才、搭建创新平台、优化激励 机制，培育出23家国省级专精特新企业。包括突破了高速背板连接器/线模组、AI工业视觉检测等行业 难题，自建国家级"双跨"工业互联网平台，赋能千行百业。 协同创新方面，长虹深度参与推动"产学研用"，积极与一流的科研院所、高校和企业，开展联合研发， 加速创新成果转化，如FLASH 放疗设备、量子动态绝对重力仪、"云帆"生成式大模型等重大项目取得 关键技术突破，获得国家科学技术进步奖、中国人工智能技术最高奖等。 02 6月18日，第22届世界品牌大会在北京举行，世界品牌实验室(World Brand Lab)现场发布2025年《中国 500最具价 ...

Core Viewpoint - The company is experiencing significant growth driven by the demand for high-speed communication connectors, particularly in the context of AI development, with a strong focus on new product advancements such as liquid cooling solutions and 224G connectors [1][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 1.032 billion yuan, representing a year-on-year increase of 51.12%, and a net profit of 110 million yuan, up 65.74% [1]. - For Q1 2025, the company achieved a revenue of 379 million yuan, marking a year-on-year growth of 95.25% and a quarter-on-quarter increase of 15.24%, with a net profit of approximately 52.9 million yuan, up 190.12% year-on-year and 65.32% quarter-on-quarter [1][2]. Group 2: Product Development and Market Demand - The company is focusing on liquid cooling solutions and 224G connectors, which have received customer certification and are in small-batch trial production, with mass production expected in Q2 and Q3 of this year [1]. - The main growth driver for the company is the demand for high-speed communication products, particularly in AI applications across various sectors such as internet, rail transportation, healthcare, autonomous driving, data storage, and data transmission [3]. - The company’s high-speed communication product series includes Cage, backplane connectors, and copper cable connectors, with speed upgrades from 112G to 224G [3]. Group 3: Customer Base and Partnerships - The company supplies liquid cooling products primarily to renowned connector companies such as Amphenol, Molex, TE Connectivity, and Luxshare [1]. - In the automotive sector, BYD is a major customer, with the company providing various types of automotive connectors, including control system connectors and high-voltage interlock connectors [3][4]. Group 4: Production Capacity and Order Status - The company maintains a busy production line with saturated orders and strong product demand, indicating a robust operational capacity [2]. - The production of automotive connectors emphasizes high precision and stability, with a focus on quality control and effective collaboration across design and manufacturing processes [4].

高速背板连接器满足下一代电信和数据网络设备的高速度要求，并且能满足需要高密度灵活性和节省空间的应用。 据 QYResearch 调研团队最新报告"全球高速背板连接器市场报告 2024-2030 "显示，预计 2030 年全球高速背板连接器市场规模将达到 27.6 亿美元，未来几年年复合增长率 CAGR 为 9.6% 。 根据 QYResearch 头部企业研究中心调研，全球范围内高速背板连接器生产商主要包括安费诺、莫仕、泰科、申泰、华丰科技等。 2024 年，全球前四大厂商占有大约 87.0% 的市场份额。 全球 高速背板连接器 市场前十强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研数据为准） 高速背板连接器 ，全球市场规模，按产品类型细分，数据传输速度： 25 处于主导地位 就产品应用而言，目前电信和数据通信是最主要的需求来源，占据大约 95.8%的份额。 全球 高速背板连接器 规模，主要生产地区份额（按产值） 高速背板连接器 ，全球市场规模，按应用细分，电信和数据通信是最大的下游市场 全球主要市场 高速背板连接器 规模 来源： QYResearch 智能制造研究中心 ...

Core Viewpoint - The company has reported a significant increase in revenue for 2024 and the first quarter of 2025, indicating a potential turning point in performance despite a net loss for the full year of 2024 [1][2]. Financial Performance - In 2024, the company achieved a total revenue of 1.092 billion yuan, representing a year-on-year increase of 20.83% [1]. - The net profit attributable to the parent company for 2024 was a loss of 0.18 billion yuan, a decline of 124.53% year-on-year [2]. - For the first quarter of 2025, the company reported a revenue of 0.406 billion yuan, a substantial increase of 79.82% year-on-year [1][2]. - The net profit attributable to the parent company for Q1 2025 was 0.32 billion yuan, reflecting a year-on-year increase of 207.7% [1][2]. Market Dynamics - The company is benefiting from the ongoing trend of reducing reliance on NVIDIA chips due to U.S. export restrictions, which has accelerated the domestic shift towards alternative AI chips [3]. - The Huawei Ascend 910C chip has emerged as a key player in the domestic AI server market, achieving performance levels comparable to high-end GPUs [4]. Product Development - The company focuses on high-speed backplane connectors and has developed a series of competitive products, including power connectors and RF connectors, which are essential for data centers and cloud computing infrastructure [5]. - The company has made significant advancements in high-speed line modules, which enhance signal transmission efficiency between servers and switches [7][8]. Growth Projections - Revenue forecasts for the company from 2025 to 2027 are projected to be 2.129 billion, 2.799 billion, and 3.150 billion yuan, respectively, with corresponding EPS estimates of 0.42, 0.61, and 0.88 yuan [9]. - The company is expected to benefit from the increasing penetration of domestic AI computing capabilities, which will enhance the demand for its high-speed backplane connectors [9].