Group 1 - The core viewpoint of the article highlights that Huafeng Technology has seen a year-on-year increase in defense orders during February and March, with expectations for gradual performance improvement in the second and third quarters [1] - The company is facing some price pressure in the defense sector, but the overall impact is manageable, and measures are being taken to reduce costs and increase efficiency [1] - Huafeng Technology has established a project team for humanoid robot connectors, which is still in the incubation stage, indicating a focus on innovation and new product development [1] Group 2 - The company’s defense-related connector products are highly customized for special scenarios, such as environmental resistance and electromagnetic interference [1] - In the electric vehicle sector, Huafeng Technology has clients including SAIC-GM-Wuling and BYD, indicating a strong presence in the growing EV market [1] - The company anticipates a high expense ratio in 2024 due to ongoing product research and development, as well as customer development efforts [1] Group 3 - The high-speed line module products are customized based on client needs, showcasing the company's adaptability and client-focused approach [1] - Huafeng Technology is advancing projects in high-speed backplane connectors and line modules with clients such as Inspur and ZTE [1] - The CPU socket business is still in the investment phase, with expectations to gradually ramp up production starting in 2026 [1]

Group 1 - The core viewpoint of the news is that Huafeng Technology is experiencing growth in defense orders and expects performance improvement in the second and third quarters of the year, with a focus on cost reduction and efficiency enhancement [1] - In the defense sector, Huafeng Technology faces some price pressure, but the overall impact is manageable, and the company is taking measures to mitigate costs [1] - The company has established a project team for humanoid robot connectors, which is still in the incubation stage, indicating a focus on innovation and new product development [1] Group 2 - Huafeng Technology's defense orders have shown year-on-year growth in the first quarter, particularly in the missile-mounted field [1] - The company is involved in customized defense connectors that are used in special scenarios, such as environmental resistance and electromagnetic interference [1] - The company's clients in the new energy vehicle sector include major players like SAIC-GM-Wuling and BYD, highlighting its presence in a growing market [1] Group 3 - The company anticipates a higher expense ratio in 2024 due to ongoing product research and customer development, leading to increased R&D and management costs [1] - Huafeng Technology's high-speed module products are customized based on client needs, indicating a tailored approach to product development [1] - The CPU Socket business is still in the investment phase, with expectations to gradually ramp up production starting in 2026 [1]

丨证券研究报告丨 联合研究丨公司点评丨华丰科技（688629.SH） [Table_Title] 乘风：AI 算力扬帆，高速连接器破浪高增 报告要点 [Table_Summary] AI 应用逐步落地，自主可控需求强烈，国内算力景气度高。高速连接器为高性价比的短距通信 方案，有望在 AI 算力集群加速渗透，公司高速线模组产品有望受益。预计 2025-2027 年归母 净利润为 2.78、3.71、4.86 亿元，维持"买入"评级。 分析师及联系人 [Table_Author] 于海宁 王贺嘉 刘泽龙 SAC：S0490517110002 SAC：S0490520110004 SAC：S0490525040002 SFC：BUX641 SFC：BUX462 %% %% %% %% research.95579.com 1 华丰科技（688629.SH） cjzqdt11111 [Table_Title2] 乘风：AI 算力扬帆，高速连接器破浪高增 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 华丰科技发布 2024 年年报和 2025 年一季报。2024 年，公司实现营业收入 10. ...