防务类产品智能/集成化需求提升，公司持续投入或迎业绩提升。公司具有航天科工、中国电科、中国 兵工等防务龙头企业的供货资格，是国内最主要的防务连接产品供应商之一。智能化技术在防务领域的 应用越来越广泛。智能化防务装备，如无人机、智能机器人、智能传感器等，已经成为现代战争的重要 组成部分。系统集成化也是防务领域发展的一个重要趋势。政策端，我国也明确将加速发展国防信息化 建设。3 月5 日，国务院总理李强在政府工作报告中谈及国防和军队建设。明确提出抓好军队建设"十四 五"规划收官，加紧实施国防发展重大工程，加快推进网络信息体系建设。同时公司2024 年有多个在研 项目下游应用为全军信息系统、无人机、机载平台等国防领域。我们认为公司是国防信息化的深度参与 者，在国防信息化加速的背景下，其研发投入有望充分转化为业绩增长。 投资建议：我们预计公司 2025-2027 年总收入为24.80/31.29/39.49 亿元，归母净利润2.59/3.27/4.09 亿 元。对应4 月28 日PE 倍数为101.35/80.24/64.10 倍。我们认为公司防务及算力领域相关产品均有望为公 司带来持续的增长，预计未来公司将具有高成 ...

买入（维持） 所属行业：国防军工/军工电子Ⅱ 当前价格(元)：56.09 [Table_Main] 证券研究报告 | 公司点评 华丰科技(688629.SH) 2025 年 04 月 30 日 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -69% -34% 0% 34% 69% 103% 137% 171% 2024-04 2024-08 2024-12 华丰科技 沪深300 沪深300对比 1M 2M 3M 绝对涨幅(%) 13.34 -23.02 47.99 相对涨幅(%) 16.91 -18.15 49.10 资料来源：德邦研究所，聚源数据 请务必阅读正文之后的信息披露和法律声明 相关研究 1.《华丰科技(688629.SH)：国产算力 技术、产能跃升，带来业绩、估值高弹 性》，2024.10.19 华丰科技（688629.SH）：特种信息化 加速+算力高景气度，业绩高增长可期 投资要点 事件：4 月 29 日，华丰科技发布 2024 年年报和 2025 年一季报。2024 年，公司全 年实现营业收入 10.92 亿元，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.092 billion yuan for 2024, representing a year-on-year growth of 20.83%, but a net profit attributable to the parent company of -0.18 billion yuan, a decline of 124.53% [4][5] - In Q1 2025, the company achieved a revenue of 406 million yuan, a year-on-year increase of 79.82%, and a net profit of 32 million yuan, up 207.17% year-on-year [4][5] - The company is positioned as a core supplier in the domestic computing power chain and is expected to benefit from the high demand for computing power [4][5] - The defense sector's demand for intelligent and integrated products is increasing, and the company continues to invest in R&D, which is likely to enhance performance [4][5] Summary by Sections Market Performance - The company's stock has shown significant fluctuations compared to the CSI 300 index, with absolute growth rates of 13.34% over 1 month, -23.02% over 2 months, and 47.99% over 3 months [3][4] Financial Data and Forecast - The company forecasts total revenues of 2.48 billion yuan, 3.13 billion yuan, and 3.95 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 259 million yuan, 327 million yuan, and 409 million yuan for the same years [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 101.35, 80.24, and 64.10 respectively [5][7] Investment Insights - The company has made significant investments in R&D, with a research expense ratio of 10.45% in 2024, indicating a commitment to innovation [4][5] - The company is expected to maintain high growth potential due to its involvement in the defense and computing power sectors, which are anticipated to drive revenue growth [5][6]