简评 核心观点 公司在高速线模组产品领域处于国内头部地位，2025 年一季度开始，公司高速线模组产品逐步上量， 成为增长重要拉动。公司预告，2025 年全年预计实现归母净利润3.38 亿-3.88 亿元， 同比扭亏。国内云 厂商持续加大资本开支投入，服务器、交换机等算力设备需求预计持续高增。并且国内多家CSP 客 户、服务器厂商、芯片厂商推广超节点方案，高速连接方案是实现超节点互联的重要支撑之一，需求展 望乐观。公司一方面与主要客户持续加深合作，此外与浪潮、超聚变、曙光、华勤、中兴、新华三等设 备制造商以及阿里、腾讯、字节等互联网应用客户正在推动或开展项目合作，未来有望持续充分受益国 内算力建设。 事件 公司发布2025 年年度业绩预告。2025 年全年，预计实现归母净利润3.38 亿-3.88 亿元，上年同期为亏损 0.18 亿元。 国内云厂商持续加大资本开支投入，服务器、交换机等算力设备需求预计持续高增。并且国内多家CSP 客户、服务器厂商、芯片厂商推广超节点方案，高速连接方案是实现超节点互联的重要支撑之一，需求 展望乐观。公司在高速连接产品领域处于国内头部地位，相继开发多款56G、112G 背板及模组产 ...

Group 1 - The core viewpoint of the article highlights Huafeng Technology's significant financial turnaround, achieving a revenue of 1.105 billion yuan in the first half of 2025, a year-on-year increase of 128.26%, and a net profit of 151 million yuan, compared to a loss of 17.93 million yuan in the same period last year [1] - Huafeng Technology is a leading enterprise in the development and production of electrical connectors, playing a crucial role in high-precision data transmission, especially in the context of the "Artificial Intelligence +" trend [1][2] - The company has capitalized on three major opportunities: the upgrade of data center infrastructure, the explosive demand for AI computing power, and the increasing penetration rate of new energy vehicles, leading to a breakthrough in performance [1] Group 2 - During the reporting period, Huafeng Technology has made strides in the supercomputing field by developing multiple 56G, 112G backplane and module products, and is continuously upgrading to 224G, enhancing data transmission capabilities for data centers [2] - In the new energy vehicle sector, the company has developed onboard optical fiber connectors and low-cost modular charging sockets, addressing the growing performance requirements for connectors as vehicle intelligence increases [2] - The company invested 64.974 million yuan in R&D, a year-on-year increase of 27.31%, indicating a commitment to enhancing its technological capabilities in high-precision data transmission connectors [2]