证券研究报告 行业研究 / 行业点评 2025 年 09 月 29 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：NVIDIA 推动供应商加速 MLCP 产业化落地》2025-09-24 《电子行业周报：苹果发布 iPhone 17 系列手 机》2025-09-16 《电子行业周报：微软积极部署空芯光纤应用》 2025-09-10 《电子行业周报：NVIDIA 推出 Jetson AGX Thor 超级电脑》2025-09-02 《电子行业周报：华虹半导体筹划收购华力微 控股权》2025-08-25 证券分析师 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 CPO&CPC 有望开启新一轮成长周期 ——人工智能月度跟踪 9 月 10-12 日，第 26 届中国国际光电博览会（CIOE 中国光博会）于深圳盛大启幕。本 次大会汇聚全球超 3800 家 ...

中信建投研报表示，阿里巴巴在其云栖大会上表示正在积极推进三年3800亿元的AI基础设施建设计 划，并将会持续追加更大的投入，2032年阿里云全球数据中心的能耗规模相较于2022年将提升10倍。英 伟达与OpenAI宣布双方达成战略合作伙伴关系：OpenAI将部署至少10GW的英伟达系统，而英伟达也 将向OpenAI持续投资，投资总额最高达1000亿美元。近期算力板块呈现震荡走势，但从产业趋势来 看，无论是海外，还是国内，均在加码算力相关投资。算力的资本开支具有持续性，调整是机会，同时 建议积极关注OCS、CPO、CPC、空芯光纤等各种新技术、新产品商业化进展。 ...

Core Insights - Huafeng Technology (688629.SH) focuses on the development and implementation of full-link system solutions, emphasizing the importance of CPC, high-speed backplane connectors, and high-speed module products as key components of internal signal links [1] Group 1 - The company is gradually launching products that support transmission rates of 224G at various transmission nodes [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a robust growth in performance, driven by dual engines in the automotive and communication sectors. For the fiscal year 2024, the company achieved a revenue of 268.795 billion yuan, representing a year-on-year growth of 15.91%. The net profit attributable to shareholders was 13.366 billion yuan, up 22.03% year-on-year [2][6]. - In the first quarter of 2025, the company recorded a revenue of 61.788 billion yuan, a year-on-year increase of 17.90%, with a net profit of 3.044 billion yuan, growing 23.17% year-on-year [2][6]. - The company forecasts a net profit for the first half of 2025 to be between 6.475 billion and 6.745 billion yuan, indicating a growth of 20%-25% year-on-year [2][6]. Financial Performance Summary - In 2024, the breakdown of revenue showed that the consumer electronics segment generated 224.094 billion yuan, a growth of 13.65%, accounting for 83.37% of total revenue. The communication segment earned 18.360 billion yuan, up 26.29%, with a gross margin of 16.40%, an increase of 0.6 percentage points. The automotive segment achieved 13.758 billion yuan, growing 48.69% [11]. - The company has a strong customer base, with the largest customer accounting for 70.74% of total revenue, amounting to 190.139 billion yuan [11]. - The company is expected to see net profits of 16.756 billion, 20.504 billion, and 24.123 billion yuan for the years 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [11].