Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a revenue of 749 million yuan for Q1-Q3 2024, representing a year-on-year growth of 21.01%. However, the net profit attributable to shareholders decreased by 222.55% to -49 million yuan [3][4]. - The decline in net profit is attributed to several factors, including high labor costs to meet customer demand before the automation production line was fully operational, insufficient market demand for defense products, and increased R&D and operational expenses due to the incubation of innovative products [3][4]. - The company has over 60 years of experience in defense interconnect technology and has established itself as a global supplier for major communication equipment manufacturers such as Huawei, ZTE, and Nokia [4]. - The company is focusing on high-speed connectors and has developed a 224 Gbps-PAM4 interconnect solution to support the AI industry, which is expected to drive demand for its products [5][6]. - The company anticipates net profits of 10 million, 203 million, and 303 million yuan for 2024, 2025, and 2026 respectively, benefiting from the growing demand for high-speed connectors in AI computing clusters [6]. Financial Summary - For Q1-Q3 2024, the company achieved a revenue of 749 million yuan, with a 30.05% increase in Q3 compared to the same period last year [3]. - The projected net profits for 2024-2026 are 0.10 billion, 2.03 billion, and 3.03 billion yuan respectively [6]. - The company has a current stock price of 37.84 yuan, with a total share capital of 46,099 million shares [8].
华丰科技：启航：业绩短期承压，高速背板连接器打开未来空间