Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company focuses on the connector field, emphasizing "high-speed" and "system" aspects, developing a range of interconnect solutions to support AI computing [5][6]. - The defense product line has a solid technological foundation, with a comprehensive product system covering various categories, although revenue recognition has faced challenges due to longer production cycles for certain components [7]. - The company is expected to see significant growth in net profit from -0.2 billion in 2024 to 3.2 billion in 2026, indicating a strong recovery trajectory [8]. Company Overview - The latest closing price is 37.84 yuan, with a total market capitalization of 174 billion yuan and a circulating market value of 67 billion yuan [4]. - The company has a total share capital of 4.61 billion shares, with 1.78 billion shares in circulation [4]. - The largest shareholder is Sichuan Changhong Electronics Holding Group [4]. Financial Projections - Revenue is projected to grow from 904 million yuan in 2023 to 2,800 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 33.89% [11][13]. - The net profit attributable to the parent company is expected to increase significantly from -16.4 million yuan in 2024 to 317.95 million yuan in 2026 [11][13]. - The company's EBITDA is forecasted to rise from 68.22 million yuan in 2024 to 331.83 million yuan in 2026 [11][13].
华丰科技：224G高速互联方案助力AI腾飞