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688629.SH · A-shares

688629.SH Huafeng: connectors & defense-electronics beta

Huafeng Technology Private-sector connector name; higher beta/volatility than AVIC Jonhon.

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Snapshot

Price (~)
CNY 122.4
Market cap (~)
CNY 57.3B
Revenue (latest FY/cum)
CNY 2.5B
Latest NI (attr.)
CNY 147.3M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Huafeng Technology Private-sector connector name; higher beta/volatility than AVIC Jonhon. Price ~¥122.40, mkt ~¥573B; PE-TTM 194.5x.

Business

Model: connector R&D/mfg. Flagships: high-reliability connectors. Strategy: capacity & customers.

Value chain

Component supply; downstream OEMs/systems. Risks: defense cadence; competition; froth.

Corporate events

Events

Events
DateEventDetailNote
持续连接器民参军高弹性
As of 2026-09-25

Valuation

Small-cap theme; extreme PE common.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价122.40东方财富行情
总市值573.14 亿f116
PE-TTM194.5x亏损则为 null
PB19.50x行情字段
As of 2026-09-25

Valuation · ~3y QE

Interactive chart available in the reader.

QE close×shares/TTM NI; div yield null without source · As of 2026-09-25

Price · ~3y QE

Interactive chart available in the reader.

Eastmoney monthly K aligned to quarter-end · As of 2026-09-25

Financial trends (~24m)

Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.

Quarterly revenue · 8Q

Interactive chart available in the reader.

Eastmoney cumulative revenue differenced; null when missing · As of 2026-09-25

Gross margin · reported

Interactive chart available in the reader.

Eastmoney reported GM (period) · As of 2026-09-25

Quarterly NI · 8Q

Interactive chart available in the reader.

Eastmoney cumulative NI differenced; PE null if TTM≤0 · As of 2026-09-25

Financial health

Financial health
ItemValueNote
经营现金流（约，每股×股本）3.76 亿MGJYXJJE×股本估算，非审计
资产负债率41.2%最新报告期
ROE（加权）7.77%报告期
审计/持续经营以最新年报审计意见为准未在本包重审
As of 2026-09-25

Operations

Volume/ASP/materials.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收6.27 亿见收入图 YoY累计拆单季
单季归母净利0.42 亿见利润图累计拆单季
毛利率（报告期披露）26.4%—销售毛利率字段
赛道军工电子—申万国防军工二级语境
As of 2026-09-25

Competition

Defense market share is usually undisclosed; share charts use nulls.

Market share

Interactive chart available in the reader.

Usually undisclosed for defense — nulls · As of 2026-09-25

Peer share

Interactive chart available in the reader.

Null without named source · As of 2026-09-25

Peers

Peers
NameRoleNoteStrengthWeakness
华丰科技连接器弹性成长波动
中航光电连接器龙头稳定弹性低
航天电器连接器中航天—
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
实际控制人/董事会以最新年报为准持续—
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: Governance per latest annual report.

Outlook

Watch growth, GM, inventory.

Scenarios

Scenario Condition Implication
Bull Orders/deliveries beat Earnings + multiple
Base Steady production Hold/watch recognition
Bear Destock/budget slip Theme + earnings drawdown

Risks

Orders; competition; liquidity; unlocks.

Tracking

  1. Quarterly revenue/NI YoY and contract liabilities
  2. Gross margin, inventory, receivables
  3. OCF vs CapEx
  4. Material reorg/program disclosures
  5. Defense index relative performance / crowding

References

  1. CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=688629
  2. Eastmoney quotes & MAINFINADATA
  3. Other: IR

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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