Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has a strong order backlog, with approximately 20 billion yuan in hand orders for submarine cables, marine engineering, and land cable products, and over 3 billion USD for the PEACE transoceanic cable communication system [1][2]. - The company is focusing on high-quality development in the marine energy sector and has successfully introduced strategic investors, raising a total of 2.59 billion yuan for its marine energy segment [1]. - The company has shown robust financial performance, with a revenue of 42.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 20.79%, and a net profit of 2.315 billion yuan, up 28.32% year-on-year [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 15.785 billion yuan, a year-on-year increase of 32.38%, and a net profit of 705 million yuan, up 27.25% year-on-year [3]. - The company has adjusted its net profit forecasts for 2024-2025 to 2.854 billion yuan and 3.406 billion yuan, reflecting increases of 5.39% and 4.96% respectively, with a new forecast for 2026 at 3.939 billion yuan [2]. Business Segments - The company operates in two core sectors: communication networks and energy interconnection, maintaining a leading position in both industries [2]. - In the communication sector, the company is enhancing its competitive edge through technological advancements and strategic acquisitions, including the construction of the PEACE transoceanic cable communication system [2]. - In the energy interconnection sector, the company is leveraging opportunities in offshore wind energy, expanding its service capabilities globally [2]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 15x for 2024, 13x for 2025, and 11x for 2026, indicating a favorable valuation relative to expected earnings growth [2].

江苏亨通光电股份有限公司 关于股份回购进展公告 | 回购方案首次披露日 | 2024/1/16 | | --- | --- | | 回购方案实施期限 | 2024/1/15 ~2025/1/14 | | 预计回购金额 | 万元~20,000 万元 10,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 14,168,695 | | 累计已回购股数占总股本比 | 0.57% | | 例 | | | 累计已回购金额 | 15,561.22 万元 | | 实际回购价格区间 | 元/股~12.48 元/股 10.30 | 一、 回购股份的基本情况 2024 年 1 月 15 日，江苏亨通光电股份有限公司（以下简称"公司""亨通光 电"）第八届董事会第三十三次会议审议通过了关于《以集中竞价交易方式回购公 司股份方案》的议案，拟回购资金总额不低于人民币 10,000 万元（含），不超过 人民币 20,000 万元（含），回购股份的实施期限自公司董事会审议通过本次回购 股份方案之日起 12 个 ...

证券代码：600487 证券简称：亨通光电 公告编号：2024-084 号 江苏亨通光电股份有限公司 2024 年 10 月 30 日，亨通集团将其质押给中信银行股份有限公司苏州分行的 1,890 万股 无限售流通股办理了质押解除手续，该股份质押解除手续已于 2024 年 10 月 31 日办理完毕。 本次股份解除质押情况具体如下： | 股东名称 | 亨通集团 | | --- | --- | | 本次解质股份数量（股） | 18,900,000 | | 占其所持股份比例 | 3.22% | | 占公司总股本比例 | 0.77% | | 解质时间 | 2024 年 10 月 30 日 | | 持股数量（股） | 586,229,925 | | 持股比例 | 23.77% | | 剩余被质押股份数量（股） | 373,656,753 | | 剩余被质押股份数量占其所持股份比例 | 63.74% | | 剩余被质押股份数量占公司总股本比例 | 15.15% | 关于控股股东部分股权解除质押及质押公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [5]. Core Insights - The company reported a revenue of 42.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 20.79%. The net profit attributable to shareholders was 2.315 billion yuan, up 28.32%, and the net profit excluding non-recurring items was 2.208 billion yuan, reflecting a growth of 30.02% [2]. - In Q3 2024 alone, the company achieved a revenue of 15.785 billion yuan, marking a 32.38% increase, with a net profit of 705 million yuan, up 27.25%, and a net profit excluding non-recurring items of 693 million yuan, which is a 40.94% increase [2]. - The company is focused on the efficient development of the marine energy industry, with a clear strategic development plan. It specializes in two core areas: telecommunications networks and energy interconnection, leading the industry in products and solutions related to optical communication, marine communication, smart grids, and marine energy [2]. - As of Q3 2024, the company has approximately 20 billion yuan in hand orders in the energy interconnection sector, around 6 billion yuan in marine communication orders, and over 300 million USD in orders for the PEACE transoceanic cable communication system [2]. - The company has successfully introduced ten strategic investors through its subsidiary, Jiangsu Hengtong High Voltage Submarine Cable Co., Ltd., raising a total of 2.59 billion yuan for its marine energy segment, which supports sustainable development and aligns with its long-term strategic goals [2]. Financial Forecasts - The company is projected to achieve net profits of 2.831 billion yuan, 3.445 billion yuan, and 3.817 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding earnings per share (EPS) are expected to be 1.15 yuan, 1.40 yuan, and 1.55 yuan, with price-to-earnings (PE) ratios of 15.57, 12.79, and 11.55 [3][4]. - The revenue forecast for the company is 57.622 billion yuan in 2024, 63.788 billion yuan in 2025, and 69.210 billion yuan in 2026, with growth rates of 21.00%, 10.70%, and 8.50% respectively [4][12].

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 performance continues to grow strongly, with sufficient orders in the energy interconnection sector [1] - The company's profitability has improved due to technological R&D and cost control, with a net profit margin of 5.90% in Q3 2024, up 0.81 percentage points year-on-year [1] - The company's marine business is in the domestic first tier, with ample orders, and performance is expected to further improve as the offshore wind and cable market recovers [1] Financial Performance - Revenue for the first three quarters of 2024 reached 42.399 billion yuan, a year-on-year increase of 20.79% [1] - Net profit attributable to the parent company was 2.315 billion yuan, a year-on-year increase of 28.32% [1] - Non-GAAP net profit attributable to the parent company was 2.208 billion yuan, a year-on-year increase of 30.20% [1] - Q3 2024 revenue was 15.785 billion yuan, a year-on-year increase of 27.21%, and net profit attributable to the parent company was 693 million yuan, a year-on-year increase of 40.94% [1] Business Highlights - The company has actively seized market opportunities in the context of "new infrastructure," "carbon peaking and carbon neutrality," and "digital China," driving growth in its ultra-high voltage, grid intelligence, industrial and new energy intelligence, and marine communication businesses [1] - The company's offshore wind power projects are progressing well, with orders in the energy interconnection sector reaching 20 billion yuan by Q3 2024 [1] - The company has made significant progress in the development of special optical fibers and high-speed optical modules, with orders in the marine communication sector exceeding 6 billion yuan [1] Future Outlook - The company is expected to achieve revenue of 54.703 billion yuan, 61.733 billion yuan, and 68.754 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15%, 13%, and 11% [1] - Net profit attributable to the parent company is expected to reach 2.976 billion yuan, 3.755 billion yuan, and 4.267 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38%, 26%, and 14% [1] - The company's EPS is expected to be 1.21 yuan, 1.52 yuan, and 1.73 yuan in 2024, 2025, and 2026, respectively [1] Valuation - The company's P/E ratio is expected to be 14.8, 11.8, and 10.4 in 2024, 2025, and 2026, respectively [1] - The company's P/B ratio is expected to be 1.6, 1.4, and 1.3 in 2024, 2025, and 2026, respectively [1]

证券代码：600487 证券简称：亨通光电 公告编号：2024-083 号 江苏亨通光电股份有限公司 关于参加 2024 年苏州上市公司投资者集体接待日暨 2024 年第三季度业绩说明会的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 会议召开时间：2024 年 11 月 6 日（星期三）15:30-17:00 会议召开地点："全景路演"（http://rs.p5w.net） 会议召开方式：网络远程的方式（网络文字互动交流） 会议问题征集：投资者可在会议开始前将需要了解的情况和关注的问 题通过扫描下方二维码，进入问题征集专题页面，提前留言提问，公 司将在业绩说明会上对投资者普遍关注的问题进行回答。 四、 投资者参加方式 投资者可登录"全景路演"（http://rs.p5w.net），或关注微信公众号：全景 财经，或下载全景路演 APP ，欢迎投资者届时提问互动，参与交流。 重要内容提示： 一、 说明会类型 江苏亨通光电股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 披露《2024 年第 ...

我们也是非常荣幸邀请到了我们亨通的顾总来跟大家做一个交流和分享那么会议由我和我们团队的李一宏 袁浩 联合主持会议还是按照我们惯例分成三个环节那么第一由我这边做一个简要的开场第二把时间交给公司给大家做一个分享和交流 讲办法那么后面我们进行提问活动那么从开场的角度我觉得可能 重点还是想跟大家分享三个点那么第一点呢还是前者大势从大势角度我觉得很客观干了十几年从2021年的下半年到今年的下半年9月份这波战争之前A股是经历了漫长的三个月的历史级别的熊市这三年历史级别的熊市我相信大家感触得很深 那么这三个熊市呢我们说随着九月份这波大涨尽管最近也在回落但是呢整个交易量啊整个环境来看基本上明确表明熊市已经结束那么熊市已经结束牛市开始那么牛市开始呢现在进入一个震荡的环节那么牛市开始那么进入震荡的环节呢我们说基本上也就代表着这个接下来进入一个分化那么分化呢就一定要精挑细选对吧精挑细选我们的这个 大的这个有机会的翻线是吧有机会的行业好的公司所以未来是正常现象我觉得这个应该是积极选股积极选行业的这个时候啊所以我觉得呃结构领域也好或者说这个大型大的这个这个科技领域也好我觉得是大的背景的翻线是第一个那么第二个呢我们说其其其他的前面也说了 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 17.88 CNY [4]. Core Insights - The company reported a revenue of 42.399 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 20.8%. The net profit attributable to shareholders reached 2.32 billion CNY, up 28.3% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 15.785 billion CNY, a 32.4% increase year-on-year, and a net profit of 705 million CNY, reflecting a 27.3% growth [2]. - The company's gross margin for Q3 2024 was 12.80%, a decrease of 4.57 percentage points year-on-year, primarily due to the rapid development of lower-margin products in the high-voltage smart grid and industrial new energy sectors [2]. - The company is expected to benefit from the acceleration of offshore wind projects in Jiangsu and Guangdong, with significant project launches anticipated in Q4 2024 [2]. - The company has a backlog of orders worth approximately 20 billion CNY in the energy interconnection sector, including 6 billion CNY in marine communication projects [2]. Financial Forecasts - The company is projected to achieve revenues of 56.727 billion CNY in 2024, 67.290 billion CNY in 2025, and 75.952 billion CNY in 2026, with growth rates of 19.1%, 18.6%, and 12.9% respectively [3]. - The net profit attributable to shareholders is expected to be 2.865 billion CNY in 2024, 3.739 billion CNY in 2025, and 4.353 billion CNY in 2026, with growth rates of 33.0%, 30.5%, and 16.4% respectively [3]. - The company’s PE ratio is projected to decrease from 20 in 2023 to 10 by 2026, indicating an improving valuation over time [3]. Business Development - The company is expanding its global channels across multiple business lines, maintaining a leading position in optical communication and submarine cable technology [2]. - Recent project bids in Jiangsu and Guangdong for offshore wind power are expected to drive demand for submarine cables and related services [2]. - The company is actively involved in technological advancements in 5G optical fiber communication and high-capacity submarine cable systems, enhancing its competitive edge [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has significantly increased its net profit attributable to the parent company, with a year-on-year growth of 28.32% [4] - The communication and new energy sectors have a rich order backlog, indicating strong future growth potential [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 42.399 billion, a year-on-year increase of 20.79%, and a net profit of 2.315 billion, a year-on-year increase of 28.32% [4] - In Q3 2024, the company reported revenue of 15.785 billion, a year-on-year increase of 32.38%, and a net profit of 705 million, a year-on-year increase of 27.25% [4] - The company expects net profits for 2024-2026 to be 2.846 billion, 3.331 billion, and 3.963 billion respectively, with corresponding PE ratios of 15.5, 13.2, and 11.1 [4] Order Backlog and Market Position - As of June 2024, the company has an order backlog of approximately 21 billion in the energy interconnection sector, indicating robust demand [5] - The company is actively expanding its communication network business and has an order backlog of about 5.5 billion in marine communication [6]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥15,785,030,826.58, representing a year-on-year increase of 32.38%[2] - The net profit attributable to shareholders for Q3 2024 was ¥705,486,160.59, up 27.25% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥692,745,458.95, reflecting a significant increase of 40.94% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.29, an increase of 31.82% compared to the same quarter last year[3] - In the first three quarters of 2024, the company achieved operating revenue of CNY 42.399 billion, a year-on-year increase of 20.79%[10] - The net profit attributable to shareholders for the same period was CNY 2.315 billion, reflecting a year-on-year growth of 28.32%[10] - The company reported a net profit of CNY 705 million for Q3 2024, up 27.25% year-on-year[10] - Total operating revenue for the first three quarters of 2024 reached CNY 42.40 billion, a 20.8% increase from CNY 35.10 billion in the same period of 2023[19] - Net profit for the first three quarters of 2024 was CNY 2.50 billion, compared to CNY 1.79 billion in 2023, representing a 39.9% increase[21] - The total comprehensive income attributable to shareholders for the first three quarters of 2024 was CNY 2.32 billion, compared to CNY 1.76 billion in the same period of 2023, reflecting an increase of approximately 31.6%[22] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥64,916,480,057.46, showing a growth of 3.88% from the end of the previous year[3] - The equity attributable to shareholders increased to ¥28,299,912,306.28, marking a 10.36% rise from the previous year-end[3] - The company's total assets increased to CNY 64.92 billion in Q3 2024, up from CNY 62.49 billion in Q3 2023, marking a growth of 3.9%[18] - Non-current liabilities decreased to CNY 5.22 billion in Q3 2024 from CNY 5.41 billion in Q3 2023, a reduction of 3.5%[18] - The total liabilities of the company were CNY 33.29 billion in Q3 2024, down from CNY 34.37 billion in Q3 2023, indicating a decrease of 3.2%[18] Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥440,691,006.81 for the year-to-date, which is a decrease of 7.73% compared to the same period last year[2] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 440.69 million, compared to CNY 477.61 million in the same period of 2023, showing a decrease of about 7.7%[23] - The company reported a net cash outflow from investing activities of CNY 1.66 billion for the first three quarters of 2024, slightly improved from a net outflow of CNY 1.82 billion in the same period of 2023[23] - The cash flow from financing activities showed a net outflow of CNY 419.29 million in the first three quarters of 2024, compared to a net inflow of CNY 70.88 million in the same period of 2023[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 125,615[6] - The largest shareholder, Hengtong Group Co., Ltd., held 586,229,925 shares, accounting for 23.77% of the total shares[6] Strategic Initiatives - The company actively seized market opportunities, particularly in ultra-high voltage and smart grid sectors, contributing to the growth in net profit[5] - The company successfully raised a total of CNY 2.59 billion through strategic investors for its marine energy segment[14] - The company plans to grant up to 21,553,532 restricted A-shares to core employees as part of its long-term incentive plan[14] - The company is focused on high-quality development in the marine energy sector and aims to become a global leader in marine energy interconnection solutions[13] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22] Inventory and Cash Management - The company’s cash and cash equivalents as of September 30, 2024, were CNY 9.548 billion, down from CNY 11.535 billion at the end of 2023[16] - The company’s inventory increased to CNY 86.694 billion from CNY 82.997 billion year-on-year[16] - The cash and cash equivalents at the end of Q3 2024 were CNY 7.50 billion, compared to CNY 6.80 billion at the end of Q3 2023, an increase of 10.3%[18] - The cash and cash equivalents at the end of the third quarter of 2024 amounted to CNY 7.15 billion, an increase from CNY 5.43 billion at the end of the same quarter in 2023, representing a growth of approximately 31.6%[24] Research and Development - The company's R&D expenses for the first three quarters of 2024 were CNY 1.67 billion, down from CNY 1.88 billion in 2023, a decrease of 11.3%[21] Tax and Deferred Income - The company received CNY 527.26 million in tax refunds related to operating activities, significantly higher than CNY 218.23 million in the previous year, marking an increase of about 141.5%[23] - Deferred income tax assets increased to CNY 1.02 billion in Q3 2024 from CNY 900.28 million in Q3 2023, a rise of 13.4%[18]