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]

证券代码：600487 证券简称：亨通光电 公告编号：2024-082 号 （一）本次股份质押基本情况 2024 年 10 月 22 日，亨通集团将其持有的本公司 800 万股无限售流通股质押给交通银行 股份有限公司苏州长三角一体化示范区分行。该股份质押登记手续已于 2024 年 10 月 23 日办 理完毕。本次股份质押情况具体如下： | | 是否 | 本次质 | 是否 | 是否 | | | | 占其所 | 占公 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 为控 | 押股数 | 为限 | 补充 | 质押起 | 质押到 | 质权人 | 持股份 | 司总 | 融资 | | | 股股 | | | | 始日 | 期日 | | | 股本 | 资金 | | | 东 | (万股) | 售股 | 质押 | | | | 比例 | 比例 | 用途 | | 亨通集团 | 是 | 800 | | | 2024 | 办理解 | 交通银行 | | 0.32% | | | | | | | | | | 股份有限 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company is a leading provider of information and energy interconnection solutions, with a strong focus on communication and energy networks. It is expected to benefit from the growth in these sectors, particularly in offshore wind energy and smart grid solutions [1][2][3]. - The company has a robust order backlog, with approximately 210 billion yuan in hand orders in the energy interconnection sector and 55 billion yuan in the marine communication sector as of mid-2024 [2][3]. - The projected net profits for the company from 2024 to 2026 are 28.46 billion yuan, 33.31 billion yuan, and 39.63 billion yuan, respectively, with corresponding PE ratios of 15.2, 12.9, and 10.9 [1][4]. Summary by Sections Communication and Energy Networks - The company is positioned as a global leader in providing system solutions for communication and energy sectors, with a focus on high-end products and integrated services [9]. - The company has been actively expanding its capabilities in offshore wind energy, with significant investments in R&D for high-voltage transmission equipment and offshore wind power technologies [2][3]. Financial Performance - The company has shown steady revenue growth, with total revenue increasing from 32.38 billion yuan in 2020 to 47.62 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 13.72% [16]. - The net profit for 2023 was reported at 2.23 billion yuan, with a significant increase of 36% year-on-year [16]. Market Opportunities - The offshore wind energy market is expected to grow significantly, with global offshore wind capacity projected to reach 2000 GW by 2050, providing substantial growth opportunities for the company [29][30]. - The company is also focusing on expanding its presence in the global communication market, particularly through the PEACE submarine cable project, which connects China with Africa and Europe [62][64]. R&D and Innovation - The company has increased its R&D investment from 1.21 billion yuan in 2020 to 1.91 billion yuan in 2023, indicating a commitment to innovation and technology development [20]. - It has achieved significant milestones in developing advanced underwater cable technologies and has been recognized for its contributions to the industry [59][70]. Global Expansion - The company has established a presence in over 150 countries and regions, with ongoing projects in Europe, South America, and Southeast Asia, enhancing its global competitiveness [9][75]. - Recent acquisitions, such as the increase in stake in PT Voksel, have strengthened its foothold in the Indonesian market, furthering its international strategy [75].

证券代码：600487 证券简称：亨通光电 公告编号：2024-081 号 江苏亨通光电股份有限公司 2024 年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 44 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 844,642,844 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.87 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，采用现场投票和网络投票相结合的方式召开。公司 董事长崔巍先生主持了本次会议。 本次会议的召集、召开及表决方式均符合《中华人民共和国公司法》及《公司章 (一) 股东大会召开的时间：2024 年 10 月 22 日 (二) 股东大会召开的地点：江苏省苏州市吴江区中山北路 2288 号 (三) 出席会议的普通股股 ...

证券代码：600487 证券简称：亨通光电 公告编号：2024-080 号 江苏亨通光电股份有限公司 关于 2024 年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告公告 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。 江苏亨通光电股份有限公司（以下简称"公司""亨通光电"）于 2024 年 9 月 27 日召开第九届董事会第三次会议，审议通过了关于《江苏亨通光电股份有限 公司 2024 年限制性股票激励计划（草案）及其摘要》等激励计划相关议案，具 体内容公司已于2024年9月28日披露在上海证券交易所网站（www.sse.com.cn）。 根据《上市公司股权激励管理办法》《上市公司信息披露管理办法》《上市公 司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》等相关法律、 法规及规范性文件的要求，公司针对 2024 年限制性股票激励计划（以下简称"本 次激励计划"）采取了充分必要的保密措施，同时对本次激励计划的内幕信息知 情人做了登记。通过向中国证券登记结算有限责任公司上海分公司查询，公司对 本次 ...

安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号相悦中心 5 楼 邮编: 230022 传真(Fax):(86-551) 65608051 电话(Tel):(86-551)65609815 电子信箱(E-mail): chengyilawyer@163.com 网址(Website): www.chengyi-law.com 安徽承义律师事务所 召开 2024 年第三次临时股东大会的 法律意见书 安徽承义律师事务所 关于 江苏亨通光电股份有限公司 关于江苏亨通光电股份有限公司 二、本次股东大会参加人员的资格 经核查,参加本次股东大会的亨通光电股东和股东代表共 44 名,代表公司 有表决权股份数 844,642,844 股,均为截至 2024年 10月 15 目下午交易结束后在, 中国证券登记结算有限责任公司上海分公司登记在册的亨通光电股东。亨通光电 部分董事、监事、高级管理人员出席了本次股东大会,本律师现场出席了本次股 东大会。出席本次股东大会的人员资格符合法律、法规、规范性文件和公司章程 的规定。 召开2024年第三次临时股东大会的法律意见书 (2024)承义法字第 00279 号 致:江苏亨通光电 ...

安徽承义律师事务所 的法律意见书 安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号相悦中心 5 楼 邮编: 230022 电话（Tel）: （86-551）65609815） 传真（Fax）: （86-551）65608051 网址（Website）: www.chengyi-law.com 电子信箱(E-mail):chengyilawyer@163.com 安徽承义律师事务所 法律意见书 安徽承义律师事务所 关于江苏亨通光电股份有限公司 法律意见书 安徽承义律师事务所 关于江苏亨通光电股份有限公司 独立董事公开征集投票权 独立董事公开征集投票权 的法律意见书 致:江苏亨通光电股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《公开征集上市公司股东权利管理暂行规定》 （以下简称"《暂行规定》"）等有关法律法规、规范性文件和《江苏亨通光电 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，本所接受江苏 亨通光电股份有限公司(以下简称"亨通光电"或"公司"）的委托 ...

会 议 材 料 二○二四年十月二十二日 2024 年第三次临时股东大会会议材料 目 录 一、会议议程 2024 年第三次临时股东大会会议材料 江苏亨通光电股份有限公司 2024 年第三次临时股东大会 二、会议须知 三、2024 年第三次临时股东大会议案 | 序号 | | 议 | 案 | 名 称 | | | --- | --- | --- | --- | --- | --- | | 1 | 关于江苏亨通光电股份有限公司 | 2024 | | | 年限制性股票激励计划（草案）及其摘 | | | 要的议案 | | | | | | 2 | 关于江苏亨通光电股份有限公司 | 2024 | | | 年限制性股票激励计划实施考核管理办 | | | 法的议案 | | | | | | 3 | 关于提请股东大会授权董事会办理 | | 2024 | | 年限制性股票激励计划相关事宜的议 | | | 案 | | | | | 2024 年第三次临时股东大会会议材料 江苏亨通光电股份有限公司 2024 年第三次临时股东大会议程 会议时间：现场会议：2024 年 10 月 22 日下午 14:30 网络投票：2024 年 10 月 21 ...