证券代码：600487 证券简称：亨通光电 公告编号：2024-038 号 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例 | 0.57% | | 累计已回购金额 | 万元 15,561.22 | | 实际回购价格区间 | 元/股~12.48 元/股 10.30 | 2024 年 4 月，公司未实施股份回购。截至 2024 年 4 月 30 日，公司已累计回 购股份 14,168,695 股，占公司总股本的比例为 0.57%，购买的最高价为 12.48 元/ 股、最低价为 10.30 元/股，已支付的总金额为 15,561.22 万元（不含交易费用）。 上述回购进展符合既 ...

公司报告 | 年报点评报告 亨通光电（600487） 证券研究报告 2024年05月 04日 投资评级 业绩延续快速增长趋势，未来海洋业务反转更值期待！ 行业 通信/通信设备 6个月评级 买入（维持评级） 当前价格 14.16元 事件： 目标价格 元 亨通光电发布2023 年报及 2024 年一季报。23 年实现营业收入476.22 亿 元，同比增长2.49%，实现归母净利润21.54 亿元，同比增长35.77%；24Q1 基本数据 实现营业收入117.85亿元，同比提升8.45%，实现归母净利润5.13亿元， A股总股本(百万股) 2,466.73 同比增长29.87%。 流通A股股本(百万股) 2,466.73 业绩持续快速增长 A股总市值(百万元) 34,928.96 流通A股市值(百万元) 34,928.96 公司业绩持续快速增长趋势，23 年归母净利润同比+35.77%，24Q1延续趋 势，实现同比增长+29.87%。分业务来看，光通信整体保持平稳，智能电网 每股净资产(元) 10.63 保持稳健增长+10%。海洋业务因行业原因公司短期承压，但目前在手订单 资产负债率(%) 54.60 较充沛：截止 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [6][14]. Core Insights - The company achieved a revenue of 47.62 billion yuan in 2023, a year-on-year growth of 2.49%, and a net profit attributable to shareholders of 2.15 billion yuan, reflecting a significant increase of 35.77% [2][6]. - In Q1 2024, the company reported a revenue of 11.79 billion yuan, up 8.45% year-on-year, and a net profit of 513 million yuan, marking a 29.87% increase [2][6]. - The company is focusing on strategic investments in its core sectors of communication and energy, enhancing its global brand influence and operational capabilities [2][6]. Financial Performance Summary - Revenue is projected to grow from 56.78 billion yuan in 2024E to 75.04 billion yuan in 2026E, with corresponding growth rates of 19.2%, 18.2%, and 11.8% respectively [1][9]. - Net profit attributable to shareholders is expected to rise from 3.00 billion yuan in 2024E to 4.84 billion yuan in 2026E, with growth rates of 34.8%, 33.9%, and 20.3% respectively [1][9]. - The company's return on equity (ROE) is forecasted to improve from 10.2% in 2024E to 12.5% in 2026E [1][9]. Research and Development - The company increased its R&D investment to 2.10 billion yuan in 2023, a growth of 6.79%, focusing on advanced technologies in optical communication and marine energy [2][6]. - Notable innovations include the launch of the world's first 18kV powered submarine cable system and the development of a domestic underwater data transmission system [2][6]. Global Expansion - The company is actively expanding its global footprint, with significant investments in communication networks across Europe, South America, South Asia, Africa, and Southeast Asia [2][6]. - The acquisition of j-fiber GmbH has enhanced its capabilities in specialty optical fibers, and new production bases in Egypt, Indonesia, and India are being established [2][6].

上海证券交易所 纪律处分决定书 〔2024〕72 号 关于对江苏亨通光电股份有限公司 及有关责任人予以通报批评的决定 当事人： 江苏亨通光电股份有限公司，A 股证券简称：亨通光电，A 股证券代码：600487； 钱建林，江苏亨通光电股份有限公司时任董事长； 尹纪成，江苏亨通光电股份有限公司时任总经理； 蒋 明，江苏亨通光电股份有限公司时任财务总监。 -1- ──────────────────────── 一、上市公司及相关主体违规情况 经查明，2022 年 4 月 26 日，江苏亨通光电股份有限公司（以 下简称公司）披露会计差错更正的公告称，公司回顾 2017 年、 2018 年、2019 年日常业务中"商品贸易"业务的收入确认方法， 将其中公司虽承担存货和价格风险但对供应商没有选择权的部 分"商品贸易"业务的收入确认方法由"总额法"调整为"净额 法"核算，调整公司 2017 年、2018 年、2019 年合并利润表中的 营业收入和营业成本项目，并更正 2017 年、2018 年、2019 年年 度财务报表中附注相关内容。 上述会计差错更正后，公司 2017 年年报中，调减营业收入 139,564 万元，调 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.68 CNY, up from the previous target of 17.20 CNY [1][2]. Core Insights - The company's performance exceeded expectations in the first quarter, with steady operational improvements. The report highlights an increase in profit forecasts and target prices due to strong order acquisition and expansion in offshore wind projects [1][2]. - The company secured over 1.5 billion CNY in orders, indicating robust demand in the offshore wind sector, particularly in Hainan [1][2]. Financial Summary - For 2023, the company achieved revenue of 47.622 billion CNY, a year-on-year increase of 2.49%, and a net profit attributable to shareholders of 2.154 billion CNY, up 35.77% [1][2]. - The earnings per share (EPS) for 2024 is projected at 1.06 CNY, with subsequent years showing growth to 1.23 CNY in 2025 and 1.37 CNY in 2026 [1][2]. - The report forecasts a net profit of 2.616 billion CNY for 2024, reflecting a growth rate of 21% compared to 2023 [1][2]. Order and Market Dynamics - The company has been awarded significant contracts, including a 1.186 billion CNY offshore wind project, which is expected to enhance its market position [1][2]. - The report notes that the offshore wind market is anticipated to expand rapidly, driven by increased project approvals in Hainan, with a total planned capacity of 24.9 GW [1][2]. Valuation Metrics - The company’s price-to-earnings (PE) ratio for 2024 is estimated at 12.77, which is competitive compared to industry averages [4]. - The report indicates a projected return on equity (ROE) of 9.3% for 2024, improving to 9.9% by 2026 [1][2].

亨通光电（600487.SH）2024年一季报点评 业绩增速超过行业，加大量子通信布局力度 2024年04月28日 ➢ 事件。4月25日，公司发布2024年一季报，公司实现营业收入117.85亿 推荐 维持评级 元，同比增长8.45%；实现归母净利润5.13亿元，同比增长29.87%。 当前价格： 13.83元 ➢ 24Q1业绩超预期，全年经营有望呈现利润改善先行，营收增长随后的节奏。 公司24Q1归母净利润同比环比均实现较快增长，同时营收增速较23Q4小幅提 [Table_Author] 升2.45pct，毛利率为15.04%；期间费用来看，24Q1公司期间费率为10.6%， 相比去年同期下降0.98pct，其中销售费率/管理费率/研发费率/财务费率分别为 2.6%/2.6%/4.0%/1.4%，相比去年同期分别减少0.2/0.2/0.4/0.2pct，同时资产 减值损失为 4921 万元，同比下降 34%。24Q1 公司经营性现金流实现 1.73 亿 元，由负转正并大幅提升，同时公司应收账款与票据为1.86亿元，同比下降1.0%， 应收账款同比增长 1.0%，均小于营收增速，公司现金回流速率和现金管控能力 ...

口口 民生-调整后如何看光器件涨价后的天孚 通信 太辰光 亨通光电等0425_智能速览 2024年04月26日 00:51 关键词 光通信MT查询光模块光学片亨通光电毛利率投资建议国产替代服务器英伟达网速科技 全文摘要 讨论内容涉及多个方面，总体来说是对当前光通信行业以及与之相关的能源和信息技术行业的综合分 析。具体来说： - 光通信行业一季度的表现因公司不同而异，主要受到产品结构调整、市场需求变动和 成本控制等因素的影响。某些公司通过提升运营效率和优化成本管理，在面对原材料价格上涨的挑战时 仍能实现收入增长和保持盈利。 - 然而，也有公司因为市场波动和加剧的竞争未能达到预期业绩。未来 的发展趋势受到企业创新能力、市场份额和成本控制能力的影响。 - 关于光通信企业的具体情况，提到 了某个公司即便面临原材料价格上涨也实现了较好的经营成果，展现了良好的成本控制和市场适应能 力；另外两家公司则由于多种原因业绩未达预期。 - 对于未来的看法，强调了关注产品创新、市场 份额和成本控制的重要性，认为这些是企业在激烈市场竞争中获得长远发展的关键因素。 此外，还涉 及到其它行业的相关内容，如： - 硅光和光学元件领域面临的供 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 47.622 billion yuan in 2023, a year-on-year increase of 2.49%, and a net profit attributable to shareholders of 2.154 billion yuan, up 35.77% year-on-year [2] - The fourth quarter of 2023 saw revenues of 12.52 billion yuan, a 6.0% increase year-on-year, with a net profit of 349 million yuan, reflecting a significant growth of 109.85% year-on-year [2] - The optical communication segment's revenue was 7.369 billion yuan, down 2.52% year-on-year, but the gross margin improved by 9.3 percentage points to 29.36% [2] - The smart grid segment reported a revenue of 19.344 billion yuan, a 10% increase year-on-year, with a gross margin of 13.57% [2] - The company is focusing on enhancing its technological barriers in the optical communication field and expanding its marine energy and communication business internationally [2] Financial Forecasts - The company is projected to achieve revenues of 56.983 billion yuan, 67.032 billion yuan, and 78.909 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.029 billion yuan, 4.031 billion yuan, and 5.199 billion yuan [3][7] - The expected growth rates for revenue are 19.7% in 2024, 17.6% in 2025, and 17.7% in 2026 [3] - The price-to-earnings (PE) ratios are forecasted to be 11, 8, and 7 for the years 2024, 2025, and 2026 respectively [3][7]

证券代码：600487 股票简称：亨通光电 公告编号：2024-037 号 江苏亨通光电股份有限公司 （一）本次股份质押基本情况 2024 年 4 月 24 日，亨通集团将其持有的本公司 2,000 万股无限售流通股质押给江苏银行 股份有限公司苏州分行。该股份质押登记手续已于 2024 年 4 月 25 日办理完毕。本次股份质 押情况具体如下： | 股东名称 | 是否 为控 | 本次质 | 是否 | 是否 | | | | 占其所 | 占公 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 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 | (万股) | 售股 | 质押 | 始日 | 期日 | | 比例 | 股本 | 资金 | | | 东 | | | | | | | | 比例 | 用途 | | 亨通集团 | 是 | 2,000 | 否 | 否 | 2024 4 | 办理解 | 江苏银行 | 3.41% | 0.81% | 银行 | | ...

Financial Performance - The company's operating revenue for 2023 reached ¥47.62 billion, an increase of 2.49% compared to ¥46.46 billion in 2022[21]. - Net profit attributable to shareholders for 2023 was ¥2.15 billion, representing a 35.77% increase from ¥1.59 billion in 2022[21]. - The net profit after deducting non-recurring gains and losses was ¥2.03 billion, up 31.74% from ¥1.54 billion in the previous year[21]. - The net cash flow from operating activities increased by 117.33% to ¥1.86 billion, compared to ¥854.67 million in 2022[21]. - The total assets of the company at the end of 2023 were ¥62.49 billion, a 12.22% increase from ¥55.68 billion at the end of 2022[21]. - The net assets attributable to shareholders increased to ¥25.64 billion, reflecting an 8.18% growth from ¥23.70 billion in 2022[21]. - Basic earnings per share increased to 0.87 RMB, reflecting a growth of 29.85% compared to 2022[22]. - The weighted average return on equity rose to 8.71%, an increase of 1.24 percentage points from the previous year[22]. - The company achieved a net profit growth target of no less than 20% for 2023, based on the 2022 net profit as a benchmark[100]. - The company's total revenue for the year reached 48,000,000,000 CNY, representing a year-on-year increase of 10%[112]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥1.50 per 10 shares, totaling ¥363.39 million[5]. - The company initiated a share buyback program with a total planned expenditure of between RMB 50 million and RMB 100 million, completing the repurchase of 8,436,800 shares for approximately RMB 99.99 million by December 2023[68]. - As of March 2024, the company has repurchased a total of 14,168,695 shares, utilizing approximately RMB 155.61 million[68]. - The company repurchased shares to enhance employee stock ownership plans, improving long-term incentives and boosting employee morale[69]. - The company implemented an employee stock ownership plan involving 9.6 million shares, aimed at enhancing employee motivation and retention[100]. Research and Development - The company invested CNY 2,100.86 million in R&D, continuing to grow compared to the previous year, ranking among the top in the industry[85]. - Research and development expenses rose by 15.59% to approximately ¥1.91 billion, reflecting the company's commitment to high-quality innovation[103]. - The number of R&D personnel was 2,305, accounting for 14.20% of the total workforce[115]. - The total capitalized R&D investment was 195,573,266.39 CNY, making up 9.31% of total R&D expenditures[114]. - The company has published a total of 426 international and domestic standards and has been granted 1,198 invention patents and 135 PCT international patents[85]. Market Expansion and Strategic Initiatives - The company is focusing on strategic investments in core industries such as communication and energy, enhancing its integrated capabilities in design, R&D, manufacturing, sales, and service[31]. - The company is actively expanding its overseas optical communication production capacity and localizing its layout[32]. - The company has established 12 overseas industrial bases, enhancing its global operational footprint and brand influence[82]. - The company is focused on internationalization strategies to accelerate overseas business growth and high-quality development[197]. - The company aims to enhance cross-border cable construction in line with the Belt and Road Initiative, improving connectivity levels[127]. Industry Trends and Market Outlook - The optical fiber and cable industry is benefiting from national network construction and digital economy growth, with significant capital expenditure planned globally[71]. - The global submarine cable market is projected to exceed $10 billion in investment from 2022 to 2024, driven by the need for upgrades and new systems[125]. - The global demand for optical cables is expected to grow at a compound annual growth rate of approximately 4% from 2023 to 2027, reaching over 650 million core kilometers by the end of 2027[148]. - The global offshore wind power market is expected to see a compound annual growth rate (CAGR) of 28% from 2025 to 2030, with an average annual installation of around 24 GW[166]. - The global demand for submarine cables is driven by advancements in technologies such as 5G, cloud computing, and AI, leading to a new peak in international submarine cable construction[187]. Environmental and Sustainability Efforts - The company received two authoritative certifications from SGS, including ISO 14064 and ISO 14067, demonstrating commitment to low-carbon and sustainable development[70]. - The company is committed to ESG sustainable development, emphasizing high-quality, low-carbon, and green development principles[199]. - The company is committed to contributing to global green development through technology innovation and environmental protection[199]. Operational Efficiency and Cost Management - The gross profit margin for the manufacturing sector was 15.45%, an increase of 1.23% compared to the previous year[107]. - The main business cost in the manufacturing sector was 38,029,407,143.88 CNY, accounting for 95.76% of total costs, an increase of 8.13% compared to the previous year[110]. - The company reported a decrease in service sector costs by 61.96%, with the main business cost at 1,685,322,125.04 CNY[110]. Strategic Acquisitions and Partnerships - The company acquired a 28.60% stake in Hengtong Optical, further focusing on the communication network industry and improving the integrity of the communication network supply chain[33]. - The acquisition of j-fiber GmbH, a leading special fiber manufacturer, enhances the company's R&D capabilities in the special fiber sector[36]. - The company completed the acquisition of Huahai Communication, strengthening its marine communication and observation capabilities[80]. - The company acquired an additional 42.97% stake in PT Voksel, raising its total ownership to 73.05%, thereby strengthening its local capabilities in Indonesia's power sector[66]. - The company plans to spin off Hengtong Huahai for independent listing, aiming to optimize resource allocation and enhance core competitiveness in the marine communication industry[63].