Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company is deeply engaged in the optical communication industry while expanding into computing and storage businesses. Its subsidiary, Changjiang Computing, is expected to continue increasing its market share among operators, potentially opening up revenue and profit growth opportunities. The projected net profits for the company from 2024 to 2026 are 0.711 billion, 1.022 billion, and 1.524 billion yuan, representing year-on-year growth rates of 41%, 44%, and 49% respectively [9][17]. Summary by Sections Financial Performance - In the first quarter of 2024, the company achieved operating revenue of 5.059 billion yuan, a year-on-year increase of 0.85%. The net profit attributable to the parent company was 0.041 billion yuan, up 10.93% year-on-year, and the net profit excluding non-recurring items was 0.042 billion yuan, an increase of 10.34% year-on-year [2]. Industry Position - The company possesses a complete industrial chain in the optical communication sector, covering fiber optics, cables, chips, and system equipment. It has advanced capabilities in self-developed optical fiber preform and core processes, leading in niche markets such as special optical fibers for aerospace, marine, and nuclear power applications [10][28]. Market Trends - The national strategy of "East Data West Computing" is being implemented, with a significant increase in data center capacity. By the end of 2023, the three major telecom operators had provided 970,000 data center racks, a net increase of 152,000 from the previous year, supporting a public computing power scale exceeding 26 EFlops [16]. Growth Projections - The company is expected to see substantial growth in its computing and storage business, with a compound annual growth rate exceeding 50% in recent years. It has launched a series of self-developed server products and achieved breakthroughs in high-end liquid cooling server technology, positioning itself well in the AI infrastructure market [28].

P.3 P.8 请仔细阅读本报告末页声明 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 30,918 | 31,130 | 35,528 | 40,744 | 47,124 | | | | 增长率 yoy （ % ） | 17.4 | 0.7 | 14.1 | 14.7 | 15.7 | 股票信息 | | | 归母净利润（百万元） | 406 | 505 | 675 | 841 | 1,043 | 行业 | 通信 | | 增长率 yoy （ % ） | 40.8 | 24.4 | 33.7 | 24.6 | 23.9 | ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.97 CNY [20] Core Views - The company is a leading player in the optical communication industry, integrating three strategic technologies: optical communication systems and networks, optical fibers and cables, and optoelectronic devices [13] - The company has secured a bid for China Mobile's 400G OTN trial network, which is expected to drive product delivery and revenue growth [14][18] - The company's subsidiary, Yangtze Computing, has developed a dual-system product line based on "Kunpeng + Ascend" architecture, positioning it as a key player in domestic computing power [15][18] - The company's profitability is expected to improve, with projected revenue growth of 17.22%, 13.34%, and 13.46% for 2024-2026, and net profit growth of 34.74%, 33.12%, and 20.02% respectively [34] Financial Summary - The company's revenue is expected to grow from 36.49 billion CNY in 2024 to 46.93 billion CNY in 2026, with a CAGR of 13.46% [11][19] - Net profit attributable to the parent company is projected to increase from 681 million CNY in 2024 to 1.09 billion CNY in 2026, with a CAGR of 29.12% [34] - The company's gross margin is expected to remain stable at around 21.16%-21.19% from 2024 to 2026, while the net margin is projected to increase from 1.97% in 2024 to 2.45% in 2026 [11][19] Industry and Market Trends - The optical communication industry is entering the 400G era, with major operators like China Mobile and China Telecom initiating large-scale 400G OTN network construction [14][18][23] - The AI server market is growing rapidly, with global AI server shipments expected to reach 2.4 million units by 2026, accounting for 15% of total server shipments [134] - Operators are increasing their capital expenditure on computing power networks, with China Mobile and China Telecom planning significant investments in AI and computing infrastructure [133][135] Company Strengths - The company has a complete optical communication industry chain, from optical fibers and cables to system equipment, and holds core technologies in optical fiber preform production [13][112] - The company has a strong R&D focus, with R&D expenses accounting for 11.49% of revenue in 2023 and a large R&D team of 6,998 employees [62][107] - The company has a diversified product portfolio, including optical communication systems, fiber optic cables, and data network products, which cater to both operator and enterprise customers [37][72] Growth Drivers - The company is expected to benefit from the 400G OTN network construction by major operators, which will drive demand for its optical communication products [14][18][23] - The company's AI server products, particularly those under the Yangtze Computing brand, are expected to see increased demand due to the rapid growth of the AI industry [15][18][134] - The company's overseas business, which accounted for 31.54% of revenue in 2023, is expected to continue growing, supported by its global presence and diversified product offerings [105][113]

[Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] -35.49% -24.49% -13.49% -2.49% 8.51% 2023/5 2023/8 2023/11 2024/2 烽火通信 海通综指 | --- | |-----------------------------------| | | | 分析师 : 余伟民 Tel:(010)50949926 | | Email:ywm11574@haitong.com | | | | 证书 :S0850517090006 | | 分析师 : 于一铭 | | Tel:021-23183960 | | Email:yym15547@haitong.com | | 证书 :S0850523060002 | [Table_Summary] 投资要点： 营收规模基本持平。分产品看：通信系统设备营收 237.85 亿元（同比 +13.72%），毛利率为 19.24%（同比-1.22pct）；光纤及线缆营收 53.87 亿元 （同比-17.24%），毛利率为 21.24%（同比+3.81pct）；数据网络产品营收 15.7 ...

| --- | --- | |------------------------------------------------------------------------------------|-------| | | | | 巨龙振翅，公司提质增效推动经营数据向好。烽火通信子公司长江计算是重要的运营商服务器 | | [Table_Author] 于海宁 范超 刘泽龙 烽火通信（600498.SH） cjzqdt11111 [Table_Title 巨龙振翅：传统业务复苏，服务器业务打开 2] 增长空间 公司发布 2023 年年报。报告期内，公司实现营业收入 311.30 亿元，同比增长 0.68%；实现归 母净利润 5.05 亿元，同比增长 24.39%；实现扣非归母净利润 4.55 亿元，同比增长 28.51%。 事件评论 风险提示 2、行业竞争格局恶化。 运营商公布 24 年资本开支计划，聚焦算力建设。烽火通信子公司长江计算是重要的运营 商服务器供应商。AI 大模型迅猛发展带来算力的持续旺盛需求，高性能、智能化的算力 基础设施投入保持快速增长。中国移动指引 2024 年算力投入 475 亿元，同比 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 5,058,809,265.97, representing a year-on-year increase of 0.85%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 41,476,510.66, reflecting a year-on-year increase of 10.93%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 41,832,238.99, with a year-on-year increase of 10.34%[4] - The net profit for Q1 2024 is CNY 40,736,637.83, an increase from CNY 36,611,945.82 in the same period last year, representing a growth of approximately 5.8%[22] - The net profit attributable to shareholders of the parent company is CNY 41,476,510.66, up from CNY 37,390,370.18, indicating a year-over-year increase of about 5.6%[22] - The comprehensive income total for Q1 2024 is CNY 31,967,564.29, compared to CNY 48,081,849.10 in the prior year, reflecting a decline of about 33.4%[22] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -1,861,796,926.92, showing a year-on-year decrease of 42.58%[4] - Cash and cash equivalents decreased by 30.84% primarily due to net outflows from operating activities[7] - The net cash flow from operating activities for Q1 2024 was -1,861,796,926.92 RMB, an improvement from -3,242,223,163.09 RMB in Q1 2023, indicating a 42.5% reduction in cash outflow[49] - The total cash outflow from operating activities in Q1 2024 was 8,029,700,342.97 RMB, compared to 9,548,890,282.45 RMB in Q1 2023, marking a decrease of about 15.9%[49] - The ending cash and cash equivalents balance was CNY 1.76 billion, compared to CNY 1.02 billion at the end of Q1 2023, showing an increase of approximately 72.5%[55] Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 40,925,959,598.94, down 2.40% from the end of the previous year[5] - Total liabilities amount to CNY 25,979,276,369.47, a decrease from CNY 27,018,879,684.32, reflecting a reduction of approximately 3.9%[22] - The total assets amount to CNY 40,925,959,598.94, down from CNY 41,933,585,233.82, indicating a decrease of approximately 2.4%[22] - Total liabilities amounted to 22,734,840,510.45 RMB, a decrease from 23,925,214,585.55 RMB in the previous period, reflecting a reduction of approximately 5%[62] - The company's total equity reached 10,286,547,147.35 RMB, up from 9,874,701,230.93 RMB, representing an increase of approximately 4.2%[62] Borrowings and Financing - Short-term borrowings increased by 35.15%, with a balance of CNY 2,738,550,627.10 at the end of the quarter, up CNY 712 million from the beginning of the year[7] - The company's short-term borrowings increased to 2,040,481,530.52 RMB in Q1 2024 from 1,328,633,718.52 RMB in Q1 2023, representing a rise of about 53.5%[51] - The company reported a cash flow statement for Q1 2024, indicating ongoing financial management efforts[65] - The company’s long-term borrowings increased to 45,400,000.00 RMB from 5,000,000.00 RMB, reflecting a significant rise in financing activities[62] Operational Efficiency - Total operating costs for Q1 2024 were ¥5,143,445,985.73, compared to ¥5,058,685,007.10 in Q1 2023, indicating an increase of about 1.68%[46] - The company reported a significant increase in other income, which rose to ¥78,533,843.18 from ¥33,873,031.68 in the previous year[46] - The company’s financial expenses for Q1 2024 were ¥93,655,515.60, compared to ¥12,310,482.56 in Q1 2023, indicating a substantial increase[46] - The company’s investment income decreased to ¥38,112,574.39 from ¥64,427,196.62 year-over-year, reflecting a decline of approximately 40.83%[46] Inventory and Receivables - Accounts receivable decreased to ¥12,046,109,813.69 from ¥12,411,795,063.89, showing a reduction of about 2.94%[39] - Inventory increased to ¥10,817,403,012.16 from ¥9,718,931,893.58, marking an increase of approximately 11.34%[39] - The company's inventory increased to 6,246,876,289.45 RMB in Q1 2024 from 5,918,900,112.93 RMB in Q1 2023, representing a growth of approximately 5.6%[51] Research and Development - Research and development expenses for Q1 2024 were 268,031,937.19 RMB, slightly up from 264,615,408.28 RMB in Q1 2023, indicating a 1.6% increase[53]

一、 现场检查基本情况 国金证券于 2024年 4 月 22 日至 4 月 23 日对烽火通信进行了持续督导期间 的现场检查。本次现场检查的内容主要包括:公司治理和内部控制情况;信息披 露情况;公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况; 募集资金使用情况;关联交易、对外担保、重大对外投资情况;经营情况等。 在现场检查过程中,保荐机构结合烽火通信的实际情况,查阅、收集了烽火 通信有关文件、资料,与公司管理人员和员工进行了访谈,实施了包括审核、查 证、询问等必要程序,检查了公司治理和内部控制,信息披露,公司的独立性以 及与控股股东及其他关联方资金往来、募集资金使用、关联交易、对外担保、重 大对外投资以及经营状况等情况,并在前述工作的基础上完成了本次现场检查报 告。 国金证券股份有限公司 关于烽火通信科技股份有限公司 公开发行可转换公司债券持续督导现场检查报告 国金证券股份有限公司(以下简称"保荐机构"或"国金证券")作为烽火通信 科技股份有限公司(以下简称"烽火通信"或"公司")2019年公开发行可转换 公司债券的保荐机构,根据《证券发行上市保荐业务管理办法(2020年修订)》 (以下简称" ...

(一) 股东大会类型和届次 2023 年年度股东大会 关于召开 2023 年年度股东大会的通知 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。 证券代码：600498 证券简称：烽火通信 公告编号：2024-011 重要内容提示： 烽火通信科技股份有限公司 一、 召开会议的基本情况 至 2024 年 5 月 24 日 召开的日期时间：2024 年 5 月 24 日 14 点 30 分 召开地点：武汉市东湖高新区高新四路 6 号烽火科技园 1 号楼 511 会议室 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (五) 网络投票的系统、起止日期和投票时间。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：2024年5月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) ...

烽火通信科技股份有限公司 募集资金存放与使用情况鉴证报告 大华核字[2024]0011006896 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership ) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 京2470NOPL J. 烽火通信科技股份有限公司 募集资金存放与使用情况鉴证报告 目 页 次 一、董事会的责任 烽火通信公司董事会的责任是按照中国证券监督管理委员会《上 市公司监管指引第 2 号――上市公司募集资金管理和使用的监管要 求(2022年修订)》、上海证券交易所发布的《上海证券交易所上市 公司自律监管指引第 1 号 -- 规范运作》及相关格式指引编制募集资 金专项报告,并保证其内容真实、准确和完整,不存在虚假记载、误 导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对烽火通信公司募集资 金专项报告发表鉴证意见。我们按照《中国注册会计师其他鉴证业务 准则第 3101 ...

证券代码：600498 证券简称：烽火通信 公告编号：2024-005 转债代码：110062 转债简称：烽火转债 烽火通信科技股份有限公司 第九届董事会第二次会议决议公告 公司监事和高管人员列席了会议，会议由董事长曾军先生主持。会议经过审 议，通过了以下决议： 一、以 11 票同意、0 票反对、0 票弃权，审议通过《2023 年度经营工作报 告》。 二、以 11 票同意、0 票反对、0 票弃权，审议通过《2023 年度财务决算报 告》，并提请年度股东大会审议该报告。 本议案在提交董事会审议前，已经公司审计委员会 2024 年第三次会议审议 通过。 三、以 11 票同意、0 票反对、0 票弃权，审议通过《2023 年度董事会工作 报告》，并提请年度股东大会审议该报告。 四、以 11 票同意、0 票反对、0 票弃权，审议通过《2023 年度独立董事述 职报告》（独立董事田志龙先生、郭月梅女士、王雄元先生、陈真先生、王宗军 先生、胡川先生的《2023 年度独立董事述职报告》全文详见上海证券交易所网站 www.sse.com.cn），并提请年度股东大会审议该报告。 五、以 11 票同意、0 票反对、0 票弃权，审议 ...