证券代码：600498 证券简称：烽火通信 公告编号：2025-073 烽火通信科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 投资者可于 2025 年 12 月 03 日（星期三）至 12 月 09 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 info@fiberhome.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 烽火通信科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 12 月 10 日 （星期三） 14:00-15:00 举行 2025 年第三季 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 三季度的经营成果及财务指标的具 ...

资料显示，烽火通信科技股份有限公司位于湖北省武汉市东湖新技术开发区高新四路6号，成立日期 1999年12月25日，上市日期2001年8月23日，公司主营业务涉及网络信息安全产品和移动信息化产品的 研发、生产和销售。主营业务收入构成为：通信系统设备78.51%，光纤线缆18.02%，数据网络产品 1.98%，其他(补充)1.49%。 烽火通信今年以来股价涨20.95%，近5个交易日涨5.57%，近20日跌3.95%，近60日跌14.98%。 今年以来烽火通信已经1次登上龙虎榜，最近一次登上龙虎榜为2月19日，当日龙虎榜净买入2.59亿元； 买入总计4.90亿元 ，占总成交额比18.26%；卖出总计2.31亿元 ，占总成交额比8.60%。 12月1日，烽火通信盘中上涨2.01%，截至10:04，报23.32元/股，成交2.31亿元，换手率0.83%，总市值 300.50亿元。 资金流向方面，主力资金净流入1189.21万元，特大单买入980.18万元，占比4.24%，卖出1006.18万元， 占比4.35%；大单买入6432.99万元，占比27.80%，卖出5217.78万元，占比22.55%。 分红方面，烽火通 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company is projected to achieve revenues of 28.65 billion RMB, 29.41 billion RMB, and 30.69 billion RMB for the years 2025 to 2027, with net profits attributable to shareholders of 951 million RMB, 1.02 billion RMB, and 1.11 billion RMB respectively [4][9]. - The earnings per share (EPS) are expected to be 0.74 RMB, 0.79 RMB, and 0.86 RMB for the same period [4][9]. - The target price is set at 27.76 RMB based on a 2026 price-to-earnings (PE) ratio of 35x [4][9]. Financial Summary - For the first three quarters of 2025, the company reported revenues of 17.07 billion RMB, a year-on-year decrease of 19.3%, while net profit attributable to shareholders was 513 million RMB, reflecting a year-on-year increase of 30.28% [4][9]. - The gross profit margin (GPM) for the first three quarters of 2025 was 22.42%, an increase of 0.29 percentage points year-on-year [4][9]. - In Q3 2025, the company achieved revenues of 5.96 billion RMB, down 18.48% year-on-year and 15.75% quarter-on-quarter, with a net profit of 226 million RMB, up 28.14% year-on-year [4][9]. Market Position and Strategy - The domestic market is focused on consolidating existing market share while accelerating the layout of new products, with successful bids for centralized procurement projects in optical networks [10]. - The international market is showing improvement, with significant market share gains in Southeast Asia, the Americas, and Africa for optical network and broadband products [10]. - The company is deepening its presence in the information market, securing major projects and integrating its core capabilities in cloud, data, and computing to form a unique competitive solution [10].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown a year-on-year increase in net profit for Q3, with a focus on steady progress in optical communication [2][11] - The report highlights a significant growth in FTTR shipments and successful acquisition of multiple pilot projects for 10G optical networks from the Ministry of Industry and Information Technology [2][11] - The company has made substantial inroads into international markets, securing significant market shares in Southeast Asia, the Americas, and Africa for its optical network and broadband products [11] Financial Summary - The projected total revenue for 2025-2027 is estimated at 286.54 billion, 294.05 billion, and 306.88 billion respectively, with corresponding net profits of 9.51 billion, 10.22 billion, and 11.09 billion [11] - For the first three quarters of 2025, the company reported revenue of 170.72 billion, a year-on-year decrease of 19.3%, while net profit reached 5.13 billion, an increase of 30.28% [11] - The gross profit margin for Q3 2025 was reported at 22.79%, reflecting a quarter-on-quarter increase of 2.70 percentage points [11] Market Performance - The current stock price is 22.83 yuan, with a target price set at 27.76 yuan, indicating a potential upside [5][6] - The stock has a market capitalization of 29.418 billion yuan and a price-to-earnings ratio of 58.21 based on the latest diluted share capital [6][12] - The company’s stock has experienced a 52-week price range of 17.21 to 29.88 yuan [6]

Core Viewpoint - The company maintains a positive outlook with an "overweight" rating, expecting revenue growth and profitability improvements in the coming years, driven by strong performance in both domestic and international markets [2][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 17.072 billion yuan, a year-on-year decrease of 19.3%, while net profit attributable to shareholders was 513 million yuan, an increase of 30.28% year-on-year [2]. - The gross profit margin for the first three quarters of 2025 was 22.42%, reflecting a slight increase of 0.29 percentage points year-on-year [2]. - In Q3 2025, revenue was 5.955 billion yuan, down 18.48% year-on-year and 15.75% quarter-on-quarter, while net profit attributable to shareholders was 226 million yuan, up 28.14% year-on-year but down 2.27% quarter-on-quarter [2]. Market Position and Strategy - The company is consolidating its market share in the domestic operator sector and accelerating the layout of new products, successfully winning bids for major projects such as mobile cable and telecom PON [3]. - Internationally, the company has made significant inroads in Southeast Asia, the Americas, and Africa, capturing substantial market share in optical networks and broadband products [3]. - The company is deepening its presence in the information technology market, securing bids for major projects in the financial sector and leveraging its integrated solutions in cloud, data, and computing capabilities [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 28.654 billion yuan, 29.405 billion yuan, and 30.688 billion yuan, respectively, with net profits expected to reach 951 million yuan, 1.022 billion yuan, and 1.109 billion yuan [2]. - The company is assigned a target price of 27.76 yuan based on a 35x PE ratio for 2026 [2].

Market Overview - The participatory fund sector experienced a decline of 0.84% compared to the previous trading day, with Daheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers included: - Zhongjia Group (Code: 000039) with a closing price of 9.35, up 10.00% and a trading volume of 1.9474 million shares, totaling 1.764 billion yuan [1] - Suzhou Gaoxin (Code: 600736) closed at 5.79, up 3.76% with a trading volume of 590,000 shares, totaling 345 million yuan [1] - Daheng Technology (Code: 600288) was the biggest loser, closing at 14.69, down 2.13% with a trading volume of 86,400 shares, totaling 129 million yuan [2] Capital Flow - The participatory fund sector saw a net outflow of 732 million yuan from institutional investors, while retail investors contributed a net inflow of 574 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their participation [2] Individual Stock Capital Flow - Zhongjia Group (Code: 000039) had a net inflow of 474 million yuan from institutional investors, representing 26.86% of its trading volume [3] - Fenghuo Communication (Code: 600498) experienced a net inflow of 76.36 million yuan from institutional investors, but a net outflow of 18.29 million yuan from speculative funds [3]

证券代码：600498 证券简称：烽火通信 公告编号：2025-072 为保证持续督导工作的有序进行，根据相关规定，广发证券委派陈昱民先生 （简历附后）接替李善军先生担任公司持续督导保荐代表人，继续履行持续督导 职责。 本次保荐代表人变更后，公司 2024 年度向特定对象发行股票项目持续督导 工作的保荐代表人为金坤明先生和陈昱民先生。 公司董事会对李善军先生在持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 烽火通信科技股份有限公司 董事会 2025 年 11 月 27 日 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 关于变更持续督导保荐代表人的公告 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。 烽火通信科技股份有限公司（以下简称"公司"）近日收到广发证券股份有 限公司（以下简称"广发证券"）《关于变更公司保荐代表人安排的通知》，广 发证券作为公司 2024 年度向特定对象发行股票项目的持续督导保荐机构，原指 派李善军先生和金坤明先生作为持续督导保荐代表人，现李善军先生因工作变动， 不再负责 ...

南方中证500ETF（510500）基金经理为罗文杰。 从烽火通信十大流通股东角度 数据显示，南方基金旗下1只基金位居烽火通信十大流通股东。南方中证500ETF（510500）三季度增持 53.96万股，持有股数1110.2万股，占流通股的比例为0.94%。根据测算，今日浮盈赚取约1298.94万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益23.35%，同类 排名1922/4206；近一年收益23.12%，同类排名1937/3986；成立以来收益134.05%。 11月26日，烽火通信涨5.12%，截至发稿，报24.00元/股，成交7.42亿元，换手率2.66%，总市值309.26 亿元。 资料显示，烽火通信科技股份有限公司位于湖北省武汉市东湖新技术开发区高新四路6号，成立日期 1999年12月25日，上市日期2001年8月23日，公司主营业务涉及网络信息安全产品和移动信息化产品的 研发、生产和销售。主营业务收入构成为：通信系统设备78.51%，光纤线缆18.02%，数据网络产品 1.98%，其他(补充)1.49%。 截至发稿，罗文杰累计任职时间 ...

Core Insights - The recent announcement reveals that Changjiang Computing, a subsidiary of FiberHome, has won the bid for the 2025 China Unicom Data Science Intelligent Computing Server centralized procurement project, with a contract value of approximately 106 million yuan, accounting for 40% of the total project budget [1] Group 1 - The project aims to provide high-performance intelligent computing power infrastructure for China Unicom Data Science and its affiliated companies [1] - The collaboration is expected to enhance the efficiency of computing power infrastructure [1]

Group 1 - Recent stock buybacks and shareholder increases from over 60 companies in the Shanghai market signal positive market expectations [2][3] - On November 21, approximately 40 companies in the Shanghai market announced buybacks and operational improvements, with over 30 buyback announcements [3] - Companies like Huida Technology and Yuyuan Group initiated new buyback plans, with Yuyuan Group planning to buy back between 80 million to 120 million yuan [3][4] Group 2 - Spring Airlines accelerated its buyback efforts, planning to repurchase shares worth 300 million to 500 million yuan for employee stock ownership plans [4] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, representing 0.35% to 0.69% of its total share capital [4] - Heng Rui Pharmaceutical reported a total buyback of 889,870 shares for approximately 59.79 million yuan [5] Group 3 - State-owned enterprises like Sinopec and Fenghuo Communication disclosed their buyback and increase progress, with Sinopec completing a buyback of 48.82 million shares for 270 million yuan [6][7] - China Glass has repurchased 34.18 million shares, accounting for 0.85% of its total share capital, with over 534 million yuan spent [6] Group 4 - The hard technology sector saw at least 14 companies report buyback progress and contract orders, indicating strong market confidence [8] - JinkoSolar announced the mass production of its TigerNeo3.0 product, achieving a production efficiency of over 24.8% and a power output of up to 670W [8]