| 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2024-012 | | --- | --- | --- | | 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 关于召开 2023 年度暨 2024 年第一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： 会议召开时间：2024 年 05 月 31 日(星期五)上午 10:00-11:30 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 05 月 24 日(星期五)至 05 月 30 日(星期 四)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 2024 年 4 月 27 日发布公司 2023 年年度报告，于 2024 年 4 月 30 日发布公司 2024 年第一季度报告，为便于广大投资者 ...

烽火通信科技股份有限公司 2023 年年度股东大会 会 议 资 料 二 O 二四年五月 烽火通信科技股份有限公司 2023 年年度股东大会会议议程 一、 会议时间：2024 年 5 月 24 日（星期五）14:30 | 时间 | 议程 | 审议议案 | 一 | | | | --- | --- | --- | --- | --- | --- | | 2023 | 年度董事会工作报告 | 二 | | | | | 2023 | 年度监事会工作报告 | | | | | | 三 | 2023 | 年度独立董事述职报告 | | | | | 四 | 2023 | 年度公司财务决算报告 | 14:30 | | | | 关于预计 | 2024 | 年度日常关联交易的议案 | ｜ | 五 | 15:30 | | 2023 | 年度公司利润分配方案 | 六 | | | | | 关于修改《公司章程》有关条款的议案 | 七 | | | | | | 2024 | 年度董事、监事薪酬方案 | 八 | | | | | 2023 | 年度报告正文及摘要 | 九 | | | | 以上议题需逐项表决；议案五关联股东回避表决；议案七为特别决议议案。 ...

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]

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 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥31.13 billion, an increase of 0.68% compared to ¥30.92 billion in 2022[16] - The net profit attributable to shareholders for 2023 was approximately ¥505.37 million, representing a growth of 24.39% from ¥406.29 million in 2022[16] - The net cash flow from operating activities increased by 25.79% to approximately ¥59.17 million in 2023, compared to ¥47.03 million in 2022[16] - The total assets of the company at the end of 2023 were approximately ¥41.93 billion, an increase of 8.78% from ¥38.55 billion at the end of 2022[16] - The company's net assets attributable to shareholders increased by 8.58% to approximately ¥13.17 billion at the end of 2023, compared to ¥12.13 billion at the end of 2022[16] - Basic earnings per share for 2023 were ¥0.43, a 26.47% increase from ¥0.34 in 2022[17] - The net profit after deducting non-recurring gains and losses for 2023 was approximately ¥454.52 million, up 28.51% from ¥353.70 million in 2022[16] - The company achieved total revenue of 31.13 billion, a year-on-year increase of 0.68% compared to 30.92 billion in 2022[64] - Net profit attributable to shareholders reached 505 million, reflecting a year-on-year growth of 24.39%[64] Investments and Subsidiaries - The company plans to increase its subsidiary Wuhan Changjiang Computing Technology Co., Ltd. with a capital increase of ¥500 million, with an investment from an associated party of ¥90 million[18] - The company has established a new subsidiary, Wuhan Fenghai Guoxin Technology Development Co., Ltd., with a total investment of ¥100 million, where the company holds 50.01%[18] Research and Development - The compound annual growth rate (CAGR) for the computing and storage segment has reached over 50% in recent years, with the company launching a series of self-developed server products and achieving industry-leading liquid cooling technology[39] - Research and development expenses decreased by 12.76%, amounting to a reduction of 523.45 million, due to optimization of project structure[47] - The total R&D investment for the year was 3,856.50 million RMB, representing 12.39% of operating revenue[73] - The number of R&D personnel is 6,998, accounting for 45.65% of the total workforce[100] - The company is actively investing in R&D for new technologies, with a focus on silicon-based optical devices, which is expected to enhance product offerings[122] Market Position and Strategy - The company maintains a leading position in the optical communication industry with a complete industrial chain from optical fibers to system equipment, achieving a market share leadership in specialized optical fibers for aerospace, marine, and nuclear power applications[39] - The company has established a comprehensive marketing service network, covering 31 provinces and regions in China, and has expanded globally with 2 overseas production bases, 8 R&D centers, and 30 representative offices[40] - The company aims to enhance core capabilities and competitiveness, focusing on next-generation optical communication and integrated circuits[83] - The company plans to strengthen international strategies and expand into strategic industries and clients[84] - The company anticipates stable growth in the information communication industry driven by digital transformation and AI development in the medium to long term[106] Financial Management - The company has achieved a 20% reduction in audit fees compared to the previous year, with the total audit fee for 2023 set at 900,000 RMB[35] - Financial expenses decreased by 17.5%, resulting in a reduction of 66.94 million, primarily due to a decrease in exchange losses[47] - The company’s cash flow from operating activities was positive, indicating higher cash inflows than outflows[47] - The company has established a robust bad debt provision policy, ensuring low risk of bad debts due to its receivables primarily being from financially sound operators and industry clients[86] - The company is actively managing its accounts receivable by controlling payment schedules and implementing targeted measures to mitigate bad debt risks[86] Sustainability and Corporate Responsibility - The company completed a 5.4MWP distributed photovoltaic power generation project, generating over 5 million KWH annually and reducing carbon emissions by 2,900 tons per year[56] - The company is committed to sustainable development and enhancing brand value through effective communication and ESG disclosures[84] - The company plans to invest 100 million in sustainable practices and ESG initiatives over the next three years[150] - The company reduced carbon emissions by 2,900 tons through the use of clean energy in production[196] Governance and Management - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 14.261 million yuan[99] - The company has established an effective performance evaluation system and incentive mechanism for senior management and key technical personnel[112] - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations[112] - The company has independent procurement, R&D, and sales systems, ensuring operational autonomy[115] - The company has established a labor and personnel management system that operates independently from the controlling shareholder[115] Future Outlook - Future guidance suggests a projected revenue increase of 140.0% for the upcoming fiscal year, driven by new product launches and market expansion strategies[121] - The company plans to pursue strategic acquisitions to bolster its competitive position, targeting a 105.0% increase in operational efficiency through these initiatives[121] - New product lines are expected to contribute an additional 88,000 million in revenue, with a projected growth rate of 115.0%[121] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[150]