一、 说明会类型 | 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-045 | | --- | --- | --- | | 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 2025 年半年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 09 月 11 日 （星期四） 至 09 月 17 日 （星 期三）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 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 18 日（星期四）13:00-14:45 举行 2025 年半年度业绩说明 会，就投资者关心的问题 ...

Group 1 - The core focus of the company is on the research, production, and sales of coherent optical modules [1] - The coherent optical modules are primarily applied in long-distance optical transmission scenarios [1]

Core Viewpoint - The company, Fenghuo Communication, is actively involved in the full process of the DF30 chip, from design to testing, and has completed the first tape-out verification, with plans for mass production next year [1]. Group 1 - The binary semiconductor company under Fenghuo Communication is deeply engaged in the DF30 chip project [1]. - The first tape-out verification has been successfully completed [1]. - The company plans to launch mass production of the DF30 chip next year [1].

Group 1 - The company focuses on core businesses related to optical transmission, optical access, optical fiber cables, optical distribution, and big data products [1] - The company is actively expanding into the computing and marine network industries [1] - In the AI computing power sector, the company's business includes server hardware and multimode optical fibers used in data centers, with sales scale and profit contribution showing growth in recent years [1] Group 2 - The company has clear plans for capacity expansion and revenue increase for its related products [1]

Core Viewpoint - The company has developed a four-tube nested hollow-core optical fiber that combines high mechanical strength and bend resistance, suitable for complex deployment environments [1] Group 1 - The hollow-core optical fiber is currently in the pilot verification stage [1] - The company is actively promoting pilot projects on the customer side [1]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown strong growth in net profit, with a 32% year-on-year increase in the first half of 2025, despite a 20% decline in revenue [1][2] - The server business is expanding, and the multi-mode fiber production capacity is increasing, contributing to new growth points for the company [2][4] - The company is maintaining its technological competitiveness across various fields, including optical access and marine communication [3] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 11.117 billion yuan, a 20% decrease year-on-year, while net profit attributable to the parent company was 287 million yuan, a 32% increase [1] - The communication system equipment revenue was 8.7 billion yuan, down 21% year-on-year, but the gross margin improved by 0.3 percentage points [2] - The optical fiber cable revenue was 2 billion yuan, down 13% year-on-year, with a gross margin of 25.48%, up 3.6 percentage points [2] - The company expects net profits for 2025-2027 to be 945 million, 1.179 billion, and 1.422 billion yuan, respectively, with corresponding P/E ratios of 33, 26, and 22 [4] Business Development Summary - The company has made significant advancements in the optical access field, launching the first 50G PON technology solution [3] - In the fiber optic cable sector, the company is expanding its multi-mode fiber production capacity and aims to achieve an annual production capacity of 4 million core kilometers next year [2][3] - The company is recognized as a high-tech enterprise with capabilities across four core technology areas in marine communication [3]

Core Viewpoint - The recent patent application by Fenghuo Communication Technology Co., Ltd. focuses on a method for achieving deterministic delay in time-sensitive network services, which aims to enhance the control over end-to-end delay and jitter while minimizing network upgrade costs and complexity [1] Group 1 - The patent titled "A Method for Determining Delay in Time-Sensitive Networks and Its Implementation" has been published [1] - The invention generates a timestamp label based on the business identifier, message length, and reception timestamp of time-sensitive flow service messages [1] - The method allows for strict control of end-to-end delay and jitter for time-sensitive flow service messages by utilizing existing network infrastructure with minimal modifications [1]

Core Insights - The company, Fenghuo Communication, has successfully won the bid for the State Grid's "Gansu-Zhejiang ±800 kV UHVDC Transmission Project" communication channel [1] - The project utilizes Fenghuo Communication's self-developed transmission products and core chips, achieving full-chain key technology autonomy and controllability [1] Company Summary - Fenghuo Communication is recognized for its independent research and development capabilities in transmission technology [1] - The successful bid enhances the company's position in the high-voltage direct current (HVDC) transmission sector [1] Industry Summary - The project is part of the broader trend towards UHVDC technology, which is crucial for long-distance and efficient power transmission [1] - The emphasis on self-developed technology aligns with national strategies for technological independence in critical infrastructure [1]

Group 1 - The core viewpoint is that Fenghuo Communication has experienced a significant decline in stock price, dropping 5.03% on September 4, with a total market value of 30.949 billion yuan and a cumulative decline of 8.43% over four consecutive days [1] - The company, established on December 25, 1999, specializes in the research, production, and sales of network information security products and mobile information products, with its main business revenue composition being 78.51% from communication system equipment, 18.02% from optical fiber cables, 1.98% from data network products, and 1.49% from other sources [1] Group 2 - From the perspective of fund holdings, Zhongyou Fund has a significant position in Fenghuo Communication, with its fund "Zhongyou Information Industry Flexible Allocation Mixed A" (001227) increasing its holdings by 200,000 shares in the second quarter, totaling 1.45 million shares, which represents 3.78% of the fund's net value [2] - The fund has incurred a floating loss of approximately 1.8705 million yuan today and a cumulative floating loss of 3.422 million yuan during the four-day decline [2] - The fund was established on May 14, 2015, with a current scale of 808 million yuan, achieving a year-to-date return of 35.18% and a one-year return of 82.97%, ranking 1586 out of 8180 and 655 out of 7978 respectively [2]

Company Overview - Fenghuo Communication is located in Wuhan, Hubei Province, and was established on December 25, 1999, with its listing date on August 23, 2001 [1] - The company specializes in the research, production, and sales of network information security products and mobile information products [1] - The revenue composition includes: 78.51% from communication system equipment, 18.02% from optical fiber cables, 1.98% from data network products, and 1.49% from other sources [1] Stock Performance - As of September 4, Fenghuo Communication's stock price was 25.12 CNY per share, with a market capitalization of 31.928 billion CNY [1] - The stock has increased by 30.28% year-to-date, but has decreased by 10.29% over the last five trading days [1] - The stock has seen a net outflow of 8.9813 million CNY in principal funds recently, with significant buying and selling activity [1] Financial Performance - For the first half of 2025, Fenghuo Communication reported a revenue of 11.117 billion CNY, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders was 287 million CNY, a year-on-year increase of 32.02% [2] - The company has distributed a total of 3.791 billion CNY in dividends since its A-share listing, with 494 million CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders was 128,200, a decrease of 8.49% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.28% to 9,102 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings [3]