Core Points - The company is holding its 2024 Annual General Meeting (AGM) to ensure the protection of shareholders' rights and maintain order during the meeting [2][3] - The AGM will include voting on various proposals, including a special resolution, and will utilize both on-site and online voting methods [3][4] - The company reported a 39.05% increase in revenue compared to the previous year, indicating a positive operational performance [5] - The board of directors has emphasized the importance of governance and compliance, having revised several internal regulations to enhance operational efficiency [6][7] - The independent directors have actively participated in meetings and provided objective opinions on significant matters, ensuring the protection of minority shareholders' interests [8][10] Meeting Procedures - The AGM will require all attendees to register beforehand and will only allow authorized personnel to enter [2][3] - Voting will be conducted through a named ballot system, with each share representing one vote [3][4] - The results of the voting will be announced after the meeting, combining both on-site and online votes [4] Board Activities - The board held 10 meetings in 2024, reviewing 53 proposals related to financial reports, profit distribution, and other significant matters [7] - The board has established specialized committees to enhance decision-making processes and ensure compliance with regulations [9] Independent Directors - Independent directors have maintained their independence and actively engaged in the company's governance, focusing on protecting the interests of all shareholders, especially minority ones [8][10][31] - They have scrutinized significant transactions and provided independent opinions on matters such as stock incentive plans and financial audits [27][35] Financial Performance - The company has consistently implemented a cash dividend policy since its listing in 2001, with total dividends amounting to a significant sum [11] - The financial reports have been audited without reservations, confirming the accuracy of the company's financial statements [17]

二 O 二五年五月 烽火通信科技股份有限公司 2024 年年度股东大会会议议程 烽火通信科技股份有限公司 2024 年年度股东大会 会 议 资 料 一、会议时间：2025 年 5 月 16 日（星期五）14:30 二、会议召集人：公司董事会 三、会议议程： | 序号 | | 议案名称 | | --- | --- | --- | | 非累积投票议案 | | | | 1 | 2024 | 年度董事会工作报告 | | 2 | 2024 | 年度监事会工作报告 | | 3 | 2024 | 年度独立董事述职报告 | | 4 | 2024 | 年度公司财务决算报告 | | 5 | 关于预计 | 年度日常关联交易的议案 2025 | | 6 | | 关于公司及子公司向金融机构申请信贷业务额度的议案 | | 7 | | 关于公司及子公司开展金融衍生品业务的议案 | | 8 | 2024 | 年度公司利润分配方案 | | 9 | | 关于修改《公司章程》有关条款的议案 | | 10 | 2025 | 年度董事薪酬方案 | | 11 | 2025 | 年度监事薪酬方案 | | 12 | 2024 | 年度报告正文及摘要 | 以 ...

Investment Rating - Investment rating: Outperform [1] - Target price: RMB 29.72 [1] Core Insights - The company reported a revenue of RMB 28.55 billion for 2024, a year-on-year decrease of 8.29%, while net profit attributable to shareholders was RMB 703 million, an increase of 39.05% [6][10] - The computing power business is experiencing rapid growth, with domestic revenue nearing RMB 6 billion and a compound annual growth rate (CAGR) exceeding 100% over the past two years [6][10] - The company has optimized its expense management, achieving a slight reduction in total expense ratio despite a decline in overall revenue [6][10] Financial Summary - Revenue forecast for 2025-2027: RMB 31.15 billion, RMB 32.97 billion, and RMB 34.57 billion respectively [4] - Net profit forecast for 2025-2027: RMB 1.01 billion, RMB 1.17 billion, and RMB 1.34 billion respectively [4][10] - Earnings per share (EPS) for 2025-2027: RMB 0.85, RMB 0.99, and RMB 1.13 respectively [4][10] Product Performance - Communication systems revenue: RMB 22.31 billion, down 6.19% year-on-year, with a gross profit margin of 19.46% [6][10] - Fiber and cable revenue: RMB 4.70 billion, down 12.77% year-on-year, with a gross profit margin of 25.35% [6][10] - Data network products revenue: RMB 1.14 billion, down 27.44% year-on-year, with a gross profit margin of 43.92% [6][10] Strategic Developments - The company has secured centralized procurement for 400G OTN, reinforcing its position as a core supplier [6][10] - Global expansion efforts include trial production at R&D and manufacturing bases in Thailand and Hungary, aimed at mitigating trade risks [6][10]

Investment Rating - Investment rating is upgraded to Outperform with a target price of RMB 29.72, reflecting a 12% upside from the current price of RMB 21.36 [1][5][9] Core Views - The company reported a revenue of RMB 28.55 billion for 2024, a year-on-year decrease of 8.29%, while net profit attributable to shareholders increased by 39.05% to RMB 703 million [5][9] - The computing power business is experiencing rapid growth, with domestic revenue nearing RMB 6 billion and a compound annual growth rate (CAGR) exceeding 100% over the past two years [5][9] - The company has secured a position as a core supplier for 400G OTN networks, enhancing its competitive edge in the optical communication sector [5][9] Financial Summary - Revenue projections for 2025-2027 are updated to RMB 31.15 billion, RMB 32.97 billion, and RMB 34.57 billion respectively, with corresponding net profits of RMB 1.01 billion, RMB 1.17 billion, and RMB 1.34 billion [3][5][9] - Earnings per share (EPS) estimates for 2025-2027 are RMB 0.85, RMB 0.99, and RMB 1.13 respectively [5][9] - The company’s gross profit margin for communication systems is 19.46%, for fiber and cable is 25.35%, and for data network products is 43.92% [5][9] Product Performance - Revenue from communication systems was RMB 22.31 billion, down 6.19% year-on-year; fiber and cable revenue was RMB 4.70 billion, down 12.77%; and data network products revenue was RMB 1.14 billion, down 27.44% [5][9] - The company has optimized its expense ratios, achieving a total expense ratio decrease of 0.11 percentage points despite a decline in overall revenue [5][9] Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The domestic computing power market is experiencing high demand, leading to accelerated profit release for the company. The net profit attributable to shareholders in Q4 2024 is expected to reach a five-year high. The main business quality is anticipated to continue improving, with the subsidiary Yangtze Computing potentially becoming a new growth driver for the company. Projected net profits for 2025-2027 are estimated at 1.03 billion, 1.34 billion, and 1.62 billion yuan, representing year-on-year growth of 47%, 30%, and 21%, respectively, with corresponding PE ratios of 24x, 19x, and 16x [2][6][11]. Financial Performance - In 2024, the company achieved total revenue of 28.549 billion yuan, a year-on-year decrease of 8.29%. However, the net profit attributable to shareholders was 703 million yuan, an increase of 39.05%. In Q4 2024, total revenue was 7.395 billion yuan, down 13.71% year-on-year, while net profit grew by 74.06% to 309 million yuan [6][11]. Business Development - The company has made significant progress in market expansion and technology development, enhancing its overall strength. It has secured multiple procurement projects from domestic telecom operators and expanded its international market presence, including large multinational clients in Latin America and Europe. The company has also achieved breakthroughs in key technologies in the optical network and chip sectors [11][12]. Strategic Outlook - The company is well-positioned to capitalize on industry recovery opportunities due to its forward-looking technology layout and clear strategic planning. It has incubated five national-level specialized "little giant" subsidiaries and is recognized as a high-tech enterprise with comprehensive capabilities in marine communication technology [11][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The domestic computing power sector is experiencing high prosperity, leading to accelerated profit release for the company. The accumulated technology in marine communication is expected to facilitate continuous overseas expansion, improving the quality of the main business operations. The subsidiary, Changjiang Computing, is anticipated to become the most important growth driver for the company in recent years [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 4.049 billion yuan, a year-on-year decrease of 19.97%. However, the net profit attributable to shareholders of the parent company was 55 million yuan, reflecting a year-on-year increase of 33.08% [6]. Market and Technology Developments - The company has made significant breakthroughs in market expansion and technology research, enhancing its overall strength. In the domestic operator market, it has won multiple procurement projects for optical networks, and in the international market, it has made inroads with large multinational operators in regions such as Latin America and Europe. The company has also developed next-generation optical access platforms and continues to innovate in key core technologies [11]. Strategic Outlook - The company has a forward-looking technology layout and a clear strategic plan, which lays a solid foundation for seizing industry recovery opportunities. As a key player in the optical communication field, it has incubated five national-level specialized "little giant" subsidiaries. The company is also the only high-tech enterprise globally that integrates core technologies across various domains in marine communication [11]. Profit Forecast and Investment Suggestion - The company is expected to see significant profit growth, with net profits projected at 1.03 billion yuan, 1.34 billion yuan, and 1.62 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 47%, 30%, and 21%. The corresponding price-to-earnings ratios are 24x, 19x, and 16x, respectively. The report emphasizes strong recommendations for investment, maintaining the "Buy" rating [11].

证券代码：600498 证券简称：烽火通信 烽火通信科技股份有限公司2025 年第一季度报告 烽火通信科技股份有限公司 2025 年第一季度报告 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 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | | --- | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | | 营业收入 | 4,048,540,130.36 | 5,058,809,265.97 | -19.97% | | | 归属于上市公司股东的净利润 | 55,196,899.87 | 41,476,510.66 | 33.08% | | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 53,945,908.68 | 41,832,238.99 | 28.96% | | | 经营活动产生的现金流量净额 | -153,353,105.66 ...

技集团有限公司所属烽火通信在泰国投资建设的锐森光纤光缆产业基地一期项目投产仪式现场。（主办 方供图） 泰国劳工部部长顾问塔纳在投产仪式上表示，该基地的建成不仅推动泰国高端制造产业升级，更通过技 术转移和人才培养，为当地创造上千个优质就业岗位，助力泰国技术型劳动力发展，是"数字泰国"战略 的重要里程碑。 中国信息通信科技集团副总经理罗昆初在发言中强调，锐森光纤光缆产业基地不仅是产能布局的延伸， 更是中国标准、中国模式与可持续发展理念的输出。集团将与泰国伙伴深化合作，共同构建"中泰信息 通信产业命运共同体"，为泰国数字化转型贡献更大力量。 烽火通信董事长曾军介绍，锐森光纤光缆产业基地以"本地研发、本地生产、本地服务"为运营核心，依 托中国信科集团全产业链优势，打造覆盖研发、制造、交付的光通信样板工程。该项目立足泰国、辐射 全球，未来将与中东、欧洲市场形成协同效应，助力全球通信网络升级，以中国智慧赋能世界数字经 济。 此次在泰国东部经济走廊建成的锐森光纤光缆产业基地，全面采用中国自主知识产权的全光网络技术， 配备全球领先的工艺设备与数字化运营系统，将大幅提升泰国高端光通信制造能力，为东南亚数字化发 展提供坚实支撑。 ...

Industry Overview - The Chinese optical communication system industry is experiencing market scale expansion, accelerated technological iteration, diversified competitive landscape, and strengthened policy support, showing steady overall development [1][13] - The market size of the optical communication system industry in China is projected to reach 215.4 billion yuan in 2024, with a year-on-year growth of 1.07% [1][13] - Technological advancements are moving towards ultra-high speed, large capacity, and low latency, with 400G optical networks already in commercial use and 800G/1.6T optical modules gradually being deployed [1][13] Technological Developments - Innovations such as silicon photonics and co-packaged optics (CPO) are driving power consumption reductions of over 50% [1][13] - The integration of quantum communication with optical communication provides new pathways for secure information transmission, while integrated optical technologies enhance device intelligence [1][13] Policy and Market Drivers - National policies such as "Broadband China" and "Three Networks Integration" are significantly promoting industry growth [1][13] - Emerging applications in computing networks and smart cities are expanding the boundaries of application, with AI model training driving the demand for upgraded computing infrastructure, further boosting the optical communication system market [1][13] Industry Development History - The optical communication system industry in China has undergone four main stages: early exploration (1970s), technological breakthroughs (1980s), rapid development and industrialization (1990s), and technological upgrades and globalization (2000s to present) [6][7] Industry Chain - The upstream of the optical communication system industry includes core components and basic materials, while the midstream involves R&D and production, and the downstream applications span telecommunications, data communications, consumer electronics, and more [9] Key Companies - Major players in the optical communication system industry include Huawei, ZTE, and FiberHome, which dominate the core markets of optical transmission and access equipment [15] - Companies like Zhongji Xuchuang and Xinyi Technology are gaining traction in the optical module and device segments through technological innovation and differentiated products [15] Market Trends - Technological innovation is the core driving force for the development of the optical communication system industry, with a focus on high speed, high integration, and low power consumption [21] - New application scenarios are expanding, including IoT and smart city initiatives, which will further increase the demand for optical communication devices [22][23] - International competition is intensifying, with Chinese optical communication companies needing to enhance their competitiveness in the global market [24]

（上接1007版） 证券代码：600498 证券简称：烽火通信 公告编号：2025-023 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 关于修改《公司章程》有关条款的公告 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。 ■ 该议案尚需提交股东大会审议。 修订后的《烽火通信科技股份有限公司章程（2025年4月修订稿）》全文详见上海证券交易所网站 （www.sse.com.cn）。 特此公告。 烽火通信科技股份有限公司 董事会 2025年4月26日 证券代码：600498 证券简称：烽火通信 公告编号：2025-024 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 关于变更会计政策的公告 2025年4月24日，公司召开第九届董事会第六次会议，审议通过了《关于修改〈公司章程〉有关条款的 议案》。具体修改情况如下： 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。 重要内容提示： 本次会计政策 ...