Core Viewpoint - The company, Fenghuo Communication Technology Co., Ltd., is undergoing a tracking credit rating process for its publicly issued convertible bonds, reflecting its financial stability and operational challenges in a competitive market [1][2]. Financial Performance - In 2024, the company's total revenue was 28.549 billion yuan, a decrease of 8.29% year-on-year, primarily due to reduced investment demand from foreign operators and adjustments in domestic operator demand [9][10]. - The revenue from communication system equipment was 22.313 billion yuan, down 6.19% year-on-year, while the optical fiber and cable business generated 4.699 billion yuan, a decrease of 12.77% [10]. - The gross profit margin for the company was 21.25%, an increase of 0.69 percentage points compared to the previous year, with the optical fiber and cable segment seeing a margin of 25.35%, up 4.16 percentage points due to lower raw material prices [10][12]. Market Position and Competition - The company faces significant competition in the optical communication equipment and cable market, particularly from large telecom operators and government clients, which has led to increased operational pressure [2][5]. - The company has established long-term stable relationships with major domestic telecom operators, with revenue from these operators amounting to 13.995 billion yuan in 2024, accounting for 49.02% of total revenue [13][14]. Operational Challenges - The company is experiencing increased pressure on accounts receivable and inventory levels due to long payment cycles from telecom operators, which can extend from 6 to 12 months [14]. - The company has a significant reliance on key components that are subject to global supply chain fluctuations and geopolitical factors, impacting its operational efficiency [5][6]. Future Outlook - The company is expected to maintain stable credit quality in the coming months, with a focus on enhancing its capital strength through potential stock issuance [1][2]. - The overall industry outlook remains cautious, with anticipated growth driven by advancements in AI, IoT, and cloud computing, although traditional segments may continue to face challenges [6][7].

转债代码：110062 转债简称：烽火转债 证券代码：600498 证券简称：烽火通信 公告编号：2025-033 烽火通信科技股份有限公司 公开发行可转换公司债券跟踪评级结果的公告 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。 根据《上市公司证券发行管理办法》和《上海证券交易所股票上市规则》的 有关规定，烽火通信科技股份有限公司（以下简称"公司"）委托信用评级机构 上海新世纪资信评估投资服务有限公司对公司 2019 年 12 月 2 日发行的可转换公 司债券（转债代码：110062；转债简称：烽火转债）进行了跟踪信用评级。 公司前次主体信用评级结果为"AAA"，评级展望为"稳定"；烽火转债前次 评级结果为"AAA"；评级机构为上海新世纪资信评估投资服务有限公司，评级时 间为 2024 年 6 月 24 日。 上海新世纪资信评估投资服务有限公司在对本公司经营状况等进行综合分 析与评估的基础上出具了《烽火通信科技股份有限公司公开发行可转换公司债券 定期跟踪评级报告》[新世纪跟踪(2024) 100210]，维持"烽火转债 ...

内部编号:2025060240 烽火通信科技股份有限公司 公开发行可转换公司债券 定期跟踪评级报告 项目负责人: 熊桦 -- BE -- FF xh@shxs j.com 翁斯詰 langers wsz@shxsj.com 项目组成员: 张明海 82-157 评级总监: 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何 影响评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务,所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他 任何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信息,相关信息的真实性、准确性和完整 性由资料提供方或发布方负责。本评级机构合理采信其他专业机构出具的专业意见,但不对专业机构出具的 专业意见承担任何责任。 本报告并非是某种决策的结论、建 ...

（一）发行价格 转债代码：110062 转债简称：烽火转债 证券代码：600498 证券简称：烽火通信 公告编号：2025-032 烽火通信科技股份有限公司 关于 2024 年年度权益分派实施后调整 向特定对象发行的股票价格和发行数量的公告 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。 重要内容提示： 因实施 2024 年年度权益分派，烽火通信科技股份有限公司（以下简称"公 司"）本次向特定对象发行股票的发行价格由 12.88 元/股调整为 12.71 元/股，发 行数量由 85,403,726 股调整为 86,546,026 股。除上述调整外，公司本次向特定对 象发行股票的其他事项未发生变化。 一、本次向特定对象发行股票的发行价格和发行数量的调整依据 本次向特定对象发行股票的相关议案已经公司 2024 年 10 月 11 日召开的第 九届董事会第三次临时会议、2024 年 12 月 27 日召开的 2024 年第四次临时股东 大会、2025 年 4 月 21 日召开的第九届董事会第七次临时会议审议通过。根据本 次向特 ...

证券代码：600498 证券简称：烽火通信 公告编号：2025-032 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 2024 年年度权益分派实施后调整 向特定对象发行的股票价格和发行数量的公告 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。 重要内容提示： 因实施 2024 年年度权益分派，烽火通信科技股份有限公司（以下简称"公司"） 本次向特定对象发行股票的发行价格由 12.88 元/股调整为 12.71 元/股，发行数量 由 85,403,726 股调整为 86,546,026 股。除上述调整外，公司本次向特定对象发行 股票的其他事项未发生变化。 一、本次向特定对象发行股票的发行价格和发行数量的调整依据 本次向特定对象发行股票的相关议案已经公司 2024 年 10 月 11 日召开的第 九届董事会第三次临时会议、2024 年 12 月 27 日召开的 2024 年第四次临时股东 大会、2025 年 4 月 21 日召开的第九届董事会第七次临时会议审议通过。根据本 次向特定对象发行股票 ...

债代码：110062 转债简称：烽火转债 证券代码：600498 证券简称：烽火通信 公告编号：2025-032 转 烽火通信科技股份有限公司 关于 2024 年年度权益分派实施后调整 向特定对象发行的股票价格和发行数量的公告 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。 重要内容提示： 因实施 2024 年年度权益分派，烽火通信科技股份有限公司（以下简称"公司"） 本次向特定对象发行股票的发行价格由 12.88 元/股调整为 12.71 元/股，发行数量 由 85,403,726 股调整为 86,546,026 股。除上述调整外，公司本次向特定对象发行 股票的其他事项未发生变化。 一、本次向特定对象发行股票的发行价格和发行数量的调整依据 本次向特定对象发行股票的相关议案已经公司 2024 年 10 月 11 日召开的第 九届董事会第三次临时会议、2024 年 12 月 27 日召开的 2024 年第四次临时股东 大会、2025 年 4 月 21 日召开的第九届董事会第七次临时会议审议通过。根据本 次向特定对象发行股票 ...

Industry Overview - The optical fiber amplifier is a core component in optical fiber communication, primarily used to enhance optical signals for high-quality, long-distance transmission [1][14] - The demand for optical fiber amplifiers in China is increasing due to the implementation of the "Broadband China" strategy and the rapid development of 5G networks and data centers [1][14] - The market size for optical fiber amplifiers in China is projected to reach approximately 19.387 billion yuan by 2024 [1][14] Market Dynamics - Government investments in communication infrastructure are driving the growth of the optical fiber amplifier market, facilitating the widespread adoption of broadband internet and 5G networks [1][14] - There is a growing consumer demand for high-speed, stable, and secure network services, prompting operators and manufacturers to enhance research and development of optical fiber amplifiers [1][14] Industry Development History - The optical fiber amplifier industry in China started relatively late, initially relying on foreign technology until the successful development of the Erbium-Doped Fiber Amplifier (EDFA) in 1987 [6] - Domestic companies like Yifang Communication and Huawei have made significant advancements in EDFA technology, achieving performance levels close to international standards [6][7] Industry Chain - The upstream of the optical fiber amplifier industry chain includes raw materials such as specialty optical fibers, pump sources, optical components, and electronic components [9] - The midstream involves the manufacturing of optical fiber amplifiers, while the downstream applications span communication networks, data centers, broadcasting networks, military, aerospace, and industrial lasers [9] Key Companies - Major companies in the optical fiber amplifier industry include Huawei, ZTE, and Yifang Communication, which leverage technological innovation and product development to capture significant market shares [17][18] - ZTE reported a projected revenue of 121.3 billion yuan in the telecommunications equipment manufacturing sector for 2024 [19] - Yifang Communication is recognized as a leading supplier in the optical communication device market, with a focus on maintaining competitive advantages through high R&D investment [21] Future Trends - The optical fiber amplifier industry is expected to focus on high-performance and low-noise technology breakthroughs to meet the demands of long-distance transmission and high-speed communication [24] - The integration of AI for real-time monitoring and adaptive control of optical signals is anticipated to become mainstream, enhancing network performance and operational efficiency [25] - The industry is also moving towards miniaturization and energy efficiency, with advancements in silicon photonics technology driving the development of compact amplifier modules [27] - Emerging applications in quantum communication, laser radar, and medical optics are expected to expand the role of optical fiber amplifiers beyond traditional telecommunications [28]

Investment Rating - The report maintains a "Buy" rating for the company [10][11]. Core Viewpoints - The company has completed a technological breakthrough, entering a new phase of "technology conversion - profit release" with improved operational quality. Its subsidiary, Changjiang Computing, is projected to achieve nearly 6 billion in revenue from domestic computing in 2024, with a compound annual growth rate exceeding 100% over the past two years, potentially surpassing 10 billion in 2025 [4][10]. - The company has significantly increased its R&D investment to overcome supply chain challenges, with R&D expense ratios rising to 12.24%, 13.15%, and 13.27% from 2020 to 2022. The average salary of R&D personnel increased by 39% to 326,600 yuan in 2022 compared to 2019 [7][25]. - Changjiang Computing has become a key player in the domestic computing market, having adapted its AI servers to over 100 large models and achieving a top-three ranking in the Huawei Kunpeng ecosystem [8][10]. Summary by Sections From "Big" to "Strong": R&D Empowering Operational Quality Improvement - The company maintained steady growth from 2010 to 2019 but faced challenges after being placed on the U.S. Entity List in 2020, resulting in a 14.55% decline in revenue and an 89.55% drop in net profit [7][18]. - The management transition from 2020 to 2022 injected new vitality into the company, with a focus on overcoming technological barriers through increased R&D investment [21][25]. Riding the Computing Power Wave: Changjiang Computing Accelerates - In response to U.S. restrictions on computing power chips, the company has positioned itself as a domestic computing service provider, with revenue from domestic computing expected to reach nearly 6 billion in 2024 [8][10]. - The company has secured significant contracts in the financial sector and is expanding its market share among state-owned banks [8][10]. Full Chain Autonomy: Global Deep Sea Navigation - The company’s wholly-owned subsidiary, Fenghuo Ocean, is a rare global supplier of communication equipment with complete independent intellectual property rights, focusing on international submarine cable projects [9][10]. Investment Recommendations - The company is expected to see net profits of 1.03 billion, 1.34 billion, and 1.62 billion yuan from 2025 to 2027, with year-on-year growth rates of 47%, 30%, and 21%, respectively, corresponding to PE ratios of 24x, 19x, and 15x [10].

| 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-031 | | --- | --- | --- | | 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 关于实施 2024 年年度权益分派 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 110062 | 烽火转债 | 可转债转股复牌 | | | 2025/6/19 | 2025/6/20 | 烽火通信科技股份有限公司（以下简称"公司"或"烽火通信"）于 2019 年 12 月 2 日公开发行了 30,883,500 张可转换公司债券，每张面值人民币 100 元，并 于 2019 年 12 月 25 日在上海证券交易所上市交易（债券简称：烽火转债，债券代 码：110062）。烽火转债存续期限为自发行之日起 6 年，转股的起止时间为 2020 年 6 月 8 ...

烽火通信科技股份有限公司 2024年年度权益分派实施公告 | 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-030 | | --- | --- | --- | | 转债代码：110062 | 转债简称：烽火转债 | | 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： 每股分配比例 A 股每股现金红利0.179元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： ...