Core Insights - The report from Tianfeng Securities emphasizes the importance of investing in "AI + overseas expansion + satellites" as core opportunities in the medium to long term [1][5] - The communication equipment sector is experiencing a recovery, with revenue growth expected to continue driven by AI computing power [2][4] Financial Summary and Outlook - The overall revenue for the communication equipment sector is projected to grow by 2.9% and 12.9% year-on-year in Q4 2024 and Q1 2025 respectively, indicating a recovery since Q4 2023 [2] - Net profit for the sector is expected to decline by 141% in Q4 2024 but then grow by 24% in Q1 2025, reflecting a transition in industry dynamics [2] Key Industry Segments to Watch 1. **Optical Devices**: Revenue growth of 52.6% and 67.5% year-on-year in Q4 2024 and Q1 2025, with net profit growth of 124.4% and 114.3% respectively, indicating strong demand driven by AI [3] 2. **Internet of Things (IoT)**: Positive revenue and profit growth in Q1 2025, confirming the ongoing recovery trend in the industry [3] 3. **Submarine and Optical Cables**: Revenue and net profit growth of 12% and 46.3% year-on-year in Q1 2025, supported by demand from high-voltage and smart grid projects [3] 4. **IDC & CDN**: Traditional IDC faces challenges, but AIDC is expected to see high growth due to AI applications [4] 5. **Telecom Operators**: Revenue growth of 6.4% and 0.8% year-on-year in Q4 2024 and Q1 2025, indicating stable growth [4] 6. **Main Equipment**: Revenue and net profit are under pressure, but recovery is anticipated as AI demand increases [4] 7. **Satellite Industry**: Net profit has been declining but shows signs of recovery, with expectations for normalization post-2024 [4] Investment Recommendations - Continued focus on "AI + overseas expansion + satellites" as key investment themes, particularly in optical modules, liquid cooling, and domestic computing power sectors [1][5] - Recommendations for leading companies in the submarine cable sector as domestic recovery accelerates [5]

Group 1 - Tianfeng Securities has received approval from the Shanghai Stock Exchange for its non-public offering of shares, aiming to raise up to 4 billion yuan by issuing no more than 1.498 billion shares at a price of 2.73 yuan per share [2] - The funds raised will be used to increase the company's capital, supplement working capital, and repay debts, with specific allocations of up to 1.5 billion yuan for wealth management, 500 million yuan for investment trading, and up to 2 billion yuan for debt repayment and working capital [2] - The controlling shareholder, Hubei Hongtai Group, plans to fully subscribe to the new shares, demonstrating strong support for Tianfeng Securities [3] Group 2 - The competitive landscape in the securities industry is intensifying, leading smaller brokerages to strengthen collaboration with shareholders to enhance their overall capabilities and create differentiated competitive advantages [3] - Hubei Hongtai Group has been actively supporting Tianfeng Securities, including a previous commitment to increase its stake in the company by 500 million to 1 billion yuan [3] - Other small brokerages are also leveraging shareholder support for growth, as seen with Changcheng Securities and Huafu Securities, which have received capital injections from their respective shareholders to bolster their operations [4][5]

中国经济网北京5月12日讯 天风证券（601162）(601162.SH)近日发布关于向特定对象发行A股股票申请 获得上海证券交易所审核通过的公告。天风证券公告称，公司于2025年5月9日收到上海证券交易所出具 的《关于天风证券股份有限公司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股 票申请符合发行条件、上市条件和信息披露要求。 本次向特定对象发行A股股票事项尚需经中国证监会同意注册后方可实施，最终能否获得中国证监会同 意注册的决定及时间尚存在不确定性。公司将根据进展情况及时履行信息披露义务，敬请投资者注意投 资风险。 2025年5月6日，天风证券发布的向特定对象发行A股股票募集说明书(修订稿)显示，公司本次向特定对 象发行A股股票募集资金总额不超过40亿元（含本数），拟用于财富管理业务、投资交易业务、偿还债 务及补充营运资金。 本次向特定对象发行股票的种类为境内上市的人民币普通股（A股），面值为人民币1.00元/股。 本次发行前，公司控股股东为宏泰集团，实际控制人为湖北省财政厅；本次发行完成后，宏泰集团仍为 公司控股股东，湖北省财政厅仍为公司实际控制人。本次发行不会导致公司控股股东和实际控 ...

Core Viewpoint - Tianfeng Securities has received approval from the Shanghai Stock Exchange for its non-public stock issuance, marking a significant breakthrough in its efforts to deepen state-owned enterprise reform and optimize its capital structure [1][2]. Group 1: Company Developments - The approval of the non-public stock issuance is seen as a reinforcement of Tianfeng Securities' strategic foundation as a state-controlled entity, indicating a new phase in the reform process of state-owned enterprises [1]. - The company is focusing on enhancing its capital strength and risk resistance through this capital injection, which will also support its strategic layout in the financial services sector [1][2]. - Tianfeng Securities is committed to deepening its reform efforts, improving corporate governance, and enhancing operational efficiency through various measures, including establishing a research procedure led by the party committee and strengthening internal supervision [2]. Group 2: Strategic Focus - The company aims to align its operations with the strategic goals of the Hubei provincial government, which emphasizes the transformation towards a market-oriented and securities-based model by 2025 [1]. - Tianfeng Securities is pursuing three main strategies: focusing on its core responsibilities, enhancing services for the real economy and wealth growth for residents, and expanding its influence from Hubei to the entire nation [2]. - The company plans to leverage the approval of the stock issuance to further its role as a new type of securities firm with strong management, excellent performance, and extensive service capabilities [2].

关于向特定对象发行 A 股股票申请 获得上海证券交易所审核通过的公告 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。 本次向特定对象发行 A 股股票事项尚需经中国证券监督管理委员会（简称 "中国证监会"）同意注册后方可实施，最终能否获得中国证监会同意注册的决 定及时间尚存在不确定性。 证券代码：601162 证券简称：天风证券 公告编号：2025-018号 天风证券股份有限公司 天风证券股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日收到上海 证券交易所出具的《关于天风证券股份有限公司向特定对象发行股票的交易所审 核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条件和信息披 露要求。 公司将根据进展情况及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 天风证券股份有限公司董事会 2025 年 5 月 9 日 ...

天风证券（601162）公告，公司于2025年5月9日收到上海证券交易所出具的《关于天风证券股份有限公 司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条 件和信息披露要求。本次向特定对象发行A股股票事项尚需经中国证券监督管理委员会同意注册后方可 实施，最终能否获得中国证监会同意注册的决定及时间尚存在不确定性。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/秦勉 近期，42家纯证券业务A股上市券商年报披露完毕。 42家券商中，2024年资本杠杆率最高的是太平洋，数值为66.83%；最低的是广发证券，数值为11.98%。流动性覆盖率最高的是太平洋，数值为1963.29%； 最低的是山西证券，数值为144.26%。净稳定资金率最高的是中银证券，数值为275.55%；最低的是天风证券，数值为103.81%，不仅触及预警线还马上违反 监管规定。风险覆盖率最高的是国金证券，数值为564.07%；最低的依旧是天风证券，数值为122.65%，在预警线附近徘徊。 天风证券不仅上述两项风控指标垫底需关注流动性危机，并且公司2024年是42家券商中唯一亏损的券商。此外，公司也是唯一一家信用减值损失超净利润的 公司。上市以来，天风证券一直在募资的路上，但巨额的募资与常年亏损的业绩、寥寥无几的分红形成强烈反差。投资者广泛质疑，天风证券的钱"钱去哪 了"，为何还要定增募资。 净稳定资金率已触及预警线濒临违规 证监会《证券公司风险控制指标管理办法》明确了以净资本为核 ...

自2023 年湖北宏泰集团成为控股股东后，天风证券完成战略转型。近三年，该公司已为湖北企业融资超 1200 亿元。在企业上市与融资服务上成绩斐然，完 成金鹰重工、友芝友生物、兴福电子等多个 IPO 项目，助力多家企业通过非公开发行、可转债募集资金及重大资产重组。2024 年，帮助省内主体发行 15 只 债券，融资 125.2 亿元；此外，天风国际还协助武汉地铁集团发行海外债。 2025 年是湖北省国企改革深化提升行动收官之年，天风证券积极响应，深入贯彻相关要求。其 "城市投行" 战略旨在优化区域产业结构、服务实体经济。实 施路径涵盖做实地方金融顾问职责、以 "金融招商" 带动产业招商、开展综合金融服务以及推动区域企业上市发展等方面。 【环球网财经综合报道】近期，作为湖北省属唯一证券公司，天风证券在国企改革进程中，通过 "城市投行" 战略为湖北发展提供有力金融支撑。 金融产品创新方面，上线全国银行间市场首只湖北省地方债债券篮子，有效降低了地方政府融资成本。 随着国企改革进入尾声，天风证券表示将紧扣湖北发展战略目标，围绕国企改革总体要求，聚焦科技金融等 "五篇大文章"，持续推进 "城市投行" 战略，为 湖北加快建 ...

公司研究 证券Ⅲ 2025 年 05 月 08 日 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证 券 研 究 报 告 天风证券（601162）2024 年报点评 中性（维持） 利润为负主要受重资本业务等影响，Q4 单季 度 ROE 环比提升 当前价：4.06 元 事项： 点评： 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 公司基本数据 | 总股本(万股) | 866,575.75 | | --- | --- | | 已上市流通股(万股) | 866,575.75 | | 总市值(亿元) | 351.83 | | 流通市值(亿元) | 351.83 | | 资产负债率(%) | 73.72 | | 每股净资产(元) | 2.70 | | 12 个月内最高/最低价 | 6.40/2.13 | 市场表现对比图(近 12 个月) -27% 23% 72% 121% 24/05 24/07 24/09 24/12 25/02 25/05 2024-05- ...

Investment Rating - The investment rating for Tianfeng Securities is "Neutral" (maintained) [1][5]. Core Views - The report highlights that the negative profit is primarily influenced by heavy capital business, although the quarterly ROE has improved sequentially [1][5]. - The total operating revenue, excluding other business income, is reported at 2.6 billion RMB, a year-on-year decrease of 21.9%, with a quarterly revenue of 1.3 billion RMB, reflecting a sequential increase of 7.3 billion RMB [5]. - The net profit attributable to shareholders is -30 million RMB, a year-on-year decline of 109.7%, with a quarterly profit of 510 million RMB, showing a sequential increase of 7.2 billion RMB and a year-on-year increase of 6.2 billion RMB [5]. Financial Performance Summary - The company's return on equity (ROE) for the reporting period is -0.1%, a decrease of 1.4 percentage points year-on-year, while the quarterly ROE is 2.2%, an increase of 3.1 percentage points sequentially and 2.7 percentage points year-on-year [5]. - The financial leverage ratio at the end of the reporting period is 3.63 times, a decrease of 0.21 times year-on-year, remaining stable sequentially [5]. - The asset turnover ratio is 3.1%, down by 0.6 percentage points year-on-year, with a quarterly asset turnover ratio of 1.6%, up by 0.8 percentage points sequentially and 0.7 percentage points year-on-year [5]. - The net profit margin for the reporting period is -1.1%, a decrease of 10.2 percentage points year-on-year, while the quarterly net profit margin is 37.9%, an increase of 73% sequentially and 52.2% year-on-year [5]. Business Segment Performance - The net income from heavy capital business is reported at 620 million RMB, with a quarterly income of 740 million RMB, reflecting a sequential increase of 590 million RMB [5]. - The self-operated business income totals 2.34 billion RMB, with a quarterly income of 1.12 billion RMB, showing a sequential increase of 530 million RMB [5]. - Brokerage business revenue has significantly improved in Q4, with a quarterly income of 3 billion RMB, reflecting a sequential increase of 98% and a year-on-year increase of 40.6% [5]. - Investment banking revenue is reported at 650 million RMB, with a quarterly income of 150 million RMB, showing a slight sequential decrease of 20 million RMB and a year-on-year decrease of 40 million RMB [5]. Future Financial Projections - The projected main operating revenue for 2024 is 2.7 billion RMB, with a year-on-year growth rate of -21% [7]. - The projected net profit attributable to shareholders for 2025 is 123 million RMB, reflecting a significant year-on-year growth rate of 516% [7]. - The estimated earnings per share (EPS) for 2025 is 0.01 RMB, with a price-to-earnings (P/E) ratio of 285.0 times [7].