Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 26.92 CNY per share, indicating a potential upside based on expected market performance [7]. Core Views - The company has shown signs of recovery in its third-quarter performance, with a year-on-year revenue decrease of 13% for the first three quarters, but a 7.5% year-on-year increase in revenue for the third quarter [1]. - The demand for optical cables in China is expected to recover in 2025, with a projected growth rate of 2.3%, while global demand is anticipated to grow at 6.2% [2]. - The company is making progress in developing new optical fiber products, including G.654.E fiber and hollow-core fibers, which are expected to enhance performance in various applications [3]. - The planned acquisition of a 30% stake in Baosheng Ocean Engineering Cable is expected to strengthen the company's position in the marine engineering sector and enhance synergies with existing cable products [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 8.694 billion CNY, a 13% decrease year-on-year, and a net profit of 573 million CNY, down 35% year-on-year [1]. - The third quarter alone saw a revenue of 3.346 billion CNY, marking a 7.5% increase year-on-year and a 13% increase quarter-on-quarter [1]. - The company has revised its profit forecasts upwards, expecting net profits of 854 million CNY, 1.035 billion CNY, and 1.250 billion CNY for 2024, 2025, and 2026 respectively [5]. Market Outlook - The report highlights a potential recovery in demand for optical cables, particularly for data center applications, which are expected to grow significantly from 5% of total demand in 2024 to 11% by 2029 [2]. - The company is positioned to benefit from the anticipated growth in the optical fiber market, especially with its new product developments and strategic acquisitions [3][4].

Investment Rating - The report maintains a "Recommend" rating for the company [1][3] Core Views - The company's revenue and non-GAAP net profit turned positive in 24Q3, driven by improved shipments due to AI demand [1] - The company's cost control and cash flow have improved, with AI-related product shipments expected to further enhance gross margins [1] - CRU predicts a bottoming out of domestic fiber demand in 2024, with a recovery expected in 2025, driven by rebounds in the US and European markets and stabilization in China [1] - Global fiber demand is expected to rise, supported by AI infrastructure construction and overseas telecom transmission growth, as evidenced by Corning's strong performance [1] Financial Performance - In 24Q3, the company achieved revenue of RMB 3.346 billion, a YoY increase of 7.46%, and non-GAAP net profit of RMB 188 million, a YoY increase of 28.48% [1] - The company's gross margin in 24Q3 was 27.67%, up 1.95 percentage points YoY but down 1.12 percentage points QoQ [1] - The company's operating cash flow in 24Q3 was RMB 530 million, showing both YoY and QoQ growth [1] - Accounts receivable and notes receivable totaled RMB 6.036 billion at the end of 24Q3, a YoY increase of 7.3%, slower than revenue growth [1] Industry Outlook - Global fiber optic cable demand is expected to remain flat in 2024 but grow by 6.2% in 2025, reaching 568 million core kilometers [1] - The Chinese market is expected to shift from negative growth in 2024 to a 2.3% growth in 2025, driven by increased investment in cloud computing and data centers [1] - Multimode fiber demand is expected to grow at an annual rate of 10%, driven by data center applications [1] - Chinese manufacturers are establishing overseas cable production facilities to mitigate anti-dumping risks and serve local markets, leading to rising fiber exports [1] Financial Forecasts - The company is expected to achieve net profits attributable to the parent company of RMB 1.216 billion, RMB 1.332 billion, and RMB 1.417 billion in 2024, 2025, and 2026, respectively [1] - The corresponding P/E ratios are projected to be 17x, 15x, and 14x for 2024, 2025, and 2026, respectively [1] - Revenue is forecasted to grow by 5.14%, 9.21%, and 7.69% in 2024, 2025, and 2026, respectively [4] - Gross margins are expected to remain stable, with slight improvements from 24.37% in 2024 to 25.53% in 2026 [4] Key Financial Metrics - The company's ROE is projected to be 10.02%, 10.17%, and 10.04% in 2024, 2025, and 2026, respectively [4] - The debt-to-asset ratio is expected to remain around 51% over the forecast period [4] - Earnings per share (EPS) are forecasted to be RMB 1.60, RMB 1.76, and RMB 1.87 in 2024, 2025, and 2026, respectively [4]

证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-023 长飞光纤光缆股份有限公司 第四届董事会第十次会议决议公告 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。 长飞光纤光缆股份有限公司（以下简称"公司"、"本公司"）第四届董事 会第十次会议于 2024 年 10 月 30 日以现场及通讯方式召开。会议通知和议案材 料等已按照《长飞光纤光缆股份有限公司章程》（以下简称"《公司章程》"） 规定送达各位董事审阅。会议应参加表决董事 12 名，实际参加表决董事 12 名 （其中 4 名独立董事），会议由董事长马杰先生主持。会议的召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。经与会董事认真审议， 以逐项投票表决方式通过了以下议案，并形成如下决议： 一、 审议通过公司《2024 年第三季度报告》 表决结果：同意 12 票，反对 0 票，弃权 0 票。 本议案已经公司第四届审计委员会 2024 年第四次会议审议通过。 表决结果：同意 12 票，反对 0 票，弃权 0 票。 具体内容详见同日披露 ...

证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-024 长飞光纤光缆股份有限公司 关于公司及下属公司 2024 年度开展原材料期货及 衍生品套期保值交易业务的公告 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： 一、 交易业务情况概述 1、 交易目的 宝胜（扬州）海洋工程电缆有限公司、武汉长飞通用电缆有限公司、安弗施 无线射频系统（苏州）有限公司等公司下属公司均从事电力线缆生产相关业务， 而铜与铅为生产所需主要原材料。为有效降低该等原材料价格波动对生产成本造 成的影响，提升相关业务抵御风险的能力，公司及下属公司拟开展基于日常生产 交易信息：长飞光纤光缆股份有限公司（以下简称"公司"、"本公司"）及下 属公司拟开展电力线缆生产所需原材料铜和铅的期货及衍生品套期保值交 易业务，包括铜和铅的期货及期权等相关组合产品交易。 交易目的：为规避铜和铅市场价格波动风险，仅以套期保值为目的开展套期 保值交易。 交易金额：公司及下属公司拟开展的原材料期货及衍生品套期保值交易业务 额度为人民币10亿元、套期保值 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 3,346,410,877, representing a year-on-year increase of 7.46%[3] - Net profit attributable to shareholders for the same period was CNY 195,188,365, a decrease of 28.65% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 188,053,360, showing an increase of 28.48% year-on-year[3] - Basic earnings per share for Q3 2024 was CNY 0.26, down 27.78% from the same period last year[3] - Total operating revenue for the first three quarters of 2024 was CNY 8.69 billion, a decrease of 13.4% compared to CNY 10.03 billion in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 519.73 million, a decline of 37.0% from CNY 825.27 million in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were CNY 0.76, down from CNY 1.16 in the same period of 2023[17] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 30,624,524,627, an increase of 5.09% compared to the end of the previous year[4] - As of September 30, 2024, the total assets of the company amounted to CNY 30,624,524,627, an increase from CNY 29,142,343,893 as of December 31, 2023, representing a growth of approximately 5.08%[13] - The company's current assets totaled CNY 14,863,461,018, up from CNY 14,556,294,870, indicating an increase of about 2.10%[11] - The total liabilities of the company reached CNY 15,810,084,598, up from CNY 14,744,846,456, representing a growth of approximately 7.21%[14] - Long-term borrowings increased to CNY 5,391,283,988 from CNY 4,855,183,468, which is an increase of about 10.99%[14] - The equity attributable to shareholders increased to CNY 11,584,906,129 from CNY 11,307,108,305, reflecting a growth of about 2.45%[14] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 743,933,346, reflecting a 10.97% increase compared to the previous year[3] - Cash flow from operating activities generated CNY 743.93 million, an increase of 10.9% from CNY 670.38 million in the same period of 2023[18] - Cash received from investment recoveries was CNY 2.77 billion, a substantial increase from CNY 1.03 billion year-over-year[18] - Total cash inflow from investment activities was CNY 2,989,826,108, while cash outflow was CNY 5,122,046,794, resulting in a net cash flow of -CNY 2,132,220,686[19] - Cash inflow from financing activities amounted to CNY 4,584,885,164, with cash outflow of CNY 3,953,895,773, leading to a net cash flow of CNY 630,989,392[19] - The net increase in cash and cash equivalents was -CNY 755,807,320, with a beginning balance of CNY 3,774,557,783, resulting in an ending balance of CNY 3,018,750,463[19] Shareholder Information - Major shareholders include China Huaxin Post and Telecommunications Technology Co., Ltd., holding 23.73% of shares[7] - The company reported a total of 179,827,794 shares held by China Huaxin Post and Telecommunications Technology Co., Ltd., making it one of the largest shareholders[9] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending activities[10] Expenses and Income - Total operating costs decreased to CNY 8.12 billion, down 12.1% from CNY 9.25 billion year-over-year[16] - The company reported a significant drop in investment income, with a loss of CNY 180.18 million compared to a gain of CNY 136.87 million in the previous year[16] - Research and development expenses remained stable at CNY 559.04 million, slightly up from CNY 558.71 million year-over-year[16] - The company reported a decrease in sales expenses to CNY 336.25 million, down from CNY 347.72 million in the previous year[16] - Other comprehensive income after tax was CNY 3.78 million, a significant drop from CNY 80.99 million in the same period of 2023[17] Non-Recurring Items - Non-recurring gains and losses for the current period totaled CNY 7,135,005, significantly lower than CNY 265,001,496 for the year-to-date[5] - The company experienced a decline in net profit due to a decrease in revenue scale leading to a drop in gross profit[6] Future Outlook - The company plans to implement new accounting standards starting in 2024, which may affect the financial statements[20]

证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-022 长飞光纤光缆股份有限公司 关于补选独立董事的公告 长飞光纤光缆股份有限公司（以下简称"公司"）董事会已收到黄天祐先生 提交的书面辞职报告，黄天祐先生因工作安排变动，辞去公司独立董事的职务， 同时一并辞去公司董事会审计委员会委员的职务，具体情况详见公司披露于上海 证券交易所网站（www.sse.com.cn）的《关于独立董事辞任的公告》（公告编号： 临 2024-021）。 公司于 2024 年 10 月 18 日召开第四届董事会第九次会议，审议通过了《关 于补选独立非执行董事的议案》，经公司提名及薪酬委员会审核通过，公司董事 会提名曾宪芬先生为公司第四届董事会独立董事候选人。曾宪芬先生任期自股东 大会审议通过之日起至第四届董事会任期届满之日止，董事袍金拟定为每年人民 币 380,000 元（经扣除所有税项后）。曾宪芬先生的独立董事候选人资格尚需经 上海证券交易所审核，该事项需提交公司股东大会审议。 特此公告。 备查文件： 长飞光纤光缆股份有限公司第四届董事会第九次会议决议 长飞光纤光缆股份有限公司董事会 二〇二四年十月十八日 附件：曾 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company maintains a solid position in the optical fiber and cable industry, with a compound annual growth rate (CAGR) of 7.0% in its optical fiber and cable segment from 2019 to 2023 [11][12]. - The company is the only global player mastering three major preform preparation technologies (PCVD, OVD, VAD) and has established the largest optical fiber preform production base in China [16]. - The company has consistently ranked first in the bidding share for ordinary optical cables from China Mobile, with a winning bid of approximately 71.29 billion yuan for a procurement of 1.08 million core kilometers in July 2023 [19][20]. Summary by Sections 1. Company Position in the Industry - The domestic optical fiber and cable market has entered a stable growth phase since 2019, with the company leading in revenue growth within the sector [11]. - The company has achieved the highest sales volume globally for optical fiber preforms, fibers, and cables for eight consecutive years since 2016 [16]. 2. Overseas Business and Diversification - The company has established eight production bases in five countries and has set up over 50 overseas companies or offices, serving more than 100 countries [32]. - The overseas revenue reached approximately 43.43 billion yuan in 2023, accounting for 32.52% of total revenue, indicating a significant increase from previous years [35]. 3. Financial Forecast and Investment Rating - The company is expected to achieve revenues of 118.99 billion yuan, 127.27 billion yuan, and 138.38 billion yuan from 2024 to 2026, with corresponding net profits of 8.49 billion yuan, 9.93 billion yuan, and 11.37 billion yuan [5][42].

Group 1: Financial Performance and Market Position - The company's overseas business revenue has consistently maintained over 30% of total revenue in the past three years, indicating a strong international strategy [2][4]. - The annual cash dividend ratio has been no less than 30% of the net profit attributable to ordinary shareholders since its listing, reflecting a commitment to shareholder returns [3]. - The stock price has been around HKD 8 (approximately RMB 7.5), with a price-to-book ratio reaching 50%, prompting discussions on market value management [4]. Group 2: Challenges and Future Outlook - In the first half of 2024, the company's optical fiber and cable revenue declined due to pressure on demand in the domestic and international telecommunications sectors [3]. - The company faces challenges in traditional optical fiber and cable products due to insufficient effective demand and the transition of development momentum [3]. - Despite current challenges, there is significant potential for new optical fiber and cable products driven by advancements in 5G, AI, and data centers [3][5]. Group 3: Strategic Initiatives and Innovations - The company is focused on maintaining its leading position in the global market for preform, optical fiber, and cable products, emphasizing continuous innovation and market expansion [3][5]. - Recent advancements include the development of G.654.E optical fiber and high-end multimode fibers (OM4, OM5), which have seen increased application in data centers [5]. - The company is actively pursuing a transformation from a single product provider to a comprehensive cable and solution provider, enhancing its international presence and diversifying its business [4][5].

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。 长飞光纤光缆股份有限公司（以下简称"公司"）董事会近日收到独立董事 黄天祐先生提交的书面辞职报告。黄天祐先生因工作安排变动，申请辞去公司独 立董事的职务，同时一并辞去公司董事会审计委员会委员的职务。辞任生效后， 黄天祐先生将不再担任公司任何职务。 由于黄天祐先生的辞任将导致公司独立董事的人数不足董事会人数的三分 之一，根据《公司法》《上市公司独立董事管理办法》及《公司章程》的相关规 定， 黄天祐先生的辞职申请将在公司股东大会选举产生新任独立董事后生效。 在此期间，黄天祐先生将按照相关规定继续履行公司独立董事及董事会审计委员 会委员的职责。公司将按照有关规定尽快进行独立董事补选工作，预计不迟于 2024 年 11 月末完成补选。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-021 长飞光纤光缆股份有限公司 关于独立董事辞任的公告 二〇二四年十月八日 黄天祐先生与公司董事会并无不同意见，亦无与其辞职有关的事项需要提请 公司股东注意。 黄天祐先生在担任公司独立董 ...

2024 年半年度业绩说明会预告公告 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。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-020 长飞光纤光缆股份有限公司 二、 业绩说明会召开的时间、地点 会议召开时间：2024年9月30日（星期一）15:00–16:00 会议召开方式：网络文字互动 会议召开网址：中国证券网路演中心（https://roadshow.cnstock.com） 投资者可于2024年9月29日17:00前将相关问题通过电子邮件发送至本公司投 资者关系邮箱：IR@yofc.com。本公司将于业绩说明会上对投资者普遍关注 的问题进行回答。 (一) 会议召开时间：2024 年 9 月 30 日（星期一）15:00–16:00 (二) 会议召开方式：网络文字互动 (三) 会议召开网址：中国证券网路演中心（https://roadshow.cnstock.com） 三、 参加人员 本公司执行董事兼总裁庄丹先生、独立董事李长爱女士、副总裁兼董事会秘 书郑昕先生、财务总监 Jinpei Yang ...