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]

Financial Performance - The company's operating revenue for Q3 2024 was RMB 3,346,410,877, representing a year-on-year increase of 7.46%[3] - Net profit attributable to shareholders for the same period was RMB 195,188,365, a decrease of 28.65% compared to the previous year[3] - The basic earnings per share for Q3 2024 was RMB 0.26, down 27.78% year-on-year[3] - Total operating revenue for the nine months ended September 30, 2024, was RMB 8,694,498,588, a decrease of 13.3% compared to RMB 10,029,322,250 in the same period of 2023[12] - Net profit attributable to shareholders of the parent company was RMB 572,937,218, down 34.8% from RMB 880,590,578 in the previous year[12] - The company’s total profit for the nine months was RMB 557,860,078, down from RMB 892,430,451 in the same period of 2023, indicating a decline of 37.4%[12] Assets and Liabilities - The total assets as of September 30, 2024, reached RMB 30,624,524,627, reflecting a growth of 5.09% from the end of the previous year[3] - The total current assets as of September 30, 2024, amounted to RMB 14,863,461,018, an increase from RMB 14,556,294,870 as of December 31, 2023, reflecting a growth of approximately 2.1%[10] - The total liabilities increased to RMB 15,810,084,598 as of September 30, 2024, compared to RMB 14,744,846,456 at the end of 2023, indicating a rise of approximately 7.2%[11] - The company's total equity rose to RMB 14,814,440,030 from RMB 14,397,497,437, marking an increase of about 2.9%[11] - The total non-current assets amounted to RMB 15,761,063,609, slightly down from RMB 14,586,049,023, showing a decrease of about 0.1%[10] Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 743,933,346, showing a 10.97% increase[3] - Cash flow from operating activities generated RMB 743,933,346, an increase of 10.9% compared to RMB 670,377,436 in the same period last year[14] - Cash flow from investing activities showed a net outflow of RMB 2,132,220,686, slightly improved from a net outflow of RMB 2,269,539,134 in the previous year[14] - Cash flow from financing activities resulted in a net inflow of RMB 630,989,392, down from RMB 1,483,380,887 in the same period of 2023[15] Shareholder Information - The company reported a total of 24,279 shareholders as of the end of the reporting period[6] - The top shareholder, China Huaxin Post and Telecommunication Technology Co., Ltd., holds 23.73% of the shares[6] - The company reported a total of 10 major shareholders, with the largest being China Huaxin Post and Telecommunications Technology Co., Ltd., holding 179,827,794 shares[7] Inventory and Borrowings - The inventory level increased to RMB 3,142,959,676 from RMB 2,941,352,651, which is an increase of approximately 6.8%[10] - Short-term borrowings increased significantly to RMB 2,500,259,318 from RMB 1,749,536,836, reflecting a rise of about 43%[11] - The company's long-term borrowings also increased to RMB 5,391,283,988 from RMB 4,855,183,468, indicating a growth of approximately 11%[11] Other Financial Metrics - Non-recurring gains and losses amounted to RMB 188,053,360, an increase of 28.48% year-on-year[4] - Research and development expenses remained stable at RMB 559,041,862, compared to RMB 558,709,760 in the previous year[12] - The company reported a significant increase in cash received from investment recoveries, totaling RMB 2,766,496,533, compared to RMB 1,028,509,200 in the previous year[14] - Cash and cash equivalents decreased to RMB 3,084,184,335 from RMB 3,895,836,574, representing a decline of about 20.8%[10] - The company’s cash and cash equivalents at the end of the period were RMB 3,018,750,463, down from RMB 4,125,273,115 at the end of the previous year[15] - The weighted average return on equity decreased by 0.78 percentage points to 1.70% for the quarter[3] - Accounts receivable increased to RMB 5,339,855,693 from RMB 5,197,048,639, which is an increase of approximately 2.7%[10]

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 ...

Financial Performance - The company reported a revenue of RMB 1.5 billion for the first half of 2024, representing a year-on-year increase of 15%[1] - Total revenue for the six months ended June 30, 2024, was approximately RMB 5,348.1 million, a decrease of approximately RMB 1,567.1 million or 22.7% compared to the same period last year[22] - Revenue for the six months ended June 30, 2024, was RMB 5,348,087,711, a decrease of 22.7% compared to RMB 6,915,183,145 in 2023[45] - Profit attributable to equity shareholders was approximately RMB 377.7 million, a decrease of approximately RMB 229.3 million or 37.8% compared to the same period last year[22] - Operating profit decreased significantly to RMB 163,201,651, down 76.1% from RMB 685,106,305 in the same period last year[45] - Net profit for the period attributable to shareholders was RMB 377,748,853, a decline of 37.7% compared to RMB 607,014,926 in 2023[45] - The total comprehensive income for the period was RMB 274,709,223, down 62.2% from RMB 726,563,470 in the previous year[51] - The company reported a decrease in total comprehensive income of RMB 21,679,843 for the six months ended June 30, 2024, compared to the previous period[101] User Metrics - User data showed an increase in active subscribers to 2.3 million, up 20% compared to the previous period[1] Revenue Expectations - The company expects revenue growth to continue at a rate of 10-15% for the second half of 2024[1] Product Development and Market Expansion - New product launches include a next-generation optical fiber cable, projected to increase market share by 5%[1] - The company is investing RMB 200 million in R&D for advanced technologies, focusing on enhancing production efficiency[1] - Market expansion efforts are underway in Southeast Asia, targeting a 30% increase in sales in that region by the end of 2024[1] Acquisitions and Partnerships - The company has completed the acquisition of a local competitor, expected to contribute an additional RMB 300 million in annual revenue[1] - A new strategic partnership with a leading telecom provider aims to enhance service offerings and customer reach[1] Financial Ratios and Dividends - The gross margin improved to 35%, up from 32% in the previous year, due to cost control measures[1] - The company plans to increase its dividend payout ratio to 40% of net profit, reflecting strong financial performance[1] - The Board did not recommend any interim dividend for the period[22] Asset and Liability Overview - Total current assets as of June 30, 2024, amounted to RMB 14,956.1 million, an increase from RMB 14,556.3 million as of December 31, 2023[23] - Total non-current assets as of June 30, 2024, were RMB 14,923.8 million, compared to RMB 14,586.0 million as of December 31, 2023[23] - Total assets as of June 30, 2024, were RMB 29,879.9 million, an increase from RMB 29,142.3 million as of December 31, 2023[29] - Total liabilities as of June 30, 2024, were RMB 15,331.5 million, compared to RMB 14,744.8 million as of December 31, 2023[27] - Shareholders' equity attributable to the Company was RMB 11,328.0 million as of June 30, 2024, slightly up from RMB 11,307.1 million as of December 31, 2023[29] Cash Flow Analysis - Cash inflows from operating activities totaled RMB 6,215,049,824, down 15.1% from RMB 7,321,329,406 in 2023[65] - The net cash inflow from operating activities was RMB 213,556,282, a decrease of 37.9% compared to RMB 343,973,709 in the previous year[65] - Cash inflows from investing activities amounted to RMB 1,184,083,955, an increase of 45% from RMB 816,879,837 in 2023[68] - The net cash outflow from investing activities was RMB 1,066,768,947, slightly higher than RMB 1,020,187,023 in the same period last year[68] - Cash inflows from financing activities reached RMB 3,462,342,827, an increase of 14.4% compared to RMB 3,026,954,447 in 2023[72] - The net cash inflow from financing activities was RMB 630,281,190, a decrease of 57.9% from RMB 1,496,423,882 in the previous year[72] Financial Statements and Compliance - The company’s financial statements were approved by the Board of Directors on August 23, 2024[42] - The financial statements were prepared in accordance with the "Accounting Standards for Business Enterprises," ensuring compliance and transparency[117] Shareholder Information - The company distributed RMB 350,152,160 to shareholders during the reporting period, with an additional distribution of RMB 50,734,313 to non-controlling interests, totaling RMB 400,886,473[96] - The total shareholders' equity at the end of the period was RMB 8,815,489,589, compared to RMB 8,656,845,377 at the beginning of the period, indicating an increase of approximately 1.84%[104] Financial Instruments and Assets - The Group's financial instruments include cash and cash equivalents, equity investments (excluding long-term equity investments), receivables, payables, loans, debenture payables, and share capital[168] - Financial assets are classified into three categories: measured at amortised cost, at fair value through other comprehensive income (FVOCI), and at fair value through profit or loss (FVTPL)[174] - Financial assets are not reclassified after initial recognition unless there is a change in the business model for managing financial assets[175]