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六次会议决议 证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-012 长飞光纤光缆股份有限公司 关于董事辞任及补选董事的公告 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。 长飞光纤光缆股份有限公司（以下简称"公司"）董事会近日收到非独立董 事 Iuri Longhi（尤里•隆吉）先生的辞职报告。尤里•隆吉先生因工作原因申请辞 去公司非独立董事的职务，辞任后不在公司担任任何职务。尤里•隆吉先生的辞 职将在公司股东大会选举产生新任董事后生效。 尤里•隆吉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。 公司董事会衷心感谢尤里•隆吉先生在担任董事期间为公司发展所做出的贡 献。 公司于 2024 年 5 月 22 日召开第四届董事会第六次会议，审议通过了《关于 补选非独立董事的议案》，经公司提名及薪酬委员会审核通过，公司董事会提名 Lars Frederick Persson（弗雷德里克•佩森）先生为公司第四届董事会非独立董 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 34.50 CNY from the previous 37.60 CNY [2][6]. Core Views - The company's performance in Q1 2024 was below market expectations, leading to a downward revision of profit forecasts for 2024-2026. The revised net profits are projected at 441 million CNY, 873 million CNY, and 1,175 million CNY respectively, reflecting significant decreases of 65.7%, 38.8%, and 26.4% compared to previous estimates [3][8]. - The decline in revenue and profit is attributed to a more than 20% drop in procurement volume from China Mobile for optical cables in 2023, along with a slowdown in delivery pace starting from the second half of 2023 [3][4]. - The acquisition of RFS, a company engaged in wireless communication equipment, is seen as a strategic move to expand into the international cable market, enhancing overseas production capacity [3][4]. Financial Summary - Revenue for 2022 was 13,830 million CNY, with a forecasted decline to 11,102 million CNY in 2024, followed by a recovery to 15,318 million CNY by 2026 [1]. - Operating profit (EBIT) is expected to decrease from 1,153 million CNY in 2022 to 614 million CNY in 2024, before rising to 1,379 million CNY in 2026 [1]. - Net profit attributable to shareholders is projected to drop significantly to 441 million CNY in 2024, with a recovery to 1,175 million CNY by 2026 [1]. Profitability and Valuation Metrics - The operating margin is expected to decline from 8.3% in 2022 to 5.5% in 2024, with a recovery to 9.0% by 2026 [1]. - The price-to-earnings (P/E) ratio is projected to be 46.24 in 2024, decreasing to 17.34 by 2026 [1][11]. - The dividend per share is expected to be 0.17 CNY in 2024, increasing to 0.47 CNY by 2026 [1].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company's Q1 2024 performance was impacted by a decline in demand for optical fiber cables, with revenue of 2.387 billion yuan, a year-on-year decrease of 25.29%, and a net profit attributable to shareholders of 57.92 million yuan, down 75.97% year-on-year [1]. - Despite the decline in demand, the gross profit margin improved to 26.80%, an increase of 1.35 percentage points year-on-year and 6.75 percentage points quarter-on-quarter, attributed to cost control and product upgrades [1]. - The company is expanding its optical communication business and optimizing its product structure, maintaining its industry-leading position [1]. - The company achieved overseas revenue of 4.34 billion yuan in 2023, accounting for 32.5% of total revenue, and is expected to benefit from a recovery in global optical cable demand [1]. Financial Forecasts - The company is projected to achieve revenues of 14.94 billion yuan, 16.53 billion yuan, and 18.26 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.372 billion yuan, 1.555 billion yuan, and 1.745 billion yuan [2][6]. - The expected PE ratios for 2024, 2025, and 2026 are 16, 14, and 13 respectively [2][6]. - The report indicates a net profit growth rate of 5.8% for 2024, followed by 13.3% and 12.2% for 2025 and 2026 respectively [6].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 2,386,939,536, representing a decrease of 25.29% compared to the same period last year[4]. - Net profit attributable to shareholders for Q1 2024 was RMB 57,920,130, down 75.97% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 24,424,437, a decline of 89.36% compared to the previous year[4]. - Basic and diluted earnings per share for Q1 2024 were both RMB 0.08, reflecting a decrease of 75.00% year-on-year[4]. - Operating profit for Q1 2024 was RMB 41,302,014, a significant decline from RMB 245,861,550 in Q1 2023[15]. - Total operating costs for Q1 2024 were RMB 2,313,251,760, down 21.5% from RMB 2,950,496,310 in Q1 2023[15]. - Basic earnings per share for Q1 2024 were RMB 0.08, down from RMB 0.32 in Q1 2023[16]. Cash Flow and Assets - The net cash flow from operating activities for Q1 2024 was RMB 104,046,501, not applicable for year-on-year comparison[4]. - Cash flow from operating activities for Q1 2024 was RMB 104,046,501, compared to a negative cash flow of RMB (53,560,243) in Q1 2023[17]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 4,081,413,660, slightly down from RMB 4,175,600,371 at the end of Q1 2023[18]. - The company's cash and cash equivalents increased to RMB 4,202,692,451 from RMB 3,895,836,574, representing a growth of about 7.87%[13]. - As of March 31, 2024, the total current assets amounted to RMB 14,784,513,264, an increase from RMB 14,556,294,870 as of December 31, 2023, reflecting a growth of approximately 1.56%[13]. Shareholder Information - The company reported a total of 27,264 shareholders at the end of the reporting period[7]. - The largest shareholder, China Huaxin Post and Telecommunications Technology Co., Ltd., held 179,827,794 shares, representing 23.73% of the total shares[8]. - The company has a significant shareholder structure, with the top ten unrestricted shareholders holding a total of 479,000,000 shares[9]. Liabilities and Equity - Total liabilities as of March 31, 2024, were RMB 14,792,995,165, slightly up from RMB 14,744,846,456 as of December 31, 2023, indicating a marginal increase of 0.33%[14]. - Short-term borrowings rose to RMB 2,188,434,236 from RMB 1,749,536,836, marking an increase of about 25.12%[14]. - The total equity attributable to shareholders increased to RMB 11,340,625,311 from RMB 11,307,108,305, a rise of about 0.30%[14]. - Equity attributable to shareholders at the end of the reporting period was RMB 11,340,625,311, up 0.30% from the previous year[4]. Investments and Acquisitions - The company plans to acquire Radio Frequency Systems GmbH and Anfu Wireless RF Systems (Suzhou) Co., Ltd., with the acquisition approved on October 13, 2023[11]. - The company reported a net cash outflow from investing activities of RMB (238,302,608) in Q1 2024, compared to RMB (755,026,135) in Q1 2023[17]. - The company raised RMB 1,877,238,508 from borrowings in Q1 2024, an increase from RMB 1,412,734,646 in Q1 2023[18]. Inventory and Receivables - The company's inventory increased to RMB 3,018,384,183 from RMB 2,941,352,651, reflecting a growth of approximately 2.62%[13]. - The company reported a decrease in accounts receivable from RMB 5,197,048,639 to RMB 4,888,709,304, a decline of approximately 5.93%[13]. Research and Development - Research and development expenses for Q1 2024 were RMB 156,132,152, a decrease from RMB 181,210,521 in Q1 2023[15].

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,386,939,536, representing a decrease of 25.29% compared to the same period last year[4] - The net profit attributable to shareholders was ¥57,920,130, down 75.97% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥24,424,437, a decline of 89.36% compared to the previous year[4] - Basic and diluted earnings per share were both ¥0.08, reflecting a decrease of 75.00% year-on-year[4] - The weighted average return on equity was 0.51%, a decrease of 1.84 percentage points compared to the previous year[4] - Total operating revenue for Q1 2024 was RMB 2,386,939,536, a decrease of 25.3% compared to RMB 3,195,125,742 in Q1 2023[17] - Net profit for Q1 2024 was RMB 33,296,172, a significant decline of 84.9% from RMB 220,117,435 in Q1 2023[18] - Basic earnings per share for Q1 2024 were RMB 0.08, compared to RMB 0.32 in Q1 2023[18] - The company reported a total comprehensive income of RMB 2,621,404 for Q1 2024, a drastic drop from RMB 240,184,073 in Q1 2023[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥29,267,803,682, an increase of 0.43% from the end of the previous year[5] - The company's total assets reached CNY 29.27 billion, compared to CNY 29.14 billion at the end of 2023, indicating a growth of about 0.45%[15] - Total liabilities as of March 31, 2024, were CNY 14.79 billion, slightly up from CNY 14.74 billion as of December 31, 2023[15] - Long-term borrowings increased to CNY 5.65 billion from CNY 4.86 billion, an increase of approximately 16.1%[15] - The company reported a decrease in accounts payable to CNY 1.59 billion from CNY 1.79 billion, a decline of about 10.8%[14] Shareholder Information - The equity attributable to shareholders was ¥11,340,625,311, up 0.30% from the previous year[5] - The company had 27,264 common shareholders at the end of the reporting period[8] - The largest shareholder, China Huaxin Post and Telecommunication Technologies Co., Ltd., held 179,827,794 shares, accounting for 23.73% of total shares[8] Cash Flow and Investments - Cash flow from operating activities for Q1 2024 was RMB 104,046,501, recovering from a negative cash flow of RMB -53,560,243 in Q1 2023[20] - The company achieved cash inflow from operating activities of RMB 2,776,108,254 in Q1 2024, compared to RMB 3,505,687,852 in Q1 2023[20] - Investment income for Q1 2024 was RMB 102,310,111, significantly higher than RMB 19,918,645 in Q1 2023[20] - Cash flow from investment activities amounted to -238,302,608, a decrease from -755,026,135 in the previous quarter[21] - Cash inflow from financing activities totaled 1,962,310,024, compared to 1,413,134,459 in the prior quarter[21] - The net increase in cash and cash equivalents was 306,855,877, a significant improvement from -35,472,886 in the last quarter[21] - Total cash outflow from investment activities was 548,327,993, down from 920,430,351 in the previous quarter[21] Operational Costs - Total operating costs for Q1 2024 were RMB 2,313,251,760, down 21.5% from RMB 2,950,496,310 in Q1 2023[17] - Research and development expenses for Q1 2024 were RMB 156,132,152, a decrease of 13.8% from RMB 181,210,521 in Q1 2023[17] - Sales expenses for Q1 2024 were RMB 109,123,795, slightly down from RMB 110,935,862 in Q1 2023[17] Acquisition - The company completed the acquisition of RFS Germany and RFS Suzhou, with the transaction approved on October 13, 2023, and finalized on April 2, 2024[10][11] Accounting Standards - The company did not apply new accounting standards starting in 2024[21]

長飛光纖光纜股份有限公司 yangtze optical fibre and cable joint stock limited company (於中華人民共和國註冊成立的股份有限公司) (a joint stock limited company incorporated in the People's Republic of China with limited liability) (STOCK CODE 股票代號: 601869.SH 06869.HK) 年度報告| AEPORT Smart Link Better Life | --- | --- | --- | |----------|-------|----------------------------------------------------------------------------------------| | | | | | | 2 | Corporate Profile 公司簡介 | | CONTENTS | 3 | Financial Highlights 財務摘要 | | 目錄 | 7 | Chairman's Sta ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Views - The company reported a revenue of 13.353 billion yuan in 2023, a decrease of 3.45% year-on-year, while the net profit attributable to shareholders was 1.297 billion yuan, an increase of 11.18% year-on-year [5][7]. - Short-term demand for optical fibers and cables is under pressure, but gross margins have improved [5][8]. - The company has acquired RFS Germany and Suzhou, enhancing its international cable market presence [6]. - The company is leading in the development of new fiber technologies, such as hollow-core fibers, which have significant commercial potential [6][8]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 14.323 billion yuan, net profit of 1.329 billion yuan, EPS of 1.75 yuan - 2025: Revenue of 15.261 billion yuan, net profit of 1.411 billion yuan, EPS of 1.86 yuan - 2026: Revenue of 16.241 billion yuan, net profit of 1.500 billion yuan, EPS of 1.98 yuan [7][10]. - The company’s gross margin is projected to be 24.2% in 2024, 23.7% in 2025, and 23.3% in 2026 [10][12]. Business Segments - Revenue from the optical fiber preform and fiber segment in 2023 was 3.173 billion yuan, with a gross margin of 53.15% [10]. - The cable segment generated 5.358 billion yuan in revenue with a gross margin of 17.80% [10]. - The optical devices and modules segment saw revenue of 1.470 billion yuan, with a gross margin of 14.09% [10]. - Other products and services generated 3.104 billion yuan in revenue, with a gross margin of 13.27% [10]. Market Comparison - The company is compared with peers in the industry, with an average P/E ratio of 26 for 2022 and projected P/E ratios of 31 for 2023 and 23 for 2024 [11].

股 票 研 究 [Table_industryInfo] 电信运营/信息技术 [ Table_Main[长ITnaf 飞bol]e 光_Ti纤tle]( 601869) [评Tab级le_：Inv est] 增持 上次评级： 增持 经营短期承压，多元化战略持续推进 目标价格： 37.60 上次预测： 38.40 公 ——2023年报点评 当前价格： 29.02 司 王彦龙(分析师) 黎明聪(分析师) 2024.04.03 更 010-83939775 0755-23976500 [交Ta易bl数e_M据a rket] 新 wangyanlong@gtjas.com limingcong@gtjas.com 证书编号 S0880519100003 S0880523080008 52周内股价区间（元） 22.52-41.40 报 总市值（百万元） 21,994 告 本报告导读： 总股本/流通A股（百万股） 758/406 更新盈利预测，下调目标价，维持增持评级；业绩低于预期，海外收入占比提升；完 流通 B股/H股（百万股） 0/352 流通股比例 100% 成多项整合，多元化持续推进。 日均成交量（百万股） 3. ...

公司报告 | 年报点评报告 长飞光纤（601869） 证券研究报告 2024年04月 03日 投资评级 短期需求承压，光纤光缆以外的新业务占收比超30% 行业 通信/通信设备 6个月评级 买入（维持评级） 当前价格 29.02元 四季度扣非净利润表现不佳 目标价格 元 公司发布2023年年报，2023年实现营业收入133.5亿元，同比减少3.5%， 归母净利润12.97亿元，同比增长11%，扣非归母净利润7.3 亿元，同比减 基本数据 少 26%，非经常收益主要来自政府补助以及云晖光电的股权出售。4Q23 A股总股本(百万股) 406.34 单季实现营业收入33.2亿元，同比减少7%，归母净利润4.17亿元，同比 增长43%，扣非归母净利润1995万元，同比减少90%，主要是因为毛利率 流通A股股本(百万股) 406.34 同比下降4.1个百分点、环比下降5.7个百分点。 A股总市值(百万元) 11,791.94 流通A股市值(百万元) 11,791.94 光纤光缆需求放缓，但盈利水平提升 每股净资产(元) 14.92 分业务看：1）光纤预制棒及光纤收入31.72亿元，同比减少17%，毛利率 资产负债率(%) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [6]. Core Views - The optical fiber and cable industry is expected to continue its growth trajectory, supported by the development of network infrastructure and the integration of digital economy with traditional sectors [2]. - The company is projected to benefit from the rapid development of the optical fiber and cable, as well as optical devices and modules sectors, leading to an upward revision of net profit forecasts for 2024-2026 [2][3]. Summary by Sections Industry Overview - The optical fiber and cable industry is experiencing steady growth, with China's total cable length reaching 64,320 million kilometers by the end of 2023, a net increase of 4.74 million kilometers, representing an approximate 8.0% year-on-year growth [2]. - The market for optical devices and modules is expanding, with a forecasted compound annual growth rate of 200% for 50G PON ports from 2024 to 2028 [2]. Company Performance - In 2023, the company reported a revenue of 13.353 billion yuan, a decrease of 3.45% year-on-year, while net profit reached 1.297 billion yuan, an increase of 11.18% [3]. - The company is focusing on efficiency improvements and product innovation across its business segments, including preform and fiber, cable, and optical devices [2]. Financial Projections - The net profit forecasts for 2024 and 2025 have been revised to 1.345 billion yuan and 1.416 billion yuan, respectively, reflecting increases of 4.34% and 5.36% from previous estimates [2]. - The projected net profit for 2026 is set at 1.491 billion yuan, with corresponding price-to-earnings ratios of 16, 15, and 14 for the respective years [2].