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]

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 ...

证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-019 长飞光纤光缆股份有限公司 关于收购联营公司股权的公告 公司于 2024 年 8 月 23 日召开的第四届董事会第八次会议以同意 9 票、反对 0 票、弃权 3 票的表决结果审议通过了《关于收购宝胜（扬州）海洋工程电缆有 限公司 30%股权的议案》，同意公司出资参与在北京产权交易所公开挂牌的本次 交易方案，并授权公司管理层行使具体决策权及签署相关合同等法律文件。董事 Philippe Claude Vanhille（菲利普•范希尔）先生、Pier Francesco Facchini（皮埃尔 •法奇尼）先生及 Lars Frederick Persson（弗雷德里克•佩森）先生认为本次交易 符合公司多元化战略举措，利于公司业务拓展。虽然标的公司目前主要业务及收 入来源均在国内，但因 Draka Comteq B.V.（德拉克通信有限公司）的控股股东普 睿司曼集团在海外从事近似业务，上述三名由 Draka Comteq B.V.提名的董事基 于自身立场，对该议案投弃权票。 由于涉及商业秘密，避免其他潜在竞标者获知公司的竞标意愿，损害公司和 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the short-term demand for optical fibers and cables is under pressure, but there are expectations for new technologies like hollow-core fibers to open up long-term growth opportunities [5][6] - The company reported a revenue of 5.348 billion yuan for the first half of 2024, a year-on-year decrease of 22.66%, with a net profit of 378 million yuan, down 37.77% year-on-year [5] - The gross margin improved to 27.90%, up 1.81 percentage points year-on-year, while the net margin was 7.06%, down 1.71 percentage points year-on-year [5] - The international strategy has shown significant results, with overseas revenue accounting for over 30% of total revenue, reaching 1.766 billion yuan in the first half of 2024 [5][6] Financial Summary - The company is expected to generate revenues of 13.174 billion yuan, 13.738 billion yuan, and 14.339 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1.002 billion yuan, 1.039 billion yuan, and 1.168 billion yuan for the same years [6][10] - The earnings per share (EPS) are projected to be 1.32 yuan, 1.37 yuan, and 1.54 yuan for 2024, 2025, and 2026 respectively [6][10] - The report provides a dynamic PE range of 20-22X for 2024, corresponding to a fair value range of 26.44-29.09 yuan [6] Business Segment Analysis - The revenue from the optical fiber and preform business is expected to decline to 2.985 billion yuan in 2024, while the cable business is projected to generate 5.052 billion yuan [8] - The optical devices and modules segment is anticipated to grow to 1.617 billion yuan in 2024, with a year-on-year growth of 10% [8] - Other products and services are expected to generate 3.259 billion yuan in 2024, reflecting a growth of 5% year-on-year [8] Market Comparison - The report compares the company with peers, indicating that the average PE for comparable companies is around 21 for 2024, suggesting a competitive market environment [9]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.27 | --- | --- | --- | --- | --- | --- | |----------|---------------------------------------------|------------|-----------------------------|--------------------|-----------------------------------| | | | | | 长飞光纤电信运营 / | (601869)[Table_Industry] 信息技术 | | | | ——中报点评 | [Table_Invest] 评级： | | 增持 | | | [table_Authors] 王彦龙(分析师) 010-83939775 | ) | [Table_Target] 目标价格： | 上次评级: | 增持33.77 | | | wangyanlong@gtjas.com | | | 上次预测: | 33.77 | | 登记编号 | S08805191 ...