证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-014 长飞光纤光缆股份有限公司 2023 年度暨 2024 年第一季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。 重要内容提示： 为便于广大投资者深入了解长飞光纤光缆股份有限公司（以下简称"公司" 或"本公司"）2023 年度及 2024 年第一季度经营成果、财务状况及战略举措情 况，本公司拟于 2024 年 6 月 14 日（星期五）15:00–16:00 召开业绩说明会，就 投资者普遍关心的问题进行交流。 四、 投资者参与方式 五、 联系方式及咨询办法 联系部门：本公司董事会办公室 一、 业绩说明会类型 本次业绩说明会通过视频及网络互动的方式召开。本公司将针对 2023 年度 及 2024 年第一季度经营成果、财务状况及战略举措情况与投资者进行互动交流， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 业绩说明会召开的时间、地点 会议召开时间：2024年6月14日（星期五）15:00–16:00 会议召开方式：视频及 ...

长飞光纤2023年年度股东大会会议资料 长飞光纤光缆股份有限公司 2023 年年度股东大会 会议资料 二〇二四年六月 长飞光纤2023年年度股东大会会议资料 长飞光纤光缆股份有限公司 2023 年年度股东大会会议资料 六、 大会审议事项 | 序 号 | 议案名称 | | 投票股东类型 | | | --- | --- | --- | --- | --- | | | | 股股东 A | H | 股股东 | | | 非累积投票议案 | | | | | 1 | 年度董事会报告 2023 | √ | | √ | | 2 | 2023 年度监事会工作报告 | √ | | √ | | 3 | 2023 年年度报告及摘要、截至 2023 年 12 月 31 | 日止年 √ | | √ | | | 度之经审核全年业绩公告 | | | | | 4 | 年度财务决算报告 2023 | √ | | √ | | 5 | 2023 年度利润分配方案 | √ | | √ | | 6 | 关于续聘毕马威华振会计师事务所（特殊普通合伙）为 | √ | | √ | | | 公司 2024 年度审计机构的议案 | | | | | 7 | 关于为董 ...

一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 6 月 18 日 14 点 00 分 召开地点：湖北省武汉市东湖新技术开发区光谷创业街 65 号长飞光纤总部 大楼 2 楼多功能会议室 (五) 网络投票的系统、起止日期和投票时间。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2024-013 长飞光纤光缆股份有限公司 关于召开 2023 年年度股东大会的通知 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： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 18 日 至 2024 年 6 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2024年6月18日 本次股东大会采用的 ...

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].