申万宏源证券承销保荐有限责任公司 关于武汉光迅科技股份有限公司 2024年度现场检查报告 保荐代表人：____________________ ______________________ 张兴忠 纪平 申万宏源证券承销保荐有限责任公司 年 月 日 | 2.是否在股票上市后6个月内建立内部审计制度并设立内部审 | √ | | --- | --- | | 计部门（如适用） | | | 3.内部审计部门和审计委员会的人员构成是否合规（如适用） | √ | | 4.审计委员会是否至少每季度召开一次会议，审议内部审计 | | | 部门提交的工作计划和报告等（如适用） | √ | | 5.审计委员会是否至少每季度向董事会报告一次内部审计工 | √ | | 作进度、质量及发现的重大问题等（如适用） | | | 6.内部审计部门是否至少每季度向审计委员会报告一次内部 | | | 审计工作计划的执行情况以及内部审计工作中发现的问题等 | √ | | （如适用） | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用情 | √ | | 况进行一次审计（如适用） | | | 8.内部审计部门是否在每个会计年度结束前二个 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）062 武汉光迅科技股份有限公司 关于控股股东股权结构调整 完成工商变更登记的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本次无偿划转的基本情况 武汉光迅科技股份有限公司（以下简称"光迅科技"或"公司"）于 2024 年 12 月 23 日收到中国信息通信科技集团有限公司（以下简称"中国信科集团"）的通知， 经中国信科集团和武汉邮电科学研究院有限公司（以下简称"邮科院"）分别履行 其内部决策程序，邮科院将持有的烽火科技集团有限公司（以下简称"烽火科技"） 92.6905%的股权无偿划转至中国信科集团。本次无偿划转完成后，公司控股股东仍 为烽火科技，实际控制人仍为中国信科集团。具体内容详见公司 2024 年 12 月 25 日 在《证券时报》《中国证券报》《上海证券报》《证券日报》及深圳证券交易所网 站（www.szse.cn）上披露的《武汉光迅科技股份有限公司关于控股股东股权结构调 整的提示性公告》[公告编号：（2024）061]。 二、本次国有股权无偿划转事项进展情况 特此公告 武汉光 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）061 武汉光迅科技股份有限公司 关于控股股东股权结构调整的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次控股股东股权结构调整系武汉邮电科学研究院有限公司（以下简称 "邮科院"）将持有的武汉光迅科技股份有限公司（以下简称"公司"或"光迅 科技"）的控股股东烽火科技集团有限公司（以下简称"烽火科技"）92.6905% 的股权无偿划转至公司实际控制人中国信息通信科技集团有限公司（以下简称 "中国信科集团"）名下； 2、本次控股股东股权结构调整不会导致公司控股股东和实际控制人发生变 化，公司控股股东仍为烽火科技，实际控制人仍为中国信科集团。 武汉光迅科技股份有限公司 烽火科技集团有限公司 92.69% 36.73% 武汉邮电科学研究院有限公司 中国信息通信科技集团有限公司 100% 2.14% 本次无偿划转后，邮科院不再直接持有烽火科技的股份，也不再间接持有公 司的股份。中国信科集团直接持有公司 16,960,646 股股份，占公司目前总股本 的比例为 2.14%；通过烽火 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and outlook of 光迅科技 (LightSpeed Technology) in the data center optical module market, particularly in relation to the domestic and overseas internet companies' capital expenditures (CAPEX) trends [1][4][8]. Key Points and Arguments - **CAPEX Trends**: From 2010 to 2020, both domestic and overseas internet companies experienced rapid growth in CAPEX. However, since 2020, a significant divergence has emerged, with North American tech giants like Amazon, Google, Microsoft, and Meta showing varying growth rates, while domestic internet companies have seen a marked slowdown [3][8]. - **Market Position**: 光迅科技 holds a strong competitive position in the domestic data center optical module market, primarily due to its partnerships with large internet companies such as 字节跳动 (ByteDance) [4][8]. - **Investment Disparity**: In 2024, the development intensity of major North American companies is projected to be around 16%, compared to approximately 7% for domestic BAT (Baidu, Alibaba, Tencent) companies, indicating a significant gap in investment levels [6][8]. - **Profitability Metrics**: North American companies are expected to achieve over 70% net profit margins and 86% free cash flow, while domestic companies are projected at around 30% and 35%, respectively, highlighting substantial room for improvement in domestic firms [6][8]. - **Future Growth**: The domestic cloud computing market is anticipated to grow faster than the overseas market in the next two years, with major companies, including 字节跳动, expected to exceed 50% growth by 2025 [6][8]. - **Challenges in Domestic Market**: The domestic optical module market faces challenges such as reduced customer investment and intensified competition, leading to a contraction phase. However, the explosion of AI technology presents new growth opportunities [8][22][23]. - **Technological Advancements**: The rapid adoption of 400G products in China is expected to enhance market dynamics, with 光迅科技 benefiting from its ability to produce certain laser chips in-house, thus gaining cost advantages [14][25]. - **Market Share and Competitiveness**: 光迅科技's market share is expected to increase due to improvements in yield rates and capacity expansion, with projections indicating a strong competitive stance in the upcoming quarters [16][19]. Additional Important Insights - **Investment Surge**: The total capital expenditure of the three major operators (BAT) is expected to exceed the previous year's levels significantly, driven primarily by AI investments [21]. - **Optical Module Market Trends**: 光模块 (optical modules) typically account for about 5% of IT equipment investments, and the market size aligns with overall cloud computing investment trends [22]. - **Silicon Photonics**: The development of silicon photonics technology is seen as a critical competitive factor, with 光迅科技 making significant strides in this area [26]. This summary encapsulates the essential insights from the conference call, focusing on the competitive landscape, investment trends, and future outlook for 光迅科技 and the broader optical module market.

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **光讯科技 (Guangxun Technology)** and the **data center optical module market** in China, focusing on the past performance and future outlook of the industry [1][2][3]. Key Points and Arguments Market Trends - The data center optical module market in China has experienced significant fluctuations, with a notable decline after 2020, reflecting a broader trend in capital expenditure (CAPEX) among domestic cloud service providers [2][3][4]. - The growth trajectory of domestic internet companies has diverged from that of overseas counterparts since 2020, largely due to regulatory changes and market dynamics [3][4][5]. - CAPEX for domestic cloud service providers has decreased from approximately **9.7%** of revenue in 2019 to **4.15%** in 2023, indicating a significant contraction in investment [5][6]. Competitive Landscape - 光讯科技 has shown resilience in the market, with a strong performance attributed to its competitive advantages in revenue, pricing, and profit margins [1][2][3]. - The company is expected to increase its market share in 2024, with projections suggesting a potential share of **30% to 50%** among major clients, up from **20% to 30%** previously [16][17]. - The competitive environment has improved, with a reduction in competition due to supply constraints in chip availability, allowing 光讯科技 to enhance its pricing power [14][15][19]. Financial Performance - The financial metrics indicate a recovery, with significant improvements in net and gross margins expected in the upcoming quarters, driven by better yield rates and cost management [16][17]. - 光讯科技's investment in self-sourcing chips is anticipated to enhance its profitability and market position, particularly in the high-speed optical module segment [18][19]. Future Outlook - The market is expected to see a shift towards **400G** optical modules, with 光讯科技 positioned to capitalize on this transition due to its established capabilities and product offerings [13][14][20]. - The introduction of **800G** products is anticipated to further differentiate competitive advantages among leading companies in the optical module market [19][20]. Additional Important Insights - The call highlights the importance of technological advancements and product iterations in maintaining competitive edge, particularly in the context of AI-driven market dynamics [12][13][14]. - The discussion also touches on the implications of regulatory changes and market consolidation, which have shaped the operational strategies of domestic internet companies [3][4][5]. This summary encapsulates the critical insights from the conference call, focusing on the performance and strategic positioning of 光讯科技 within the evolving data center optical module market in China.

证券代码：002281 证券简称：光迅科技 公告编号：（2024）060 武汉光迅科技股份有限公司 股票交易异常波动公告 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 3、近期公司经营状况正常，内外部经营环境未发生重大变化。 4、公司及控股股东、实际控制人不存在关于本公司的应披露而未披露的重 大事项。 5、公司控股股东、实际控制人在本公司股票交易异常波动期间未买卖本公 司股票。 三、是否存在应披露而未披露信息的说明 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 武汉光迅科技股份有限公司（以下简称"公司"或"本公司"）股票于 2024 年12月19日、2024年12月20日连续两个交易日收盘价格涨幅累计偏离20.20%， 根据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动。 二、公司关注、核实情况 针对公司股价异常波动，公司董事会通过电话等方式，向公司控股股东、实 际控制人及管理层就相关问题进行了核实，现将核实情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 ...

Group 1 - The total trading volume of the top five trading departments reached 1.333 billion yuan, with a net buying amount of 275 million yuan [1] - The latest margin balance for the stock is 1.999 billion yuan, with a financing balance of 1.986 billion yuan and a securities lending balance of 12.2798 million yuan, showing a 27.17% increase in financing balance over the past five days [2] - The stock experienced a net inflow of 206 million yuan in main funds today, with a significant single net inflow of 345 million yuan [3] Group 2 - Guangxun Technology reached a daily limit increase with a turnover rate of 10.66% and a total trading volume of 4.643 billion yuan [4] - Among the trading departments, one institutional special seat appeared, with a net buying amount of 747,000 yuan, while the Shenzhen Stock Connect was the second-largest buying department and the largest selling department [5] - The stock was listed on the daily limit deviation list with a deviation value of 9.55% [2]

证券代码：002281 证券简称：光迅科技 公告编号：（2024）059 武汉光迅科技股份有限公司 关于 2022 年限制性股票激励计划 部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、武汉光迅科技股份有限公司（以下简称"公司"）本次回购注销涉及 21 名激励对象，回购注销的限制性股票数量为 609,300 股，占回购前公司总股本 794,201,952 股的 0.0767%； 2、本次回购注销的限制性股票的回购价格为 10.99 元/股； 3、公司应就本次限制性股票回购支付价款共计 669.6207 万元，全部为公司 自有资金； 4、截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成本次限制性股票的回购注销手续； 6、2023 年 10 月 27 日，公司第七届董事会第十三次会议和第七届监事会第 十二次会议审议通过了《关于回购注销 2017 年、2019 年及 2022 年限制性股票 激励计划部分限制性股票的议案》，公司 2022 年限制性股票激励计划的激励对 象 3 人因离职已不符合激励条 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 49.13 yuan as of November 13, 2024 [10] Core Viewpoints - Q3 revenue growth was driven by strong demand for 400G/800G optical modules in the data communication sector, with revenue reaching 2.27 billion yuan, up 50% YoY and 25% QoQ [5] - Gross margin improved to 25.1% in Q3, up 3.2 percentage points YoY and 2.3 percentage points QoQ, attributed to higher yield rates and increased self-supply of optical chips [6] - The company's optical chip products are among the top tier in China, with significant capacity and ongoing breakthroughs in high-end products like 50G VCSEL and 100G PAM4 EML chips [7] - Domestic cloud providers' Capex is at a cyclical low, with significant room for growth, especially driven by AI-related expansion [7] Financial Performance and Forecasts - Q3 net profit reached 255 million yuan, up 45% YoY and 94% QoQ, with non-GAAP net profit at 248 million yuan, up 75% YoY and 86% QoQ [5] - The company is expected to achieve net profits of 800 million yuan, 1.206 billion yuan, and 1.607 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 29%, 51%, and 33% [8] - The company's PE ratios for 2024-2026 are projected at 49x, 32x, and 24x, respectively [8] Industry and Market Context - The global optical module market is experiencing strong growth, driven by AI and data center expansion, with the company well-positioned to benefit from this trend [7] - Domestic cloud providers are expected to increase Capex significantly, driven by AI and computing power expansion, which will further boost demand for the company's products [7] Operational Highlights - The company has accelerated production and material preparation, with fixed assets increasing by 16% QoQ and inventory up 34% QoQ in Q3 [5] - R&D expenses remained high at 8.7% of revenue in Q3, reflecting the company's commitment to innovation and technological advancement [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company reported a revenue of 5.378 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 24.29%. The net profit attributable to shareholders was 464 million yuan, up 12.26% year-on-year, while the net profit excluding non-recurring items reached 454 million yuan, marking a 29.97% increase year-on-year [2][3] - In Q3 2024, the company achieved a revenue of 2.268 billion yuan, which is a 49.99% increase year-on-year and a 24.68% increase quarter-on-quarter. The net profit attributable to shareholders for the quarter was 255 million yuan, up 46.37% year-on-year and 94.49% quarter-on-quarter [2][3] - The acceleration in the shipment of 400G and 800G high-speed products has significantly boosted revenue, with the gross margin in Q3 increasing by 2.30 percentage points to 25.10%. The net profit margin also improved by 4.41 percentage points to 11.16% due to ongoing cost reduction and efficiency enhancement efforts [3] - The company is actively expanding its domestic and international customer base and is preparing inventory to alleviate material shortages, with Q3 inventory increasing by approximately 1.019 billion yuan to 4.006 billion yuan. It is expected that material shortages will improve in Q4, supporting continued business growth [3] - The profit forecast has been adjusted, with expected net profits for 2024-2026 projected at 792 million, 1.047 billion, and 1.272 billion yuan, corresponding to PE ratios of 45.7, 34.5, and 28.4 times based on the closing price on October 31, 2024 [3][4] Financial Summary - For 2024E, the company is expected to generate a revenue of 7.824 billion yuan, with a year-on-year growth of 29.1%. The net profit attributable to shareholders is projected to be 792 million yuan, reflecting a year-on-year growth of 27.8% [4] - The gross margin is anticipated to be 23.6% in 2024E, with a return on equity (ROE) of 8.8% [4] - The earnings per share (EPS) is expected to be 1.00 yuan in 2024E, with a PE ratio of 45.7 times [4]