Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30] Core Views - The company is expected to benefit from the growth in domestic AI computing capabilities, with a projected revenue of 8.272 billion yuan in 2024, representing a year-on-year increase of 36.49%. The net profit attributable to the parent company is forecasted to be 661 million yuan, a 6.82% increase year-on-year [9][4] - In Q1 2025, the company reported a revenue of 2.222 billion yuan, up 72.14% year-on-year, and a net profit of 150 million yuan, reflecting a 95.02% increase year-on-year [9][4] - The company has seen significant growth in its data communication products, with revenues from data and access products reaching 5.1 billion yuan, a 91.5% increase, while transmission products saw a decline of 7.2% to 3.1 billion yuan [15][9] Financial Performance Summary - The company’s gross margin remained stable year-on-year, with a slight increase in the gross margin of data and access products by 4.84 percentage points, while transmission products saw a decrease of 0.77 percentage points [20][2] - The company has maintained good expense control, with sales, management, and R&D expenses increasing by 54.3%, 36.7%, and 27.4% respectively in 2024 [20][2] - The projected net profits for 2025, 2026, and 2027 are 910 million yuan, 1.2 billion yuan, and 1.38 billion yuan respectively, with corresponding P/E ratios of 37, 28, and 24 [4][28] Market Position and Growth Potential - The company has improved its global ranking in data communication optical devices to fifth place, with a market share of 4.7% as of Q3 2024 [15][9] - The domestic and international revenue contributions are 71.7% and 28.3% respectively, with year-on-year increases of 49.1% and 12.4% [15][9] - The company is focused on vertical integration from chip production to subsystem development, leveraging its capabilities in semiconductor materials and manufacturing [3][20]

Summary of Guangxun Technology Conference Call Company Overview - **Company**: Guangxun Technology - **Year**: 2024 and Q1 2025 Key Financial Performance - **2024 Revenue**: 8.272 billion CNY, up 32.68% YoY - **Data Product Revenue**: 5.1 billion CNY, up 91% YoY - **International Business Revenue**: 2.34 billion CNY, up 12% YoY - **Net Profit**: 661 million CNY, up 6.82% YoY - **Q1 2025 Revenue**: 2.222 billion CNY, up 72% YoY - **Q1 2025 Net Profit**: 150 million CNY, up 95% YoY - **Q1 2025 Non-Recurring Net Profit**: 141 million CNY, up 93.8% YoY - **Operating Cash Flow**: Negative 113 million CNY in Q1 2025 due to increased inventory and scale [2][3][5] Industry Dynamics - **Tariff Impact**: U.S. tariffs on Chinese optical modules at 27.5%, with most costs borne by customers. Company is responding by building overseas production bases and increasing inventory [2][6][7]. - **AI Chip and Optical Module Demand**: Anticipated growth in 2025 for AI chips and optical modules, particularly for 400G, 800G, and 1.6T products [2][8]. - **Data Center Optical Module Gross Margin**: Reached historical highs in Q1 2025 due to product structure optimization and improved yield [2][9]. Profitability Insights - **Gross Margin**: 22.46% for 2024, with data product gross margin improving by 4.86 percentage points [3]. - **Net Margin Fluctuations**: Net margin decreased to 7.93% due to increased expenses and asset impairment losses [3][12]. - **Telecom Segment**: Gross margin decline attributed to product structure and customer price adjustments, with weaker demand compared to data centers [4][11]. Strategic Developments - **Silicon Photonics Technology**: Established production capacity of 500,000 units per month for short-distance products like 400G and 800G modules [4][28]. - **Cost Management**: Focus on reducing production costs through high integration in silicon photonics, which can lower production steps and costs [29]. Future Outlook - **Revenue and Profit Expectations for 2025**: Anticipated to exceed 2024 performance, with internal targets set for growth [16]. - **Market Demand**: Significant growth expected from domestic internet clients and large equipment manufacturers due to increased GPU computing demands [17][23]. - **Inventory Management**: Increased inventory due to order-based production and anticipation of future sales, with a focus on critical material shortages [20][21]. Additional Considerations - **Asset Impairment**: Increased due to accounting policies on raw materials and semi-finished products, with potential for reversal as materials are utilized [12][24]. - **Product Mix Changes**: Shift towards single-mode products may impact average selling prices, potentially alleviating previous pricing pressures [22]. This summary encapsulates the key points from Guangxun Technology's conference call, highlighting financial performance, industry dynamics, strategic developments, and future outlook.

Group 1: Business Impact and Market Demand - The company is actively addressing the impact of increased tariffs on optical modules by communicating with customers about cost-sharing and expanding overseas production capacity to mitigate effects [1] - Domestic demand for optical modules is expected to see significant growth compared to last year, driven by increased investment in computing power from domestic clients [2] - Overseas demand remains stable and is not showing signs of slowing down [2] Group 2: Financial Performance - The company's gross margin reached a historical high in Q1 2025, influenced by product mix, capacity release, and improved yield rates [2] - The gross margin for optical modules has also seen a noticeable increase [2] - The telecom segment's gross margin has declined year-on-year due to changes in product mix and lower sales prices, reflecting overall weak demand in the telecom market [2] Group 3: Asset Management and Procurement - Asset impairment losses are accounted for based on the age of raw materials and semi-finished products, with Q4 2024 and Q1 2025 impairments related to inventory turnover [2] - Imported optical chips are primarily sourced from Malaysia, Singapore, and Japan, while the proportion of domestic chips remains low [2] Group 4: Future Outlook and Strategy - The company aims to improve revenue and profit in 2025 compared to 2024, setting internal targets for higher performance [2] - The data communication business is expected to account for approximately 62% of the company's revenue in 2024, with further growth anticipated [2] - The global telecom transmission market is currently at a low point, but there is potential for improvement as inventory levels stabilize [3] Group 5: Technology and Product Development - The company has made early investments in silicon photonics technology, with a current monthly production capacity of 500,000 units, primarily focusing on short-distance applications [3] - Silicon photonics technology is expected to coexist with EML technology, with advantages in integration for certain optical modules [3]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved a revenue of 8.272 billion yuan in 2024, representing a year-on-year growth of 36.5%. The net profit attributable to shareholders was 661 million yuan, up 6.8% year-on-year, while the net profit excluding non-recurring items was 630 million yuan, growing by 11.6% [3]. - In Q1 2025, the company reported a revenue of 2.222 billion yuan, a significant increase of 72.1% year-on-year, with a net profit of 150 million yuan, up 95.0% year-on-year, and a net profit excluding non-recurring items of 141 million yuan, growing by 93.8% [3]. - The data communication business saw substantial growth driven by AI demand, with revenue from data and access reaching 5.101 billion yuan in 2024, a year-on-year increase of 91.5%, accounting for 61.7% of total revenue [4]. - The company has launched a restricted stock incentive plan, proposing to grant up to 15.07 million shares, which is 1.90% of the total share capital, to enhance future development momentum [5]. Revenue Breakdown - In 2024, the transmission segment generated revenue of 3.102 billion yuan, a decline of 7.2%, while the data and access segment's revenue was 5.101 billion yuan, reflecting a 91.5% increase [4]. - Domestic revenue was 5.934 billion yuan, up 49.1%, while international revenue reached 2.338 billion yuan, growing by 12.4% [4]. Market Position - The company held a global market share of 5.3% in the optical device sector as of Q4 2023 to Q3 2024, ranking fifth overall. In the data communication, telecom, and access optical device markets, the company ranked fifth, sixth, and third, respectively [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 1.104 billion yuan, 1.505 billion yuan, and 1.900 billion yuan, respectively, with corresponding PE ratios of 30, 22, and 18 [6][7].

嘉源(2025)-04-236 北京市嘉源律师事务所（以下简称"本所"）接受武汉光迅科技股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《武 汉光迅科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指 派本所律师对公司 2025 年第一次临时股东大会（以下简称"本次股东大会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和保证：就本所认为出具本 法律意见书所必需审查的事项而言，公司已经提供了全部相关的原始书面材料、 副本材料或口头证言，该等资料均属真实、准确、完整及有效，有关复印件与原 件一致、副本与正本一致。 北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2025 年第一次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2025）021 二、 会议的召开情况 1、会议召集人：公司董事会 2、会议时间： 现场会议召开时间：2025 年 4 月 24 日下午 14：30。 网络投票时间为：2025 年 4 月 24 日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为 2025 年 4 月 24 日上午 9:15－9:25、9:30－11:30， 下午 13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 4 月 24 日上午 9:15－下午 15:00。 三、 会议的出席情况 1、股东出席的总体情况： 武汉光迅科技股份有限公司 二○二五年第一次临时股东大会决议公告 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、 重要提示 通过现场和网络投票的股东 968 人，代表股份 308,297,956 股，占公司有表 1 1、公司于 2025 年 4 月 9 日在《证券时报》《中国证券报》《上海证券报》 《证券日报》和巨潮资讯网上刊登《武汉光迅科技股份有限公司关于召 开 2025 年第一次 ...

Core Viewpoint - The company, Wuhan Guangxun Technology Co., Ltd., has announced its financial results and plans for profit distribution and asset impairment provisions for the year 2024, emphasizing transparency and compliance with accounting standards [7][8][15]. Financial Data Summary - The company reported a net profit of 656,163,189.25 yuan for 2024, with a net profit attributable to the parent company of 661,315,430.94 yuan [8]. - The proposed cash dividend is 2.60 yuan per 10 shares, amounting to an estimated total of 206,334,089.52 yuan, which represents 31.20% of the net profit attributable to shareholders [10][11]. - The company plans to provision for asset impairment totaling 218,363,872.19 yuan, which will reduce the net profit attributable to shareholders by 183,517,832.00 yuan [16][19]. Shareholder Information - The company has confirmed that there are no changes in the major shareholders or their holdings due to the proposed profit distribution [5]. Accounting Policy Changes - The company has changed its accounting policy in accordance with the Ministry of Finance's new guidelines, which will not significantly impact its financial results [23][29]. Risk Assessment of Financial Company - The company conducted a risk assessment of its financial subsidiary, Xinke (Beijing) Financial Co., Ltd., confirming its compliance with regulatory requirements and effective internal controls [34][65]. - As of December 31, 2024, the financial company reported total assets of 9.789 billion yuan and a net profit of 29 million yuan, with all regulatory indicators meeting the required standards [53][54].

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2024 年度 环境、社会责任和公司治理（ESG）报告 Environmental, Social and Governance Report Accelink 武汉光迅科技股份有限公司 A股代码: 002281 | Acacanni | CONTENTS | | | | --- | --- | --- | --- | | /目录 | | | | | 关键绩效表 | 73- | | | | 指标索引 | 78 | 关于本报告 | 03 | | 独立鉴证报告 | 87 | | | | 董事长致辞 | 04 | 意见反馈 | 88 | 公司简介 突破边界 58 成就员工 06 33 职业健康与安全 06 企业文化 34 产业升级 ୧5 ESG绩效亮点 管理提升 关怀员工 69 07 36 光迅之光 09 创新之主 荣誉奖项 71 回馈社会 治理策略 42 应对气候变化 11 00 资源管理 15 ESG政策 44 21 合规与风控 污染与废弃物管理 50 合肥之一篇 55 环境责任 附录 03 光迅之光 治理之箭 创新之道 绿色之源 服务之法 关于本报告 本报告是武汉光迅科技股份有限公司(以下简称"光迅科技"或" ...

《章程修订案》 （2025 年 4 月 22 日） 武汉光迅科技股份有限公司 章程修订案 | 序号 | 修订前 | 修订后 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第一百一十八条 | 董事会由 | 名董事组成，其中 | 11 | 第一百一十八条 | 董事会由 | 名董事组成，其中 | 独立董事 | 名，设董事长 | 名和副董事长 | 名。 | 9 | 4 | 1 | 1 | | 1 | 独立董事 | 名，设董事长 | 名和副董事长 | 名。 | 董事会成员中包括 | 名职工董事，经由职工代表 | 4 | 1 | 1 | 1 | | | | | | 大会、职工大会或者其他形式民主选举产生。 | | | | | | | | | | | | | | | 武汉光迅科技股份有限公司 法定代表人： 黄宣泽 ...