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]

Summary of Conference Call Company and Industry Involved - The discussion primarily revolves around the optical communication industry, specifically focusing on the company's advancements in optical modules and technologies such as MEMS and silicon photonics. Core Points and Arguments - The company emphasizes its strong position in the optical communication sector, particularly in the field of "无缘旗舰" (unmanned flagship) technology, which is a core competency of the company [1] - There is a clear demand from major international manufacturers for optical modules, and the company is actively communicating with various clients to meet their diverse needs [1] - The company has laid out multiple technology strategies to cater to different customer requirements, including MEMS technology and night vision technology [1] - A question was raised regarding the expected penetration rate of silicon photonics in the company's optical module products for the upcoming year, indicating a growing interest in this technology [1] - The company acknowledges the importance of integrated capabilities in the future, suggesting that companies with such capabilities may present greater investment opportunities [2] Other Important but Possibly Overlooked Content - The call included a reminder for participants not to disseminate the recorded content outside the meeting, highlighting the sensitivity of the information shared [2] - The overall tone of the meeting was positive, with a focus on future growth and technology integration within the optical communication industry [2]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 55.80 CNY from the previous 46.25 CNY [3][5]. Core Insights - The company's performance exceeded market expectations, with significant improvements in profit margins. The industry demand is robust, and material supply is well-secured [4][5]. - For the first three quarters of 2024, the company achieved revenue of 5.377 billion CNY, a year-on-year increase of 24.29%, and a net profit attributable to shareholders of 464 million CNY, up 12.26% year-on-year. In Q3 alone, revenue reached 2.268 billion CNY, a quarter-on-quarter increase of 24.68%, marking a historical high for a single quarter [5]. - The gross profit margin improved significantly, with Q2's overall gross margin at 22.8% and Q3's single-quarter gross margin rising to 25.10%, driven by an enhanced product mix [5]. Summary by Sections Financial Performance - The company forecasts net profits for 2024-2026 at 840 million CNY, 1.476 billion CNY, and 1.914 billion CNY, respectively, corresponding to EPS of 1.06 CNY, 1.86 CNY, and 2.41 CNY [5][11]. - The total revenue for 2024 is projected to be 9.247 billion CNY, reflecting a growth rate of 52.6% compared to 2023 [10][11]. Market Position - The company is positioned well within the industry, with a market capitalization of 35.024 billion CNY and a current price of 44.10 CNY [6][12]. - The average industry PE for 2024 is 46.11, while the company's PE is projected at 39.13 for 2024, indicating a competitive valuation [12]. Industry Outlook - The report indicates that industry demand is expected to maintain a high growth trajectory through 2025, with new players likely to emerge in the 400G and 800G segments [5]. - The company has established a robust supply chain management mechanism to address material bottlenecks, ensuring adequate supply for future production [5].

证券代码：002281 证券简称：光迅科技 公告编号：（2024）058 武汉光迅科技股份有限公司 公司董事、高管胡强高先生及公司高管徐勇先生、向明女士、卜勤练先生、 张军先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 武汉光迅科技股份有限公司（以下简称"公司"）于 2024 年 8 月 31 日披露 了《关于部分董事、高管减持股份的预披露公告》（公告编号：(2024)040）， 公司董事、高管胡强高先生及公司高管徐勇先生、向明女士、卜勤练先生、张军 先生计划在本减持计划公告之日起 15 个交易日之后的 3 个月内以集中竞价方式 减持其持有的部分公司股份。本次拟减持的股份合计不超过 230,000 股，即不超 过公司目前总股本的 0.0290%。 关于董事、高管减持计划实施完毕的公告 截至本公告日，公司董事、高管胡强高先生及公司高管徐勇先生、向明女士、 卜勤练先生、张军先生本次减持计划已实施完毕，根据《上市公司股东减持股份 管理暂行办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）057 武汉光迅科技股份有限公司 股票交易异常波动公告 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10月30日、2024年10月31日连续两个交易日收盘价格涨幅累计偏离20.04%， 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。 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。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue reaching 5.378 billion yuan, a year-on-year increase of 24.29%, and a net profit attributable to shareholders of 464 million yuan, up 12.26% year-on-year [2]. - The significant growth in Q3 2024 was driven by high demand for data communication optical modules, particularly due to AI-related needs, which also improved the company's profitability [2]. - The company has a comprehensive product matrix in the data communication field, including advanced technologies such as the 1.6T optical module, positioning it well for future growth opportunities [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 5.378 billion yuan, with a net profit of 464 million yuan, and a non-recurring net profit of 454 million yuan, reflecting year-on-year growth rates of 24.29%, 12.26%, and 29.97% respectively [2]. - In Q3 2024 alone, revenue was 2.268 billion yuan, showing a year-on-year increase of 49.99% and a quarter-on-quarter increase of 24.68% [2]. - The gross margin for Q3 2024 was 25.10%, up 3.19 percentage points year-on-year, while the net profit margin was 11.16%, showing a slight year-on-year decrease of 0.43 percentage points [2]. Future Projections - The company is projected to achieve net profits of 708 million yuan, 1.104 billion yuan, and 1.505 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 46, 30, and 22 [2][5]. - The anticipated growth in the data communication market, driven by AI and other emerging technologies, is expected to provide significant opportunities for the company [2].

证券代码：002281 证券简称：光迅科技 公告编号：（2024）056 武汉光迅科技股份有限公司 关于补充预计 2024 年度日常关联交易的公告 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、补充预计 2024 年度日常关联交易的基本情况 1、2024 年 10 月 29 日，公司第七届董事会第二十一次会议审议通过了《关于补充预 计 2024 年度日常关联交易的议案》，根据《深圳证券交易所股票上市规则》的有关规定， 来自烽火科技集团有限公司的三名关联董事丁峰、李国庆、李醒群回避表决，其余六名 非关联董事一致通过了上述议案。 2、根据公司章程的相关规定，此项关联交易预计无须获得股东大会的批准。 二、补充预计的关联方和关联关系介绍 1、武汉光谷信息光电子创新中心有限公司。法定代表人：黄宣泽。注册资本：16,000 万元。住所：武汉市东湖新技术开发区关山街邮科院路 88 号 1 幢 1-3 层。经营范围：许 公司于 2024 年 5 月 31 日召开的第七届董事会第十七次会议及 2024 年 6 月 18 日召 开的 2024 年第一次临时股东大会审议通过了《关于 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）054 武汉光迅科技股份有限公司 第七届监事会第二十次会议决议公告 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。 武汉光迅科技股份有限公司（以下简称"公司"或"本公司"）第七届监事 会第二十次会议于 2024 年 10 月 29 日在公司 432 会议室以现场会议方式召开。 本次监事会会议通知已于 2024 年 10 月 18 日发出。会议应参加监事 3 人，实际 参加监事 3 人。会议的召集与召开符合《公司法》和《公司章程》的有关规定。 会议由监事会主席罗锋先生主持。 经与会监事认真审议，以投票表决方式通过了以下决议： 一、审议通过了《关于审议 2024 年第三季度报告的议案》 有效表决票 3 票，其中同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为公司 2024 年第三季度报告的编制和审议程序符合法律、 法规和公司章程的有关规定。其内容与格式符合中国证监会和深圳证券交易所的 各项规定，所包含的信息能真实地反映出公司当期的经营管理和财务状况，未发 现参与 2024 年第三季度报告编制 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）053 武汉光迅科技股份有限公司 第七届董事会第二十一次会议决议公告 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。 武汉光迅科技股份有限公司（以下简称"公司"）第七届董事会第二十一次 会议于 2024 年 10 月 29 日在公司 432 会议室以现场表决方式召开。本次董事会 会议通知和相关议案已于 2024 年 10 月 18 日以电子邮件和书面形式发出。会议 应参加董事 9 人，实际参加董事 9 人。公司监事会 3 名监事和部分高级管理人员 列席了本次会议。会议的召集与召开符合《公司法》和《公司章程》的有关规定。 会议由董事长黄宣泽先生主持。 经与会董事认真审议，以投票表决方式通过了以下决议： 一、审议通过了《关于审议 2024 年第三季度报告的议案》 有效表决票 9 票，其中同意 9 票，反对 0 票，弃权 0 票。 《武汉光迅科技股份有限公司 2024 年第三季度报告》详见《证券时报》《中 国证券报》《上海证券报》《证券日报》和巨潮资讯网。 二、审议通过了《关于补充预计 2024 年度日常关 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,267,841,540.20, representing a 49.99% increase compared to ¥1,511,955,878.69 in the same period last year[3]. - Net profit attributable to shareholders was ¥255,304,347.33, up 45.76% from ¥175,513,360.43 year-on-year[3]. - The net profit excluding non-recurring gains and losses was ¥247,656,044.75, reflecting a 75.66% increase from ¥141,351,384.31 in the previous year[3]. - Total operating revenue for Q3 2024 reached CNY 5,377,786,127.88, an increase of 24.3% compared to CNY 4,326,834,653.11 in the same period last year[13]. - The company's net profit for Q3 2024 was CNY 497,233,999.49, compared to CNY 425,001,707.41 in the same quarter last year, reflecting a growth of 16.9%[13]. - The net profit for Q3 2024 was CNY 453,432,805.36, an increase of 11.7% compared to CNY 405,726,619.79 in Q3 2023[14]. - The total comprehensive income attributable to the parent company was CNY 464,190,279.17, compared to CNY 414,980,123.08 in the previous year, reflecting an increase of 11.8%[14]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a significant decline, with a net outflow of ¥1,009,387,966.12, compared to a net inflow of ¥490,598,629.51 in the same period last year, marking a decrease of 305.75%[6]. - Cash and cash equivalents decreased to CNY 2,855,705,264.94 from CNY 3,735,872,187.47 at the beginning of the period, a decline of 23.5%[12]. - The net cash flow from operating activities was negative at CNY -1,009,387,966.12, compared to a positive CNY 490,593,720.51 in Q3 2023[15]. - The cash inflow from financing activities totaled CNY 232,568,136.55, a significant decrease from CNY 1,775,106,801.32 in Q3 2023[16]. - The net cash increase for the period was CNY -879,923,326.86, contrasting with an increase of CNY 1,393,967,432.26 in the previous year[16]. Assets and Liabilities - Total assets at the end of the reporting period were ¥12,027,853,800.82, an increase of 13.35% from the previous year[3]. - Total assets rose to CNY 13,633,543,461.80, an increase of 13.4% from CNY 12,027,930,260.81 at the start of the year[12]. - Total liabilities increased to CNY 4,746,249,021.27, up 31.9% from CNY 3,598,480,333.45 year-over-year[12]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 105,479[7]. - The largest shareholder, FiberHome Technologies Group Co., Ltd., holds 36.70% of the shares, totaling 291,478,944 shares[7]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 2.30% of the shares, totaling 18,244,267 shares[7]. - The company itself holds 2.14% of the shares, totaling 16,960,646 shares[7]. - The top ten shareholders account for a significant portion of the total shareholding, with the largest three shareholders holding over 41% combined[7]. - Yang Hong, a natural person, holds 1.40% of the shares, totaling 11,139,630 shares[7]. - The total number of preferred shareholders with restored voting rights is not specified[7]. - The report indicates that there are no significant changes in the top ten shareholders due to margin trading activities[9]. Expenses and Investments - Research and development expenses increased by 47.46% to ¥102,503,635.35, indicating a focus on innovation[5]. - Research and development expenses increased to CNY 509,688,123.40, representing a rise of 24.3% compared to CNY 409,973,015.87 in the previous year[13]. - The company experienced a 49.45% rise in selling expenses, totaling ¥136,035,792.08, due to increased market expansion efforts[5]. - The cash outflow from investing activities was CNY 762,531,660.78, compared to CNY 523,150,732.36 in the same period last year, indicating increased investment activity[15]. Inventory and Accounts Receivable - The company reported a significant increase in inventory, which rose by 112.36% to ¥4,005,728,898.88, attributed to increased procurement[5]. - Accounts receivable increased to CNY 2,517,396,166.93, up 27.9% from CNY 1,967,517,917.36 at the start of the period[12]. - Inventory surged to CNY 4,005,728,898.88, a significant increase of 112.4% compared to CNY 1,886,274,719.08 at the beginning of the year[12]. Other Information - The company reported a decrease in operating income from non-operating activities, which fell by 77.10% to ¥5,277,493.71 compared to the previous year[6]. - The company has not disclosed any new strategies or future outlook in the provided documents[8]. - There are no significant updates on new product developments or market expansions mentioned in the reports[8]. - The company experienced a foreign exchange loss of CNY -8,736,721.16, compared to a gain of CNY 30,279,696.69 in Q3 2023[16]. - The company reported a basic earnings per share of CNY 0.60, unchanged from the previous year[14].