Summary of Conference Call Company and Industry - The conference call pertains to the domestic optical components industry, specifically focusing on Guoqing Communication Optical Technology, a leading company in this sector [1]. Core Points and Arguments - The company emphasizes its position as a leading player in the domestic optical components market, highlighting its commitment to self-control and benefiting from the development of domestic computing power [1]. Other Important Content - The call indicates that all sponsors are currently muted, suggesting a formal and structured approach to the meeting [1].

一、 重要提示： 证券代码：002281 证券简称：光迅科技 公告编号：（2024） 022 武汉光迅科技股份有限公司 二○二三年年度股东大会决议公告 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。 二、 会议召开情况 1、会议召集人：公司董事会 2、会议时间： 现场会议召开时间：2024 年 5 月 17 日下午 14：30 网络投票时间为：2024 年 5 月 17 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：2024 年 5 月 17 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： 2024 年 5 月 17 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： 1 1、公司于 2024 年 4 月 26 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《关于召开 2023 年年度股东大会的通 知》； 2、本次股东大会出现否决议案，否决的议案为《关于预计 2024 年度日常关 联交易的议案》《关于 ...

北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2023 年年度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 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：武汉光迅科技股份有限公司 北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2023 年年度股东大会的法律意见书 嘉源(2024)-04-351 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》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）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 2023 年年度股东大会（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 ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [2] Core Views - The company is a leading player in the optical communication industry with vertical integration capabilities from chips to subsystems [1] - It benefits from domestic computing power development, especially in the context of AI-driven demand for high-speed optical modules [1] - The company is well-positioned to capitalize on the 400G backbone network upgrades and DCI network construction [1] Financial Performance - In Q1 2024, the company reported revenue of 1.29 billion yuan, up 1.8% YoY, but net profit declined by 24.2% YoY to 80 million yuan [1] - Revenue for 2023 was 6.06 billion yuan, down 12.3% YoY, while net profit increased by 1.8% to 619 million yuan [10] - The company expects revenue to grow by 33%, 24%, and 21% in 2024, 2025, and 2026, respectively, with net profit growth of 19%, 27%, and 22% over the same period [2] Market Position and Competitive Advantages - The company ranks fourth globally in the optical device market with a 6.3% market share [41] - It has a strong presence in the domestic market and is actively expanding overseas, particularly in the data center segment [41][44] - The company has a vertical integration advantage with self-developed optical chips, achieving a high self-sufficiency rate for 25G and below chips [46] Industry Trends and Opportunities - The AI-driven demand for high-speed optical modules is expected to grow significantly, with domestic computing power centers accelerating construction [1] - The 400G backbone network upgrades and DCI network construction are expected to drive demand in the transmission market [1][36] - The global optical module market is projected to exceed $10 billion, with data center applications becoming the primary downstream market [16] Capacity Expansion and R&D - The company completed a private placement of 1.57 billion yuan in 2023 to expand production capacity for 5G/F5G and data center optical modules [1] - It is actively developing 100G and above optical chips, with plans to increase the self-sufficiency rate for 100G chips in 2024 [46] Valuation and Peer Comparison - The company's current PE ratios for 2024, 2025, and 2026 are 37x, 29x, and 24x, respectively [2] - Compared to peers like Zhongji Innolight and Eoptolink, the company has a lower valuation but strong vertical integration capabilities [54]

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Summary of the Conference Call on Guangxun Technology's 2023 Annual Report and Q1 2024 Report Company Overview - **Company**: Guangxun Technology (光讯科技) - **Industry**: Optical Communication and Quantum Communication - **Listing Year**: 2009, one of the early listed companies in the optical electronics sector in China Key Points and Arguments 1. **Market Dynamics**: The optical communication industry experiences significant resonance during periods of economic prosperity, with upstream component shortages and accelerated overseas upgrades validating this observation [3][4][5] 2. **Business Structure**: Guangxun Technology's operations are divided into three main segments: - **Transmission Products**: Includes passive devices like optical amplifiers and wavelength division multiplexing devices, primarily serving telecom equipment manufacturers [6][7] - **Subsystem Products**: Comprises optical line protection and monitoring devices, as well as data center interconnect communication equipment [8] - **Optical Module Business**: Offers a comprehensive range of products from 1G to 1.66T, catering to various applications including data centers and enterprise networks [9][10] 3. **Customer Base**: The majority of customers are domestic, with 70% of sales coming from China and 30% from overseas markets. The focus is on expanding the overseas market, particularly in North America [10][11] 4. **Demand Trends**: There is a strong demand for high-speed optical modules (400G and above) in the domestic market, although Q1 2024 showed modest growth due to supply chain constraints [11][12] 5. **Quantum Communication**: Guangxun has established a joint venture focused on quantum communication, with a significant market demand for quantum chips and devices, primarily driven by domestic needs [25][26] 6. **Chip Development**: The company has made substantial investments in chip development, with R&D expenditures constituting 22% of sales. This includes both domestic and overseas chip acquisitions to enhance competitiveness [17][18] 7. **Silicon Photonics**: Guangxun is actively developing silicon photonics technology, which is expected to be integrated into their 400G and 800G optical modules [21][23] 8. **Future Outlook**: The company anticipates a recovery in demand for data center interconnects and expects to return to 2022 sales levels in this segment [31] Additional Important Information - **Cost Management**: Despite a decline in sales revenue due to market conditions, Guangxun managed to increase profits through cost control and efficiency improvements [13] - **LPO Technology**: The company is involved in the development of Low Power Optical (LPO) technology, which aims to reduce power consumption and costs, although full commercialization may take time [36][37] - **Market Trends**: The demand for optical modules is expected to grow, particularly in the context of the ongoing digital transformation and the rise of AI in data centers [41] This summary encapsulates the essential insights from the conference call regarding Guangxun Technology's performance, market positioning, and future strategies in the optical communication and quantum communication sectors.

Investment Rating - The report gives a "Hold" rating for the company, with a current price of 37.92 CNY and no specified target price for the next six months [1]. Core Insights - The company's revenue for 2023 was 6.06 billion CNY, a decrease of 12.3% year-on-year, while the net profit attributable to the parent company was 620 million CNY, an increase of 1.8% year-on-year. The first quarter of 2024 showed a revenue of 1.29 billion CNY, a year-on-year increase of 1.8%, but a net profit decrease of 24.2% year-on-year [2][18]. - The company is experiencing short-term performance pressure but maintains a long-term positive trend. The demand for AI is expected to drive a recovery in demand [2][18]. - The company has a 6.3% market share in the global optical device market, ranking fourth globally, with significant positions in telecom transmission networks, data centers, and access networks [2][10]. Summary by Sections 1. Company Overview - The company, founded in 2001 and listed in 2009, is a leading manufacturer of optical devices and modules, focusing on both active and passive chip development [10][11]. - The company has a strong background in research and development, with a focus on expanding into new markets and products [10][12]. 2. Financial Analysis - The company reported a revenue of 6.06 billion CNY in 2023, down 12.3% from the previous year, while the net profit was 620 million CNY, up 1.8% [2][18]. - The first quarter of 2024 showed a revenue of 1.29 billion CNY, a year-on-year increase of 1.8%, but net profit decreased by 24.2% [2][18]. - The company has maintained stable gross margins across its product lines, with transmission products accounting for 55.2% of sales and a gross margin of 29.6% [18][20]. 3. Profit Forecast and Valuation - The forecast for EPS from 2024 to 2026 is 0.98 CNY, 1.26 CNY, and 1.63 CNY, with corresponding dynamic PE ratios of 39x, 30x, and 23x [2][25]. - The report highlights the potential for growth in the data communication market driven by AI, with significant revenue growth expected in the coming years [2][23]. - The company is positioned to benefit from the increasing demand for high-speed connections and new technologies in the optical device market [2][23].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][6] Core Views - The company reported a revenue of 6.061 billion yuan in 2023, a decrease of 12.31% year-on-year, while the net profit attributable to shareholders was 619 million yuan, an increase of 1.80% [5][6] - The first quarter of 2024 saw a revenue of 1.291 billion yuan, a year-on-year increase of 1.79%, but a quarter-on-quarter decrease of 25.55% [5][6] - The company is focusing on high-end optical devices and modules, with plans to expand into overseas markets, which is expected to drive future growth [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 6.061 billion yuan, with a net profit of 619 million yuan and a gross margin of 22.63% [5][6] - The first quarter of 2024 reported a revenue of 1.291 billion yuan and a net profit of 77.43 million yuan, with a gross margin of 22.53% [5][6] Research and Development - The company continued to invest in R&D for high-speed optical chips and high-end optical transceiver modules, with R&D expenses amounting to 560 million yuan, a decrease of 15.26% year-on-year [5][6] Market Position and Future Outlook - The company is positioned to benefit from the demand for high-speed optical modules driven by AI and the construction of backbone networks [5][6] - Revenue from transmission products was 3.344 billion yuan in 2023, while access and data revenue was 2.664 billion yuan, indicating a strategic focus on high-end optical devices [5][6] Earnings Forecast - The forecast for net profit attributable to shareholders is 819 million yuan for 2024, 1.021 billion yuan for 2025, and 1.233 billion yuan for 2026, with corresponding EPS of 1.03 yuan, 1.29 yuan, and 1.55 yuan respectively [6][9]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it suggests continuous attention due to the potential benefits from AI industry demands for high-speed optical modules [4]. Core Viewpoints - The company maintains a leading position in the global optical device market with a market share of 6.30%, ranking fourth globally [2]. - The company has a comprehensive product coverage and vertical integration capabilities, which are expected to benefit from the AI industry's demand for 400G and 800G optical modules [2]. - The company has a high R&D investment rate of 11.52% in Q1 2024, indicating a commitment to innovation across multiple fields [3]. - Revenue forecasts for 2024-2026 are optimistic, with expected revenues of 74.40 billion, 87.67 billion, and 100.84 billion yuan, reflecting growth rates of 22.75%, 17.84%, and 15.03% respectively [4]. Financial Performance Summary - In 2023, the company achieved a revenue of 60.61 billion yuan, a year-on-year decrease of 12.31%, while net profit attributable to shareholders was 6.19 billion yuan, a year-on-year increase of 1.80% [1]. - For Q1 2024, the company reported a revenue of 12.91 billion yuan, a year-on-year increase of 1.79%, but a net profit of 0.77 billion yuan, a year-on-year decrease of 24.21% [1]. - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.89, 1.03, and 1.17 yuan respectively, with a three-year compound annual growth rate (CAGR) of 14.41% [4]. Market Position and Product Development - The company ranks fourth in the telecom transmission network, fifth in data centers, and third in access networks within the optical device market [2]. - The product matrix includes optical modules for various speeds, which are expected to benefit from the growing demand in AI and data center interconnects [2]. - The company is actively investing in R&D for advanced technologies such as 400G backbone networks and AI cluster connections [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 50.40 CNY from the previous 34.80 CNY [1][2]. Core Views - The company is expected to benefit from a surge in demand driven by AI and the domestic 400G market, with a significant increase in profitability forecasted for 2024 [1][2]. - The first quarter performance was below expectations due to increased costs, but the overall annual performance aligns with market forecasts [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 6,061 million CNY in 2023, down 12.31% year-on-year, while the net profit attributable to shareholders was 619 million CNY, reflecting a 1.8% increase [1][2]. - The earnings per share (EPS) for 2024 is projected at 1.20 CNY, with subsequent years showing growth to 1.52 CNY and 1.90 CNY [1][2]. Profitability and Valuation Metrics - The report indicates an expected increase in net profit margins, with a projected net profit of 950 million CNY for 2024, representing a 53% increase [1][2]. - The company's price-to-earnings (PE) ratio for 2024 is estimated at 31.70, which is lower than the industry average of 44.80 [5]. Market Dynamics - The report highlights that domestic internet companies are significantly investing in AI, which is expected to drive demand for 400G optical modules, positioning the company as a key beneficiary [1][2]. - The anticipated growth in AI-driven demand is expected to catalyze a rapid increase in sales for the company, as it transitions from 100G/200G to 400G products [1][2].