你好欢迎参加民生通讯公讯科技2023年年报和2024年疫情报解读电话会议目前所参会者正处于检讨状态现在开始播报名字声明声明播完后指示用口现在开始发言本次电话会议仅供民生证券专业投资者参考会议内容任何情况下都不构成投资建议任何机构或个人不得以任何形式泄露本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利尊敬各位投资人大家 我是民生空间的首席分析师马天宇今天和我们组的这个马家卫博士一起然后这个跟这个光鲜科技的领导当中一起来交流一下这个光鲜科技最近的一些经营的一个情况其实呢我们一直以来也一直跟市场的讲一个观点就是说其实光模块一旦减去的时候它会引起整个行业的这样一个明显的共振包括今年我们看到上万年的上游器件的一些顶缺包括海外的升级节约的速度的加快 包括一些材料侧的替换,这几方面其实基本上延展了我们说的这个观点,就是在整体构起来的时候,我光通信的这样一个扩展或者说中间产业的供应和我们有些看到的消费电子的供应是完全不一样的这样一个商业逻辑。 所以今天呢我们也邀请了就是我们光鲜科技的这个对外交流的领导张总和我们来一起来交流一下光鲜科技在光通信包括量子通信包括以前这个我们其实我们当年 ...

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].

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company achieved a revenue of 6.061 billion yuan in 2023, a year-on-year decrease of 12.31%, while the net profit attributable to shareholders increased by 1.80% to 619 million yuan [1][2]. - The telecom demand remains stable, with the company holding a strong position in its market segments, ranking fourth globally in optical devices with a market share of 6.3% [1]. - The demand in the data communication market is expected to remain high, driven by AI investments from major players like Meta and Microsoft, which are increasing their capital expenditures significantly [1]. - The company has a diverse product matrix in the data communication field, including various optical modules and ongoing chip development, indicating strong growth potential [1]. - Future profit forecasts for the company are 805 million yuan in 2024, 1.072 billion yuan in 2025, and 1.386 billion yuan in 2026, with corresponding PE ratios of 37X, 28X, and 22X [1][2]. Financial Performance Summary - In 2023, the company's revenue was 6.061 billion yuan, with a net profit of 619 million yuan, and a decrease in revenue of 12.31% compared to the previous year [1][2]. - The company's core business segments include transmission services, which generated 3.344 billion yuan in revenue, and data and access services, which generated 2.664 billion yuan [1]. - The gross margin for transmission services was 29.56%, while for data and access services, it was 13.04% [1]. - The company expects a revenue growth rate of 33.61% in 2024, with a net profit growth rate of 30.05% [6][7].

2023 年度 环境、社会责任和公司治理 (ESG)报告 武汉光迅科技股份有限公司 A 股代码： 002281 目录 董事长致辞 立潮头，开创光迅新时代 公司简介 04 企业文化 2023年主要事件 2023年荣誉与奖项 强治理，追求发展高质量 | 党建引领 | 08 | | --- | --- | | 公司治理 | 10 | | 风控管理 | 14 | | 合规与道德 | 16 | 推创新，打造新质生产力 | 1 | | --- | | 04 | | --- | | 05 | | 06 | 夯基础，实现绿色可持续 环保管控 供应链管理 创和谐，共迎未来新挑战 | 成就员工 | 54 | | --- | --- | | 人文关怀 | 63 | | 回馈社会 | 66 | | 推创新，打造新质生产力 | | | --- | --- | | 技术创新 | 19 | | 产业升级 | 25 | | 附录 | | | --- | --- | | 关于本报告 | 69 | | 关键绩效表 | 70 | | 指标索引 | 74 | | 独立鉴证报告 | 83 | | 意见反馈 | 84 | 节能降碳 40 45 51 6 ...

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