Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 145.41 [1][4]. Core Insights - The company has experienced rapid revenue growth, with a 98.55% year-on-year increase in revenue to RMB 2.395 billion for the first three quarters of 2024, and a 122.39% increase in net profit attributable to shareholders to RMB 976 million [1]. - The company is expected to benefit from the increasing demand for AI computing power, particularly in the 400G and 800G optical communication sectors, as it has established a strong position in the supply chain of major global clients [3]. - Despite a lower-than-expected Q3 performance due to foreign exchange losses, the long-term growth outlook remains positive due to the anticipated demand from AI applications [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of RMB 839 million, a 54.77% increase year-on-year, and a net profit of RMB 322 million, up 58.69% year-on-year [1][2]. - The overall gross margin for Q3 2024 was 59.04%, reflecting a year-on-year increase of 3.68 percentage points [2]. Future Projections - The projected net profits for the company from 2024 to 2026 are RMB 1.534 billion, RMB 2.237 billion, and RMB 2.923 billion, respectively [4]. - The company is expected to maintain a leading position in the optical components sector, with a target price based on a 36x PE ratio for 2025 [4]. Market Position - The company is well-positioned to capitalize on the AI computing power demand, with ongoing developments in 1.6T optical modules expected to contribute to future revenue growth [3]. - The company has a market capitalization of RMB 68.297 billion and a closing price of RMB 123.30 as of October 22, 2023 [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company achieved a revenue of 2.395 billion RMB in the first three quarters of 2024, representing a year-on-year growth of 98.55%. The net profit attributable to shareholders reached 976 million RMB, up 122.39% year-on-year [2]. - The third quarter alone saw a revenue of 839 million RMB, with a net profit of 322 million RMB, reflecting a year-on-year growth of 54.77% and 58.69% respectively [2]. - The growth in revenue and profit is primarily driven by the increasing demand for high-speed optical devices due to advancements in AI technology and the global data center construction [2][3]. - The industry is currently experiencing a high demand phase, with capital expenditures from downstream clients expected to rise, particularly in AI-related hardware investments [2][3]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company reported a revenue of 2.395 billion RMB and a net profit of 976 million RMB, marking significant year-on-year increases of 98.55% and 122.39% respectively [2]. - The third quarter results showed a revenue of 839 million RMB and a net profit of 322 million RMB, with year-on-year growth rates of 54.77% and 58.69% [2]. Operational Analysis - The company’s profitability is under short-term pressure, with a gross margin of 59.04% and a net margin of 38.41% in the third quarter, slightly down from previous periods [2]. - The demand for high-speed optical devices is expected to remain strong, supported by the alleviation of production capacity constraints and increased order volumes for 800G and 1.6T products [3]. Future Outlook - The demand landscape for 2025 is becoming clearer, with expectations of sustained industry growth driven by increased capital expenditures from cloud service providers [2][3]. - The company forecasts net profits of 1.427 billion RMB, 2.234 billion RMB, and 2.795 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.58 RMB, 4.03 RMB, and 6.90 RMB [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical devices continues to grow, driven by advancements in AI technology and increasing computing power needs, leading to a stable growth in revenue for the company [2][4] - The company reported a revenue of 2.395 billion yuan for the first three quarters of 2024, a year-on-year increase of 98.55%, and a net profit of 976 million yuan, up 122.39% year-on-year [2] - The company maintains its profit forecast, expecting net profits of 1.494 billion, 2.178 billion, and 2.724 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 45.7, 31.4, and 25.1 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 58.21%, an increase of 5.28 percentage points year-on-year, and a net profit margin of 40.83%, up 4.37 percentage points year-on-year [2] - The company’s R&D expenses for the first three quarters of 2024 were 173 million yuan, a year-on-year increase of 65.07%, with an R&D expense ratio of 7.22% [3] - The company has established a global network with dual headquarters in Suzhou and Singapore, and multiple R&D centers in Japan, Shenzhen, and Suzhou, along with sales branches in the US, Hong Kong, Shenzhen, and Wuhan [4] Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are 4.017 billion, 5.962 billion, and 7.407 billion yuan respectively, with year-on-year growth rates of 107.2%, 48.4%, and 24.2% [5] - The projected net profits for the same years are 1.494 billion, 2.178 billion, and 2.724 billion yuan, with year-on-year growth rates of 104.7%, 45.8%, and 25.0% [5] - The company’s gross margin is expected to remain stable around 54.6% to 54.4% from 2024 to 2026 [5]

证券代码：300394 证券简称： 天孚通信 公告编号：2024-062 苏州天孚光通信股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州天孚光通信股份有限公司（以下简称"公司"）第五届董事会第五次会 议定于 2024 年 11 月 15 日（星期五）下午 14:30 召开公司 2024 年第三次临时股 东大会，现将有关事项通知如下： 一、召开会议的基本情况： 1、股东大会届次：2024 年第三次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法性及合规性：经本公司第五届董事会第五次会议审议通 过，决定召开 2024 年第三次临时股东大会，召集程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 4、会议召开日期、时间： （1）现场会议时间：2024 年 11 月 15 日（星期五）下午 14:30 （2）网络投票时间：2024 年 11 月 15 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2024 年 11 月 15 日上午 9:15-9:25，9 ...

证券代码：300394 证券简称：天孚通信 公告编号：2024-061 苏州天孚光通信股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次使用部分闲置自有资金进行现金管理的基本情况 1、投资目的 为提高资金使用效率，公司及子公司在不影响正常经营的情况下，合 理利用部分暂时闲置自有资金进行现金管理，可以增加资金收益，为公司 及股东获取更多的回报。 2、投资额度及期限 公司及子公司使用不超过 40 亿元闲置自有资金进行现金管理，期限为 自公司股东大会审议通过之日起 12 个月。在上述额度及决议有效期内，可 以循环滚动使用。 3、投资品种 公司及子公司拟使用自有资金进行现金管理的产品品种为安全性高、 流动性好的理财产品。 4、实施方式 在上述额度范围内，授权公司总经理行使该项投资决策权，签署相关 合同文件，公司财务负责人负责具体实施相关事宜。 苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）于 2024 年 10 月 21 日召开第五届董事会第五次会议和第五届监事会第五次会议，审议 通过了《关 ...

证券代码：300394 证券简称：天孚通信 公告编号：2024-058 苏州天孚光通信股份有限公司 第五届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）第五届 董事会第五次会议通知于 2024 年 10 月 11 日以电子邮件方式发出，会议于 2024 年 10 月 21 日以现场与通讯相结合的方式召开。应参加会议董事 6 人，实际参加 会议董事 6 人，公司监事、高级管理人员参加了会议。本次会议的召开符合《中 华人民共和国公司法》《公司章程》等法律法规和规范性文件的有关规定。会议 由董事长邹支农先生主持，审议通过以下各项议案及事项，并形成决议。 二、董事会会议审议情况 1、审议通过了《关于公司 2024 年第三季度报告的议案》 公司董事会经核查认为，公司 2024 年第三季度报告真实、准确、完整地反 映了公司 2024 年第三季度的财务状况和经营成果，不存在虚假记载、误导性陈 述和重大遗漏，披露的信息真实、准确、完整。 表决结果：同意 6 票，反对 ...

苏州天孚光通信股份有限公司 第五届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 苏州天孚光通信股份有限公司（以下简称"公司"）第五届监事会第五次会 议通知于 2024 年 10 月 11 日以电子邮件方式发出，会议于 2024 年 10 月 21 日以 现场方式召开。应参加会议监事 3 人，实际参加会议监事 3 人。本次会议的召开 符合《中华人民共和国公司法》等法律法规及《公司章程》的规定。会议由监事 会主席王显谋先生主持，审议通过以下各项议案及事项，并形成决议。 二、监事会会议审议情况 1、审议通过了《关于公司 2024 年第三季度报告的议案》 经审议，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：300394 证券简称：天孚通信 公告编号：2024-059 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司刊登于巨潮资讯网的 ...

Financial Performance - Revenue for the third quarter reached 838.75 million yuan, a year-on-year increase of 54.77%[1] - Net profit attributable to shareholders of the listed company was 322.25 million yuan, up 58.69% year-on-year[1] - Operating income for the year-to-date was 2.39 billion yuan, a year-on-year increase of 98.55%, driven by increased demand for high-speed optical components due to AI technology development and global data center construction[4] - Total revenue for the period reached 2,394,707,401.46 yuan, a significant increase from 1,206,110,652.99 yuan in the previous period[15] - Net profit attributable to the parent company's owners increased to 2,125,550,627.61 yuan from 1,544,755,673.69 yuan[14] - Net profit attributable to parent company shareholders reached 976,446,154.92 yuan, a significant increase from 439,076,654.11 yuan in the previous period[16] - Sales revenue from goods and services reached 2,330,137,917.66 yuan, a substantial increase from 1,216,969,859.19 yuan in the previous period[18] - Total comprehensive income amounted to 988,243,022.20 yuan, compared to 436,650,787.02 yuan in the previous period[17] - Basic earnings per share increased to 1.7642 yuan, up from 1.1132 yuan in the previous period[17] Assets and Liabilities - Total assets as of the end of the reporting period were 4.66 billion yuan, an increase of 19.66% compared to the end of the previous year[1] - Total assets increased to 4,664,594,713.76 yuan from 3,898,223,252.92 yuan at the beginning of the period[13] - Total liabilities rose to 788,264,959.79 yuan, up from 535,012,521.09 yuan at the beginning of the period[14] - Fixed assets increased to 745,424,874.30 yuan, compared to 616,493,648.04 yuan at the beginning of the period[13] - Intangible assets increased by 66.15% to 81.66 million yuan, mainly due to the purchase of land by the Thai subsidiary[4] Cash Flow - Cash flow from operating activities increased by 81.64% to 893.55 million yuan, driven by increased sales and collections[5] - Operating cash flow increased to 893,548,799.62 yuan, up from 491,922,842.85 yuan in the previous period[18] - Investment cash flow showed a net outflow of 207,765,645.40 yuan, compared to a net inflow of 324,425,998.46 yuan in the previous period[19] - Total cash inflow from investment activities was 2,620,272,447.12 yuan, compared to 1,744,445,438.50 yuan in the previous period[19] - Total cash outflow from investment activities was 2,828,038,092.52 yuan, up from 1,420,019,440.04 yuan in the previous period[19] - Net cash flow from financing activities was -272,820,924.50 yuan, compared to -116,492,945.26 yuan in the previous period[19] - Cash and cash equivalents grew to 2,238,120,560.97 yuan, up from 1,864,103,660.31 yuan at the beginning of the period[12] - Cash and cash equivalents at the end of the period stood at 2,235,120,560.97 yuan, up from 1,388,377,781.02 yuan in the previous period[19] Accounts Receivable and Contract Liabilities - Accounts receivable increased by 63.68% to 695.08 million yuan, primarily due to natural growth from increased sales[4] - Accounts receivable rose to 695,075,876.64 yuan, up from 424,667,739.87 yuan at the beginning of the period[12] - Contract liabilities increased by 133.88% to 195.78 million yuan, primarily due to increased advance payments from customers[4] - Contract liabilities increased to 195,776,205.12 yuan, compared to 83,708,461.32 yuan at the beginning of the period[13] Research and Development - Research and development expenses increased by 65.07% to 172.81 million yuan, mainly due to increased equity incentive expenses[5] - R&D expenses increased to 172,805,259.63 yuan, compared to 104,684,341.83 yuan in the previous period[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 61,087[6] - Suzhou Tianfu Renhe Investment Management Co., Ltd. holds 38.04% of the shares, totaling 210,714,328 shares[6] - Zhu Guodong, an overseas natural person, holds 8.90% of the shares, totaling 49,324,505 shares[6] - Hong Kong Central Clearing Limited holds 2.47% of the shares, totaling 13,670,562 shares[6] - The Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF holds 1.52% of the shares, totaling 8,414,064 shares[6] - The Agricultural Bank of China Limited - CSI 500 ETF holds 1.04% of the shares, totaling 5,748,096 shares[6] - The Bank of China Limited - Manulife Transformation Opportunity Stock Fund holds 0.73% of the shares, totaling 4,048,780 shares[6] - Ping An Bank Co., Ltd. - Dongwu Mobile Internet Flexible Allocation Mixed Fund holds 0.61% of the shares, totaling 3,356,171 shares[6] Acquisitions - The company acquired 46.67% equity of Suzhou Tianfu Star Technology Co., Ltd. for RMB 233,592,093.41, increasing its ownership to 100%[11] - The acquisition of Suzhou Tianfu Star Technology Co., Ltd. was completed with the change of business registration on September 13, 2024[11] Prepayments - Prepayments increased by 93.60% to 7.51 million yuan, mainly due to increased prepayments for equipment and engineering[4]

Group 1 - The overall increase in the telecommunications industry is 0.05%, with 42 stocks rising and 6 stocks, including Hai Neng Da and Ming Pu Guang Ci, hitting the daily limit [1] - A total of 85 stocks are experiencing declines, with the largest drops recorded by Yun Li Wu Li at 14.24%, Fu Shi Da at 14.16%, and Shi Ji Ding Li at 10.45% [1] - As of October 21, the margin trading balance for Tianfu Communication is 1.516 billion yuan, with a financing balance of 1.505 billion yuan, reflecting an increase of 253 million yuan over the past 10 days, representing a 20.24% growth [1]

证券代码：300394 证券简称：天孚通信 公告编号：2024-057 苏州天孚光通信股份有限公司 2024 年半年度权益分派实施公告 3、自公司 2024 年半年度权益分派方案披露至实施期间，公司股本总额未 发生变化。 4、本次实施的权益分派方案与第五届董事会第四次会议审议通过的分配方 案一致，符合公司 2023 年年度股东大会审议通过的《关于 2024 年中期分红安 排的议案》相关要求，无需再次提交股东大会审议。 5、本次权益分派距离公司董事会审议通过利润分配方案时间未超过两个 月。 二、本次实施的利润分配方案情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 苏州天孚光通信股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日 召开第五届董事会第四次会议、第五届监事会第四次会议，审议通过了《关于 公司 2024 年半年度利润分配预案的议案》，2024 年半年度利润分配方案在公司 2023 年年度股东大会授权范围内，无需再次提交公司股东大会审议，现将权益 分派事宜公告如下： 一、股东大会授权及董事会审议通过利润分配方案情况 1、公司于 202 ...