证券代码：300394 证券简称：天孚通信 公告编号：2025-004 苏州天孚光通信股份有限公司 第五届董事会第六次会议决议公告 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。 二、董事会会议审议情况 1、审议通过了《关于公司 2024 年年度报告及其摘要的议案》 董事会审议了《公司 2024 年年度报告》及《公司 2024 年年度报告摘要》， 董事会全体成员一致认为公司 2024 年年度报告真实、准确、完整地反映了公司 2024 年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。 该议案已经公司董事会审计委员会审议通过。 表决结果：同意 6 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公司《2024 年年度报告》及《2024 年 年度报告摘要》（公告编号：2025-003），供投资者查阅。 本议案尚需提交 2024 年年度股东大会审议。 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 董事会第六次会议通知于 2025 年 4 月 7 日以电子邮件 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-012 苏州天孚光通信股份有限公司 关于授权董事会制定 2025 年中期分红方案的公告 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。 苏州天孚光通信股份有限公司（以下简称"公司"）根据《公司法》《上市公 司监管指引第 3 号—上市公司现金分红》、《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等相关法律、法规、规范性文件及《公 司章程》的规定，为进一步提高分红频次，增强投资者回报水平，结合公司实际 情况，公司拟定 2025 年中期分红安排如下： 一、2025 年中期分红安排 （一）中期分红条件 公司拟于 2025 年度进行中期分红，应同时满足下列条件： 公司在 2025 年度进行中期分红时，结合未分配利润与当期业绩进行分红， 以当时总股本为基数，派发现金红利总额不超过当期净利润。 （三）中期分红的授权内容 1、公司当期归属于上市公司股东的净利润为正数，且累计未分配利润亦为 正数； 2、公司的现金流能够满足正常经营活动及持续发展的资金需求； 3、符合《上市公司监管指引第 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-006 苏州天孚光通信股份有限公司 关于 2024 年度利润分配及资本公积金转增股本预案的公告 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。 苏州天孚光通信股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召 开第五届董事会独立董事专门会议 2025 年第一次会议，于 2025 年 4 月 17 日召 开第五届董事会第六次会议和第五届监事会第六次会议审议通过了《关于公司 2024 年度利润分配及资本公积金转增股本预案的议案》，本议案尚需提交公司 2024 年年度股东大会审议，现将具体情况公告如下。 一、利润分配及资本公积金转增股本预案基本情况 1、本次利润分配及资本公积金转增股本方案分配基准为 2024 年度。 2、经公证天业会计师事务所（特殊普通合伙）审计，公司 2024 年度实现归 属于上市公司股东的净利润为 1,343,522,232.87 元，按母公司 2024 年度实现净 利润的 10%提取法定盈余公积金 143,915,680.28 元。截至 2024 年 12 月 ...

Revenue and Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-over-year growth of 15%[26]. - The company projects a revenue guidance of RMB 1.5 billion for the fiscal year 2024, indicating a growth target of 25%[26]. - The company's operating revenue for 2024 reached ¥3,251,707,626.61, representing a 67.74% increase compared to ¥1,938,597,573.62 in 2023[31]. - Net profit attributable to shareholders for 2024 was ¥1,343,522,232.87, an 84.07% increase from ¥729,879,435.78 in 2023[31]. - The net profit after deducting non-recurring gains and losses was ¥1,313,984,813.15 for 2024, up 82.56% from ¥719,747,981.64 in 2023[31]. - The gross margin for the year was reported at 35%, a slight increase from 32% in the previous year[26]. - The company’s revenue from optical communication components was 3.232 billion yuan, accounting for 99.38% of total revenue, with a year-on-year growth of 67.51%[98]. - The gross margin for optical communication components was 57.29%, reflecting a 3.02% increase from the previous year[100]. - The company reported a total revenue of 831.92 million, with a net profit of 326.99 million, reflecting a profit margin of approximately 39.2%[137]. Customer Concentration and Market Expansion - Revenue from the top five customers constituted 86.80% of total operating income, highlighting a concentration risk[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[26]. - The company is expanding into new product areas, including components for LiDAR applications, but faces challenges with market competition and customer adoption[8]. - The company is actively expanding into the laser radar and biophotonics sectors, leveraging its existing optical communication technology platform to develop new products for downstream customers[68]. - The company is focusing on market expansion and new product development as part of its growth strategy[168]. Research and Development - The company is focused on continuous technological innovation to keep pace with rapid advancements in AI and silicon photonics[11]. - The company is investing RMB 50 million in R&D for new technologies, focusing on 5G and data center solutions[26]. - The company has a strong focus on R&D, with a multi-layered research system that includes new project pre-research, product development, and reliability testing[72]. - The company has over 200 patents as of the end of the reporting period, indicating a strong focus on innovation[95]. - R&D investment for 2024 was 232 million yuan, representing a 62.11% increase year-on-year[95]. - The company aims to increase R&D investment, targeting the development of high-speed products such as 800G and 1.6T solutions to support customer product launches[139]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 10% through efficiency improvements in manufacturing processes[26]. - The company is committed to maintaining transparency and effective communication with its stakeholders regarding its performance and strategic direction[170]. - The company has developed a comprehensive supply chain layout with procurement centers in multiple locations, ensuring stable delivery and optimal costs[72]. - The company is focusing on optimizing its cost structure and improving operational efficiency amid increasing competition in the AI and data center sectors[92]. - The company employs a "sales-driven production" model, promoting smart manufacturing to enhance operational efficiency and ensure stable quality delivery[73]. International Operations and Trade Risks - The company's overseas revenue accounted for a significant portion of total sales, indicating a high reliance on international markets[5]. - The company emphasizes the importance of diversifying its supply chain to minimize the impact of potential international trade policy changes[6]. - The company faces risks related to international trade disputes, which could impact its overseas sales and procurement due to changing trade policies[140]. - The company is exposed to industry policy risks, particularly in the optical communication sector, which is sensitive to capital expenditures from telecom operators and data centers[140]. Governance and Management - The company has established a complete and independent financial management system, including independent accounting and tax obligations[158]. - The company has a fully independent personnel management system, ensuring compliance with labor laws and regulations[157]. - The company has implemented a "Quality and Return Dual Improvement" action plan aimed at enhancing investor confidence and promoting sustainable development[151]. - The company’s governance practices were strengthened through effective communication and collaboration among board members[178]. - The company has undergone changes in its board of directors and senior management, with key personnel having extensive backgrounds in engineering and management[165][166][167]. Shareholder Engagement and Remuneration - The company approved a cash dividend of RMB 5.00 per 10 shares, totaling RMB 276,955,840.50, and did not issue new shares from capital reserves[187]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 11.8553 million[174]. - The remuneration decision process involves the shareholders' meeting for directors and supervisors, while the board of directors decides for senior management[173]. - The company has implemented a stock incentive plan, resulting in an increase of 391,676 shares, translating to a 4% increase per 10 shares held[162]. Market Trends and Future Outlook - The optical device market is expected to grow significantly, with a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2030 for optical modules, LPO, and CPO targeting AI clusters[44]. - The demand for data centers is continuously increasing due to the rapid growth of computing power requirements driven by digital transformation and AI applications[46]. - The global automotive lidar market is forecasted to grow from $538 million in 2023 to $3.632 billion by 2029, representing a CAGR of 38%[61]. - The company anticipates that its gross margin for active optical devices will improve as it addresses the challenges posed by lower-margin products[145].

Industry Overview - The Chinese optical communication industry is experiencing historic development opportunities driven by artificial intelligence, computing power networks, and the digital economy [1] - The market size of China's optical communication is expected to exceed 175 billion yuan by 2025, with a compound annual growth rate of 12%, accounting for over 50% of the global market share [1] Company Performance - Zhongji Xuchuang is projected to achieve a revenue of 23.861 billion yuan in 2024, a year-on-year increase of 122.63%, and a net profit of 5.171 billion yuan, up 137.9% [1] - Tianfu Communication is expected to realize a net profit of 1.256 billion to 1.401 billion yuan in 2024, representing a growth of 72% to 92% [1] - Xinyi Sheng is forecasted to achieve a net profit of 2.830 billion yuan in 2024, a significant increase of 311% [1] - Guangku Technology anticipates a net profit of 66.983 million yuan in 2024, reflecting a year-on-year growth of 12.32% [2] Technological Advancements - The optical communication industry has entered a technology iteration cycle centered on computing power demand, with 800G/1.6T optical modules and CPO technology expected to reshape the competitive landscape [2] - CPO (Co-Packaged Optics) and OIO (Optical Interconnect) technologies are projected to open new market opportunities, with the CPO market potentially reaching 19.2 billion USD and the OIO market potentially reaching 69.1 billion USD under neutral assumptions [2]

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Viewpoints - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential valuation recovery for companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have international production capabilities [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators, indicating a sustained narrative for AI growth [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, with firms like Jiexun Feihong and China Satcom positioned to gain [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military firms like Jiexun Feihong and China Satcom [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments [16][19]. Tariff Impact - The U.S. Customs and Border Protection announced tariff exemptions for specific communication electronic products, which is expected to positively impact the optical communication industry [20][21]. Computing Power Demand - Major companies like Alibaba and ByteDance are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for domestic computing power demand [3][22]. Key Companies - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military communication firms such as Jiexun Feihong and China Satcom, among others [4][9].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The AI industry is expected to remain a key investment theme for the year, with significant developments anticipated in AI models and applications, particularly with the upcoming release of GPT-4.1 and related technologies [2][10] - The report emphasizes the importance of the "AI + overseas expansion + satellite" investment opportunities, highlighting the potential in sectors such as optical modules, liquid cooling, and domestic computing power [19][20] - The government’s focus on deep-sea technology and the North Star satellite industry is seen as a catalyst for growth in these sectors [2][19] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include companies in optical modules and optical devices such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [3][23] - For switch server PCBs, recommended companies include Hudian Co., ZTE, and Unisplendour [3][23] - Emphasis on undervalued, high-dividend companies like China Mobile, China Telecom, and China Unicom [3][23] - AIDC and cooling solutions are highlighted with key recommendations for companies like Yingweike and Runze Technology [3][23] - AIGC applications and edge computing power are recommended for companies like Guohua Tong and Meige Intelligent [3][23] 2. Marine Wind and Submarine Cables - Key recommendations for marine wind and submarine cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [4][24] - The report notes a recovery in overseas expansion and concentration on leading companies such as Huace Navigation and Weisheng Information [4][24] 3. Satellite Internet and Low-altitude Economy - The report highlights the acceleration of low-orbit satellites and the low-altitude economy, recommending companies like Huace Navigation and Haige Communication [5][25] - Suggested companies for attention include Chengchang Technology and Zhenlei Technology [5][25] 4. Recent Industry Dynamics - The AI industry is experiencing rapid advancements, with OpenAI's upcoming GPT-4.1 model expected to enhance multimodal reasoning capabilities [10][12] - The National Development and Reform Commission is seeking public opinion on the Satellite Navigation Regulations, which is expected to support the development of the Beidou satellite industry [13][14]

Group 1 - The A-share CPO concept stocks opened with significant gains, with companies like New Yisheng, Robotec, Taicheng Light, Tianfu Communication, and Ruijie Network seeing increases of over 10% [1]

Core Viewpoint - The company has not observed any significant adjustments in customer demand due to tariff policies, with stable order business and continuous growth in new products [1] Group 1: Business Operations - The company's order business remains stable, and new products are consistently increasing in volume [1] - The first phase of the company's factory in Thailand was completed and put into production last year, with major customer certifications already passed [1] - The second phase of the factory is expected to complete renovations soon, with equipment installation and debugging of production lines underway [1] Group 2: Product Development - The company showcased products at OFC2025, focusing on FAU (Fiber Array Unit) and POSA (Passive Optical Components) for co-packaged optics (CPO) and high-speed optical module applications [1] - These products are core components of optical communication systems, supporting transmission rates of 400G, 800G, and 1.6T and above, catering to high bandwidth demands in AI and data center scenarios [1]

Group 1: Financial Impact and Sales Performance - In 2023, the company's sales revenue in North America was 42.55 million yuan, accounting for 2.19% of the total sales revenue [3] - The impact of the recent tariff policy on the company's sales business is controllable and limited, with ongoing communication with customers to mitigate tariff effects [3] Group 2: Production Capacity and Expansion - The first phase of the Thailand factory was completed and put into production last year, with major customer certifications already passed [4] - The second phase of the factory is expected to complete renovations soon, with equipment installation and debugging underway [4] - The Thailand factory has not yet made a significant contribution to the company's revenue, but capacity and contributions are expected to gradually increase this year [6] Group 3: Order Demand and Product Transition - Currently, the company's order business remains stable, with no significant adjustments in customer demand due to tariff policies [5] - Future product transitions to overseas production will be considered based on customer demand, production costs, and facility factors [7] Group 4: Operational Costs and Efficiency - The operational costs of the Thailand factory are expected to be higher than those in China initially, influenced by labor supply, employee efficiency, and capacity utilization [7] - The company will continue to promote efficiency improvements and cost reductions [7] Group 5: Product Showcase and Market Trends - The company participated in OFC 2025, showcasing products like FAU (Fiber Array Unit) and POSA (Passive Optical Subassembly) that support high transmission rates of 400G, 800G, and 1.6T, catering to the demands of AI and data centers [7]