Investment Rating - The report assigns a rating of "Buy" to the company, with a target price of 203.88 CNY, down from the previous target of 214.00 CNY [1][2]. Core Views - The company's revenue fell short of expectations, but its profitability remains strong. The report highlights that the company has adjusted its profit forecasts downward due to personnel fluctuations impacting performance [1][2]. - The company is expected to commence production overseas in the second half of the year, with high-end products already in the pipeline [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 731 million CNY, representing a year-on-year growth of 154.95%. The net profit attributable to shareholders was 278 million CNY, a year-on-year increase of 202.68% [1][2]. - The report notes that the company's performance was impacted by overestimated non-source income and significant personnel changes during the Spring Festival [1][2]. Profitability Forecast - The report projects a decline in net profit margins for 2026 to 6.06%, -1.48%, and -3.71% respectively, with corresponding EPS of 3.73, 5.66, and 7.07 CNY [1][2]. - The company is expected to maintain a high profitability level, with a projected operating profit margin of 43.5% for 2024 [1][2]. Business Outlook - The company is expanding its overseas production capabilities, with a factory in Thailand expected to begin trial production in the first half of the year [1][2]. - The report anticipates that the company's active and passive product lines will begin shipping from overseas, enhancing service to the Thai optical communication cluster and global customers [1][2]. Financial Metrics - The company reported a total revenue of 1,939 million CNY for 2023, with a projected revenue of 3,875 million CNY for 2024 [2][5]. - The net profit for 2023 is estimated at 730 million CNY, with projections of 1,474 million CNY for 2024 [5]. Investment Highlights - The report emphasizes the company's strong operational performance and the positive outlook for its high-end product lines, which are expected to drive profitability [1][2].

2024-4-23天孚通信年报和一季报业绩交流 会议要点 1、财务业绩 公司2023年Q4单季度营收约为7.3亿，利润约为2.9亿，毛利率约为56%，相比Q3略有 提升。 2024年Q1营收与Q4基本持平，毛利率略低于Q4，受股权激励基金影响，管理费用和研 发费用增加。 2、产能与人员 春节前后人员切换导致Q1产能紧张，影响交付能力，预计从4月或5月开始产能将逐步提 升。 人员培训周期影响产能恢复，关键工序新人达到满产产出需1-2个月。 3、产品与技术 800G产品需求持续增长，订单能见度至Q2，5-6月份订单将提前与客户对齐。 6T产品研发保密，具体进展未公开。 硅光引擎研发早期，800G和400G产品目前以传统光器件为主。 4、存货与资产负债 Q1存货相比去年Q4末有所下降，公司在控制不必要库存和战略库存水平。 物料供应受日本地震影响，预计4-5月份将逐步缓解。 5、市场需求与份额 国内外光模块市场需求增长，特别是400G产品需求量大。 公司在全球市场中的份额和需求变化受多种因素影响，包括产能、良率、效率等。 6、资本开支与新建产能 2024年资本开支计划保密，泰国工厂预计5月份投产，9月份第二期投产，2 ...

证券研究报告 | 季报点评 2024年04月24日 天孚通信（300394.SZ） 盈利能力提升，高速率光引擎需求增加 买入（维持） 事件：公司发布2023年年报和2024年一季报，全年实现营收19.4亿元， 股票信息 同比增长62%，归母净利润7.3亿元，同比增长81%，扣非归母净利润7.2 亿元，同比增长97%；2024Q1，公司实现营收7.3亿元，同比增长155%， 行业 通信设备 归母净利润2.8亿元，同比增长203%，扣非归母净利润2.7亿元，同比增 前次评级 买入 长215%。 4月23日收盘价(元) 158.52 总市值(百万元) 62,597.45 AI发展拉动高速率器件需求增长较快，业务毛利率提升显著： 总股本(百万股) 394.89 ➢ 公司2023年营业收入和归母净利润均取得较高增速，主要得益于人工 其中自由流通股(%) 90.79 智能AI技术的发展和算力需求的增加，全球数据中心建设带动对高速 30日日均成交量(百万股) 16.16 光器件产品需求的持续稳定增长，尤其是高速率产品需求增长较快。 股价走势 从产品构成来看，公司 2023 全年光无源器件收入达到 11.8 亿元，同 比增长 ...

证券研究报告 公 2024年04月24日 司 报 告 天孚通信(300394) │ 行 业： 通信/通信设备 公 投资评级： 买入（维持） 司 当前价格： 158.52元 年 高速率光器件持续放量带动业绩高增长 目标价格： 205.52元 报 点 事件： 评 基本数据 公司发布2023年年度报告及2024年一季度报告。公司2023年实现营业收 总股本/流通股本(百万股) 394.89/358.50 入19.39亿元，同比增长62.04%；归母净利润7.30亿元，同比增长81.14%； 流通A股市值(百万元) 56,829.40 扣非归母净利润7.20亿元，同比增长97.42%。公司2024Q1实现营业收入 每股净资产(元) 8.84 7.32亿元，同比增长154.95%；归母净利润2.79亿元，同比增长202.68%； 资产负债率(%) 12.49 扣非归母净利润2.69亿元，同比增长215.07%。 一年内最高/最低(元) 173.99/50.00 ➢ 高速率产品持续放量，研发投入稳步提升 公司 2023年业绩增长主要受益于 AI技术的发展和算力需求的增加，全球 股价相对走势 数据中心建设带动对高速光器件产 ...

证券研究报告 | 2024年04月24日 天孚通信（300394.SZ） 买入 高速率产品需求增长显著，积极降本增效 核心观点 公司研究·财报点评 一季度营收和净利润环比基本持平。公司发布2023年报及2024年一季报， 通信·通信设备 2023年实现营业收入19.4亿元，同比增长62.0%，实现归母净利润7.3亿 证券分析师：马成龙 联系人：钱嘉隆 元，同比增长81.1%。2024年一季度，公司实现营业收入7.3亿元，同比增 021-60933150 021-60375445 machenglong@guosen.com.cn qianjialong@guosen.com.cn 长155%，环比基本持平；实现归母净利润2.8亿元，同比增长202.7%，环 S0980518100002 比下降4.1%。整体来看，高速率产品需求快速增长带动公司业绩同比仍实现 基础数据 快速增长。根据公司公告，公司一季度营收、净利润环比基本持平，主要受 投资评级 买入(维持) 制于春节后熟练工人短缺带来的阶段性产能紧缺问题。 合理估值 收盘价 158.52元 总市值/流通市值 62597/56829百万元 积极降本增效，盈利能力 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][15]. Core Views - The company reported a significant increase in revenue and net profit for Q1 2024, with revenue reaching 732 million yuan, a year-on-year growth of 154.95%, and net profit of 279 million yuan, up 202.68% year-on-year [2]. - Despite a slight decline in performance compared to the previous quarter, the company is expected to benefit from strong downstream demand and the upcoming operational capacity from its Thailand production base [2][3]. - The company is positioned as a leading provider of optical device solutions, poised to benefit from the growing demand for high-speed optical modules driven by global AI computing needs [2][3]. Financial Summary - For 2024, the company is projected to achieve total revenue of 4.01 billion yuan, with a year-on-year growth rate of 106.9%, and a net profit of 1.47 billion yuan, reflecting a growth rate of 101.4% [3]. - The company maintains a high gross margin of 55.51% in Q1 2024, with a net profit margin of 38.24%, indicating strong profitability [2]. - The company's inventory turnover days improved significantly to 67.74 days in Q1 2024, down from 89.83 days at the end of 2023, suggesting efficient inventory management [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [2][13]. Core Insights - In 2023, the company achieved a revenue of 1.939 billion yuan, representing a year-on-year growth of 62.04%, and a net profit of 730 million yuan, with an 81.14% increase year-on-year [2][3]. - The growth in performance is attributed to the increasing demand for AI computing power and the expansion of global data centers, which has driven stable growth in the demand for high-speed optical devices [3]. - The company has made significant advancements in its optical communication segment, particularly in high-speed optical devices, and has established multiple leading technologies in manufacturing processes [3]. - The company continues to invest heavily in R&D, with an expenditure of 143 million yuan in 2023, a 16.74% increase from the previous year, and is expanding its international presence with a global operational layout [3]. Financial Summary - The company reported a revenue of 1,939 million yuan in 2023, with a projected revenue of 3,405 million yuan for 2024, indicating a growth rate of 75.7% [2][9]. - The net profit for 2023 was 730 million yuan, with forecasts of 1,213 million yuan for 2024, reflecting a growth rate of 66.2% [2][9]. - The company's return on equity (ROE) improved from 15.4% in 2022 to 21.7% in 2023, with expectations to reach 29.2% in 2024 [2][9]. - The earnings per share (EPS) increased from 1.02 yuan in 2022 to 1.85 yuan in 2023, with projections of 3.07 yuan for 2024 [2][9].

苏州天孚光通信股份有限公司 关于董事、高级管理人员减持股份的预披露公告 证券代码：300394 证券简称：天孚通信 公告编号：2024-021 公司董事王志弘、高级管理人员陈凯荣、吴文太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。 特别提示： 1、公司董事、副总经理王志弘先生持有苏州天孚光通信股份有限公司（以下 简称"公司"或"天孚通信"）979,490 股（占公司总股本比例 0.2480%），计划在 本减持计划预披露公告之日起十五个交易日后的三个月内（窗口期不减持），以集 中竞价方式减持公司股份不超过 244,800 股(不超过公司总股本比例 0.0620%)。 2、公司董事会秘书、副总经理陈凯荣先生持有天孚通信 84,000 股（占公司 总股本比例 0.0213%），计划在本减持计划预披露公告之日起十五个交易日后的三 个月内（窗口期不减持），以集中竞价方式减持公司股份不超过 21,000 股(不超过 公司总股本比例 0.0054%)。 3、公司财务总监吴文太先生持有天孚通信 21,600 股（占公司总 ...

股 票 研 究 [Table_industryInfo] 电信运营/信息技术 [ Table_Main[天ITnaf 孚bol]e 通_Ti信tle]( 300394) [评Tab级le_：Inv est] 增持 上次评级： 增持 盈利能力提升，积极回馈股东 目标价格： 214.00 上次预测： 198.00 公 ——2023年年报点评 当前价格： 154.80 司 王彦龙(分析师) 黎明聪(分析师) 2024.04.23 更 010-83939775 0755-23976500 [交Ta易bl数e_M据a rket] 新 wangyanlong@gtjas.com limingcong@gtjas.com 证书编号 S0880519100003 S0880523080008 52周内股价区间（元） 51.02-171.71 报 总市值（百万元） 61,128 告 本报告导读： 总股本/流通A股（百万股） 395/358 上调盈利预测，上调目标价，给予增持评级；业绩符合预期，有源产品放量，整体盈 流通 B股/H股（百万股） 0/0 流通股比例 91% 利能力提升，积极回报股东，拟分红和转增股本。 日均成交量（ ...

Financial Performance - The company's revenue for Q1 2024 reached ¥731,670,538.96, representing a 154.95% increase compared to ¥286,990,129.38 in the same period last year[3] - Net profit attributable to shareholders was ¥278,877,189.59, up 202.68% from ¥92,136,784.60 year-on-year[3] - The basic earnings per share increased to ¥0.7062, a rise of 201.92% from ¥0.2339 in the previous year[3] - The total operating revenue for Q1 2024 reached ¥731,670,538.96, a significant increase of 154.5% compared to ¥286,990,129.38 in the same period last year[17] - The company's net profit for Q1 2024 reached CNY 279,823,463.52, a significant increase from CNY 92,120,594.73 in Q1 2023, representing a growth of approximately 203.5%[18] - Total operating revenue for Q1 2024 was CNY 634,508,795.91, compared to CNY 324,681,577.23 in the same period last year, marking an increase of about 96%[20] - The company reported a total comprehensive income of CNY 273,450,258.65 for Q1 2024, compared to CNY 91,671,067.86 in Q1 2023, indicating a year-over-year increase of approximately 197%[19] - Earnings per share (EPS) for Q1 2024 were CNY 0.7062, up from CNY 0.2339 in the previous year, reflecting a growth of about 201%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,183,093,556.61, reflecting a 7.31% increase from ¥3,898,223,252.92 at the end of the previous year[3] - The total assets as of March 31, 2024, were ¥4,183,093,556.61, compared to ¥3,898,223,252.92 at the beginning of the year, indicating an increase of 7.3%[16] - The total liabilities decreased slightly to ¥522,514,219.68 from ¥535,012,521.09, a reduction of approximately 2.8%[16] - The company's total equity increased to ¥3,660,579,336.93 from ¥3,363,210,731.83, reflecting a growth of 8.8%[16] Cash Flow - The company reported a net cash flow from operating activities of ¥136,489,059.49, a slight decrease of 1.87% compared to ¥139,088,576.39 in the same period last year[3] - The cash and cash equivalents at the end of Q1 2024 amounted to ¥2,272,901,766.43, an increase from ¥1,864,103,660.31 at the beginning of the quarter, representing a growth of 22%[14] - The company generated CNY 691,746,571.86 in cash inflows from operating activities, a substantial increase from CNY 354,552,790.26 in Q1 2023[20] - Investment activities generated a net cash flow of CNY 229,744,113.95, down from CNY 651,558,759.25 in the same quarter last year[21] - The company’s cash and cash equivalents at the end of Q1 2024 were CNY 2,236,437,155.12, up from CNY 1,827,702,264.61 at the beginning of the quarter[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 43,655[7] - The largest shareholder, Suzhou Tianfu Renhe Investment Management Co., holds 38.11% of shares, totaling 150,510,234 shares[7] - The second-largest shareholder, Zhu Guodong, holds 8.92% of shares, totaling 35,231,789 shares[7] - The third-largest shareholder, Industrial and Commercial Bank of China, holds 4.41% of shares, totaling 17,406,351 shares[7] - The top ten shareholders account for a significant portion of the company's equity, with the largest three shareholders holding over 51% combined[7] - The company has seen changes in the top ten shareholders due to share lending activities, with specific numbers reflecting these changes[10] - The report indicates that the company has not issued any preferred shares during the reporting period[12] - The total number of shares held by the top ten unrestricted shareholders reflects a stable ownership structure[11] - The company maintains a strong position in the market with significant institutional investment, as evidenced by the holdings of various funds[9] Operational Insights - The increase in revenue was primarily driven by the growth in demand for high-speed optical devices due to advancements in AI technology and the construction of global data centers[5] - The company reported a gross profit margin improvement, with gross profit for Q1 2024 calculated at ¥324,834,629.15, compared to ¥104,584,338.69 in the previous year[17] - The company experienced a significant increase in prepayments, which rose by 204.35% to ¥1,179,830, primarily due to increased equipment payments[5] - The company reported a decrease in investment income to ¥180,260, down 73.05% from ¥668,800 in the previous year, mainly due to reduced returns from bank financial products[5] - The inventory at the end of Q1 2024 was ¥234,284,706.47, down from ¥255,648,280.04, showing a decrease of 8.4%[15] - The accounts receivable rose to ¥544,628,477.90 from ¥424,667,739.87, marking an increase of 28.3%[14] - The company plans to unlock a total of 250,163 shares from restricted stock, with specific unlock dates set for June 4, 2024[13]