关于更换持续督导保荐代表人的公告 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 23 日收 到公司 2020 年向特定对象发行股票的保荐机构华泰联合证券有限责任公司（以 下简称"华泰联合证券"）出具的《关于更换苏州天孚光通信股份有限公司 2020 年向特定对象发行股票持续督导保荐代表人的函》，华泰联合证券原委派钱亚明 先生和涂清澄先生为公司持续督导工作的保荐代表人，因涂清澄先生工作变动调 离华泰联合证券，不能继续担任持续督导期的保荐工作，为保证持续督导工作的 有序进行，华泰联合证券委派沈树亮先生接替涂清澄先生履行公司 2020 年向特 定对象发行股票的持续督导职责。 本次保荐代表人更换后，公司 2020 年向特定对象发行股票的持续督导保荐 代表人为钱亚明先生和沈树亮先生，持续督导期至中国证券监督管理委员会和深 圳证券交易所规定的持续督导义务结束为止。 公司董事会对涂清澄先生在公司持续督导期间所做的工作表示衷心感谢！ 特此公告。 证券代码：300394 证券简称：天孚通信 公告编号：202 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's performance in 2024 met expectations, with revenue of 3.252 billion yuan, a year-on-year increase of 67.7%, and a net profit of 1.344 billion yuan, up 84.1% year-on-year, exceeding the forecast median [1] - In Q1 2025, the company reported revenue of 0.945 billion yuan, a year-on-year increase of 29.11%, and a net profit of 0.338 billion yuan, up 21.07% year-on-year, although there was a slight quarter-on-quarter decline due to factors such as the Spring Festival holiday [2] - The demand for optical engines driven by AI is rapidly increasing, with a projected compound annual growth rate of over 20% for the optical module market from 2024 to 2030 [3] - The company is focusing on high-end customer needs, with ongoing R&D projects in 1.6T, silicon photonics, and CPO technologies, while optimizing production processes to reduce costs [4] - The company is expected to achieve net profits of 2.068 billion yuan, 2.922 billion yuan, and 4.016 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 25 for 2025 [5] Financial Summary - In 2024, the company is projected to have a revenue of 3.524 billion yuan, with a year-on-year growth of 68%, and a net profit of 1.344 billion yuan, reflecting an 84% increase [6] - The projected earnings per share for 2025 is 2.90 yuan, with a PE ratio of 25.03 [6]

Financial Performance - The company's revenue for Q1 2025 reached ¥944,631,274.77, representing a year-over-year increase of 29.11% compared to ¥731,670,538.96 in the same period last year[5] - Net profit attributable to shareholders was ¥337,626,696.86, up 21.07% from ¥278,877,189.59 in the previous year[5] - The company’s diluted earnings per share for the quarter were ¥0.6078, reflecting a 20.69% increase from ¥0.5036 in the same period last year[5] - Total operating revenue for the current period reached ¥944,631,274.77, an increase of 29% compared to ¥731,670,538.96 in the previous period[22] - Net profit for the current period was ¥337,728,982.68, representing a 21% increase from ¥279,823,463.52 in the previous period[23] - Total comprehensive income for the period was CNY 336,730,428.47, an increase from CNY 273,450,258.65 in the previous period, representing a growth of approximately 23.2%[24] - Basic earnings per share increased to 0.6095 from 0.5044, reflecting a growth of about 20.8% year-over-year[24] Cash Flow and Investments - Operating cash flow net amount increased significantly by 115.12%, totaling ¥293,609,336.55 compared to ¥136,489,059.49 in the same period last year[5] - Net cash flow from operating activities was CNY 293,609,336.55, up from CNY 136,489,059.49, indicating a significant increase of approximately 115.5%[26] - Cash inflow from operating activities totaled CNY 998,007,867.49, compared to CNY 691,746,571.86 in the previous period, marking an increase of around 44.3%[25] - Cash outflow for investment activities was CNY 1,194,074,876.78, compared to CNY 207,516,388.30 in the previous period, resulting in a net cash flow from investment activities of -CNY 312,278,793.95[26] - The company received CNY 880,000,000.00 from the recovery of investments, significantly higher than CNY 435,000,000.00 in the previous period, representing an increase of about 102.6%[26] - The company reported cash and cash equivalents at the end of the period of CNY 1,959,766,473.92, down from CNY 2,236,437,155.12, a decrease of approximately 12.4%[26] - The company’s net increase in cash and cash equivalents was -CNY 18,721,670.43, contrasting with an increase of CNY 408,734,890.51 in the previous period[26] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,209,808,463.88, reflecting a 9.99% increase from ¥4,736,726,176.30 at the end of the previous year[5] - Current assets totaled ¥3,933,807,227.50, up from ¥3,524,465,817.83, indicating a growth of 12%[19] - Non-current assets increased to ¥1,276,001,236.38 from ¥1,212,260,358.47, reflecting a growth of 5%[19] - Total liabilities rose to ¥866,680,547.67, compared to ¥750,727,452.60, which is an increase of 15%[20] - The company's equity attributable to shareholders increased by 8.97%, reaching ¥4,336,539,969.87 compared to ¥3,979,564,829.64 at the end of the previous year[5] - The company's equity attributable to shareholders reached ¥4,336,539,969.87, up from ¥3,979,564,829.64, showing an increase of 9%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 85,487[13] - The largest shareholder, Suzhou Tianfu Renhe Investment Management Co., Ltd., holds 38.04% of shares, totaling 210,714,328 shares[13] - The second-largest shareholder, Zhu Guodong, holds 8.28% of shares, totaling 45,873,305 shares[13] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 48% of total shares[13] - There are no changes in the number of restricted shares during the reporting period, remaining at 952,990 shares[16] - The company has no preferred shareholders or related changes in preferred stock holdings[15] Research and Development - Research and development expenses for the quarter were ¥6,149.66 million, an increase of 17.42% from ¥5,237.40 million in the same period last year[11] - Research and development expenses for the current period were ¥61,496,570.67, compared to ¥52,374,016.71 in the previous period, reflecting a 17% increase[23] Operational Insights - The company reported a significant increase in inventory, which rose by 55.49% to ¥54,440.77 million, primarily due to increased raw material stocking[10] - The company experienced a 36.27% increase in operating costs, totaling ¥44,355.11 million, driven by sales growth and product structure changes[11] - Total operating costs amounted to ¥548,186,661.59, up from ¥406,835,909.81, reflecting a 35% increase[22] - The company reported a significant increase in accounts receivable, totaling ¥766,183,649.80, compared to ¥776,325,360.10 at the beginning of the period[19] Strategic Developments - The company has not disclosed any new strategies or market expansions during this reporting period[17] - There are no new product developments or technological advancements mentioned in the conference call[17] - The company has not reported any mergers or acquisitions in the current financial period[17] - No significant changes in shareholder financing or margin lending activities were noted[14]

Core Viewpoint - The rapid development of global data center construction has benefited Tianfu Communication, leading to significant growth in revenue and net profit in 2024 [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 3.252 billion yuan, a year-on-year increase of approximately 67.74%, and a net profit attributable to shareholders of over 1.344 billion yuan, up about 84.07% [2][4]. - The company has experienced continuous growth in revenue and net profit for seven consecutive years from 2018 to 2024, with net profit growth exceeding 80% for two consecutive years in 2023 and 2024 [1][4]. - Operating cash flow for 2024 was 1.263 billion yuan, reflecting a year-on-year increase of about 39.99% [4]. Business Operations - The company specializes in the research, mass production, and sales of high-speed optical devices, positioning itself as a leading provider of optical device solutions and advanced packaging services [1][6]. - In 2024, the production and sales volume of optical communication components reached 332 million and 209 million units, respectively, representing year-on-year growth of 14.27% and 15.18% [3]. R&D and Technological Advancements - The company has significantly increased its R&D investment from 77 million yuan in 2020 to 232 million yuan in 2024, focusing on advanced materials and optical technologies [6]. - Tianfu Communication has established R&D centers in Suzhou, Shenzhen, and Japan, gathering top talent to innovate in optical device design and development [6]. Competitive Advantages - The company boasts industry-leading mass production capabilities, producing over 100 million products annually for global customers [7]. - Financially, the company maintains a healthy balance sheet with a debt-to-asset ratio of only 15.85% and cash reserves of 1.978 billion yuan as of the end of 2024 [7]. Dividend Policy - Since its listing in 2015, the company has distributed a total of 1.783 billion yuan in cash dividends, with an average dividend payout ratio of 47.05% [7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.7%, and a net profit attributable to shareholders of 1.344 billion yuan, up 84.1% year-on-year [1][2]. - The significant growth in performance is primarily driven by the increasing demand for high-speed optical devices and modules, fueled by global data center construction [2][3]. - The company has made substantial investments in R&D, focusing on cutting-edge technologies such as silicon photonics, with R&D expenses increasing by 62.1% year-on-year to 232 million yuan in 2024 [3][4]. Revenue Breakdown - Revenue from passive optical devices reached 1.576 billion yuan in 2024, a 33.2% increase, accounting for 48.5% of total revenue. Revenue from active optical devices surged to 1.655 billion yuan, up 121.9%, making up 50.9% of total revenue [2]. - Domestic sales amounted to 778 million yuan, growing 124.8% year-on-year, while international sales reached 2.473 billion yuan, a 55.3% increase [2]. Profitability Metrics - The company's overall gross margin for 2024 was 57.22%, an increase of 2.91 percentage points year-on-year. The gross margin for passive optical devices was 68.41%, up 8.16 percentage points, while for active optical devices, it was 46.69%, an increase of 1.92 percentage points [3][4]. Future Projections - The company is projected to achieve net profits of 2.205 billion yuan, 2.927 billion yuan, and 3.726 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17x, 13x, and 10x [4][5].

Investment Rating - The investment rating for Tianfu Communication is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.252 billion yuan for 2024, an increase of 67.74% year-on-year, and a net profit attributable to shareholders of 1.344 billion yuan, up 84.07% year-on-year. The revenue for Q4 2024 was 857 million yuan, showing a year-on-year growth of 17.00% and a quarter-on-quarter growth of 2.18% [4][5] - The company benefits from the accelerating development of the artificial intelligence industry and the ongoing demand for high-speed optical devices driven by global data center construction. This has led to revenue growth across both active and passive product lines [4][5] - The company has increased its profit forecasts for 2025 and 2026 to 2.465 billion yuan and 3.355 billion yuan, respectively, and has introduced a new profit forecast for 2027 at 4.312 billion yuan. The current stock price corresponds to a PE ratio of 14.9/11.0/8.5 for 2025/2026/2027 [4][5] Financial Performance - In 2024, the company's gross profit margin reached 57.22%, an increase of 2.91 percentage points year-on-year, while the net profit margin was 41.30%, up 3.65 percentage points year-on-year. The sales expense ratio decreased to 0.71%, and the management expense ratio fell to 4.06% [4][5] - The company invested 232 million yuan in R&D in 2024, a year-on-year increase of 62.11%, with an R&D expense ratio of 7.14% [5] - Domestic revenue reached 778 million yuan, a year-on-year increase of 124.79%, while overseas revenue was 2.473 billion yuan, up 55.33% year-on-year [6] Valuation Metrics - The company's projected revenues for 2025, 2026, and 2027 are 6.186 billion yuan, 8.472 billion yuan, and 10.762 billion yuan, respectively, with year-on-year growth rates of 90.2%, 36.9%, and 27.0% [7][10] - The projected net profit for 2025, 2026, and 2027 is 2.465 billion yuan, 3.355 billion yuan, and 4.312 billion yuan, respectively, with year-on-year growth rates of 83.5%, 36.1%, and 28.5% [7][10] - The company's return on equity (ROE) is projected to be 38.2% in 2025, 34.2% in 2026, and 30.5% in 2027 [7][10]

天孚通信（300394.SZ） 业绩符合预期，积极布局前沿技术领域 2025 年 04 月 21 日 通信/通信设备 投资评级：买入（维持） | 日期 | 2025/4/18 | | --- | --- | | 当前股价(元) | 66.38 | | 一年最高最低(元) | 166.38/57.11 | | 总市值(亿元) | 367.73 | | 流通市值(亿元) | 366.92 | | 总股本(亿股) | 5.54 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 246.16 | 告 股价走势图 jiangying@kysec.cn 证书编号：S0790523120003 业绩符合预期，受益于 AI 发展需求，维持"买入"评级 2025 年 4 月 20 日公司发布 2024 年年报，2024 年公司实现营收 32.52 亿元，同 比增加 67.74%，实现归母净利润 13.44 亿元，同比增长 84.07%，2024Q4 公司实 现营收 8.57 亿元，同比增长 17.00%，环比增长 2.18%，实现归母净利润 3.67 亿 元，同比增长 26.23%，环比增长 13. ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-010 苏州天孚光通信股份有限公司 关于作废 2023 年限制性股票激励计划部分已授予尚 未归属的限制性股票的公告 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"或"天孚通信"）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《关于作废 2023 年限制性股票激励计划部分已授予尚未归属的限制性股票 的议案》，根据公司《2023 年限制性股票激励计划》（以下简称"《激励计划》"） 及公司 2023 年第三次临时股东大会的授权，公司董事会就 2023 年限制性股票激 励计划（以下简称"本次激励计划"）部分已授予尚未归属的限制性股票进行作 废，现将具体内容公告如下： 一、公司 2023 年限制性股票激励计划已履行的相关审批程序 1、2023 年 11 月 10 日，公司召开第四届董事会第十四次会议，审议通过了 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》、《关于公司 <2023 年限制 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-011 苏州天孚光通信股份有限公司 关于 2023 年限制性股票激励计划首次授予第一个归 属期归属条件成就的公告 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。 特别提示： 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 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，审议了 《关于 2023 年限制性股票激励计划首次授予第一个归属期归属条件成就的议 案》，认为 2023 年限制性股票激励计划（以下简称"本次激励计划"）首次授予 第一个归属期归属条件已经成就，同意按照规定为符合条件的 364 名激励对象办 理 1,324,904 股第二类限制性股票归属相关事宜，现将具体内容公告如下： 一、2023 年限制性股票激励计划实施情况概要 （一）本股权激励计划主要内容及履行程序 1、2023 年限制性股票激励计划主要内容 | 归属安排 | 归属期间 | 归属比例 | | --- | --- | --- | | 预留授予的限制 | 自预留部分限制性股票授予之 ...

关于苏州天孚光通信股份有限公司 2023 年限制性股票激励计划首次授予 第一个归属期归属条件成就的 法律意见书 苏同律证字 2025 第[65]号 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮编： 210019 电话： + 8 6 2 5 - 83304480 传真： + 8 6 2 5 - 83329335 江苏世纪同仁律师事务所 法律意见书 江苏世纪同仁律师事务所 关于苏州天孚光通信股份有限公司 2023 年限制性股票激励计划首次授予 第一个归属期归属条件成就的 法律意见书 苏同律证字 2025 第[65]号 致：苏州天孚光通信股份有限公司 江苏世纪同仁律师事务所（以下简称"本所"）接受苏州天孚光通信股份有 限公司（以下简称"天孚通信"或"公司"）的委托，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》《上市公司股 权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股 票上市规则（2024 年修订）》（以下简称"《上市规则》"）、《深圳证券交易 所创业板上市公司自律监管指南第 1 号——业务办理（2024 年修订）》（以下简 称"《自律监管指南 1 ...