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].

在人工智能、算力网络与数字经济三重引擎驱动下，中国光通信行业正迎来历史性发展机遇。据权威数 据，预计2025年中国光通信市场规模将突破1750亿元，年复合增长率达12%，占全球份额超50%。 深市聚集了超过25家光通信核心企业，覆盖光模块（中际旭创、新易盛）、光器件（天孚通信、太辰 光）、光芯片（光迅科技、光库科技）等全产业链。 新易盛预计2024年实现归属于上市公司股东的净利润28.30亿元，同比增长311%。 光库科技2024年实现归属于上市公司股东的净利润6,698.30万元，同比增长12.32%。 国盛证券认为，光通信行业已进入以算力需求为核心的技术迭代周期，800G/1.6T光模块、CPO技术将 重构产业链竞争格局，头部企业有望持续受益于AI算力投资加码。 长江证券认为，CPO（共封装光学）和OIO（光互联）技术将开拓光通信行业新蓝海，预计CPO光引擎 在中性假设下市场规模可达192亿美元，OIO光引擎或达691亿美元，市场空间潜力巨大。 （文章来源：21世纪经济报道） 2024年及 2025年一季度，得益于AI算力需求爆发，国内超算中心与智算中心建设加速和工信部"万兆光 网"试点工作启动、"东数西 ...

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]

天孚通信：目前未发现因为关税政策导致客户需求的明显调整 智通财经4月8日电，天孚通信(300394.SZ)发布投资者关系活动记录表公告称，截至目前，公司订单业 务保持稳定，新产品持续上量，目前未发现因为关税政策导致客户需求的明显调整。公司泰国工厂一期 厂房在去年已经建成并投入生产，目前几个主要大客户的认证已经通过。预计近期将进一步增加产能。 二期厂房预计将于近日完成装修并投入使用，产线陆续开始设备安装和调试。公司参展OFC2025，重点 展示了面向共封装光学（CPO）和高速光模块应用的FAU（光纤阵列单元）、POSA（无源光子组件） 等产品及相关封装方案。这些产品作为光通信系统的核心部件，支持400G、800G和1.6T及以上的传输 速率，满足AI和数据中心等场景的大带宽需求。 ...

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]

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - CPO technology integrates ASIC chips and optical engines on the same high-speed motherboard, reducing signal attenuation, system power consumption, and costs while achieving high integration, applicable in data centers, high-performance computing, AI, and virtual reality [2] - The CPO market is expected to grow rapidly, with Yole predicting a market size of $2.6 billion by 2033, driven by AI demand and requiring collaboration across the industry chain [2] - Major overseas companies are leading the CPO industry development, with significant advancements from Broadcom, Marvell, TSMC, and NVIDIA [2][3] Summary by Sections 1. CPO Technology and Development Trends - CPO technology addresses bandwidth and power challenges, with a 25%-30% reduction in total power consumption for 51.2T switches compared to traditional solutions [12] - CPO technology offers low power consumption, low latency, high bandwidth, improved system performance, and cost-effectiveness [15] - Silicon photonics is becoming the main path for CPO technology due to its high integration and compatibility with CMOS processes [18] 2. CPO Market Size and Major Drivers - The CPO market is projected to grow at a CAGR of 69% from $600,000 in 2022 to $287 million in 2033, while OIO is expected to grow at a CAGR of 81% from $500,000 to $2.3 billion [31] - Major players in the CPO market include Broadcom, Intel, NVIDIA, and Marvell, with significant contributions from laser manufacturers and silicon photonics foundries [35] 3. CPO Switch Internal Structure - CPO switches consist of key components such as ASIC chips, optical engines, external light sources, and flexible optical backplanes [63] - The optical engine is crucial for optical-electrical conversion, with various packaging methods impacting performance and integration [67] 4. Recommended Companies to Watch - Companies actively involved in CPO technology include: - Zhongji Xuchuang, focusing on high-end optical communication modules and CPO-related products [96] - Xinyi Sheng, leveraging silicon photonics technology for CPO applications [101] - Tianfu Communication, developing multiple projects related to CPO components [106] - Taichuang, specializing in optical communication devices and flexible boards [111] - Yuanjie Technology, providing CW light sources for CPO applications [116] - Shijia Photon, offering components for CPO packaging [121] - Guangxun Technology, launching CPO ELS light source modules [126] - Robotech, focusing on silicon photonics and CPO packaging equipment [131] - Ruijie Network, releasing CPO switches with significant market presence [136]