Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.39 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 99%, with a net profit attributable to shareholders of 980 million yuan, up 122% year-on-year [1] - In Q3 2024, the company's revenue reached 840 million yuan, a year-on-year increase of 55%, and the net profit attributable to shareholders was 320 million yuan, up 59% year-on-year [1] - The company benefits from strong downstream demand for high-speed optical modules, with gross margins increasing by 5.3 percentage points year-on-year to 58.2% for the first three quarters of 2024 [2] - Despite short-term impacts from currency fluctuations and dynamic customer demand, the company is expected to benefit from the expansion of downstream computing power demand and the ramp-up of its 1.6T products [2][3] Financial Summary - The company's total revenue is projected to reach 3.675 billion yuan in 2024, with a year-on-year growth rate of 89.57% [1] - The net profit attributable to shareholders is forecasted to be 1.426 billion yuan in 2024, reflecting a year-on-year increase of 95.32% [1] - The latest diluted EPS is expected to be 2.57 yuan per share in 2024, with a P/E ratio of 50.32 based on the closing price on October 24, 2024 [1][3] - The company is projected to maintain a dual-line growth in both passive and active products, benefiting from strong demand from mainstream customers in the computing power sector [3]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 137.63 CNY for the next six months [6][7]. Core Views - The company has experienced significant growth in revenue and net profit due to the increasing demand for high-speed optical devices, with a revenue of 2.395 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 98.55%, and a net profit of 976 million CNY, up 122.39% [3][4]. - The demand for optical devices in the telecommunications sector remains stable, while the data center market is benefiting from the global development of AI technology and increased computing power needs [4][5]. - The company is expanding its global presence with the establishment of a headquarters in Singapore and a production base in Thailand, which is already partially operational [4]. Financial Performance - The company’s gross margin for the first three quarters of 2024 is 58.21%, compared to 52.94% in the same period last year [4]. - Revenue projections for 2024 to 2026 are estimated at 3.792 billion CNY, 5.802 billion CNY, and 7.542 billion CNY, respectively, with net profits expected to be 1.412 billion CNY, 2.184 billion CNY, and 2.832 billion CNY [6][9]. - The company’s earnings per share (EPS) is projected to grow from 1.32 CNY in 2023 to 5.11 CNY by 2026 [9]. Market Outlook - The optical module market is expected to grow at a rate exceeding 40% in 2024, with the data communication optical module segment anticipated to grow the fastest [5]. - By the end of 2023, the total number of operational data center racks in China exceeded 8.1 million, with a growth rate of over 20% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.395 billion yuan, a year-on-year growth of 98.55%, and net profit attributable to shareholders of 976 million yuan, up 122.39% [2][6] - The company's intangible assets amounted to 816.553 billion yuan, reflecting a year-on-year increase of 66.15%, primarily due to land purchases by its Thai subsidiary [2][6] - The acquisition of Tianfu Star is expected to enhance the company's profitability and shareholder returns, with the subsidiary's overseas operations showing positive order trends [6][2] Financial Performance Summary - For Q3 2024, the company achieved revenue of 839 million yuan, a year-on-year increase of 54.77% and a quarter-on-quarter increase of 1.76% [6] - The net profit for Q3 2024 was 322 million yuan, representing a year-on-year growth of 58.69% but a quarter-on-quarter decrease of 14.14% [6] - The company forecasts revenues of 3.767 billion yuan, 6.020 billion yuan, and 7.823 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 94.34%, 59.78%, and 29.95% [6][7] Valuation Metrics - The current price of the stock is 118.18 yuan, with a market capitalization of approximately 65.32 billion yuan [4] - The earnings per share (EPS) are projected to be 2.65 yuan, 4.18 yuan, and 5.42 yuan for 2024, 2025, and 2026, respectively [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 44.6 in 2024 to 21.8 by 2026 [7]

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 2.395 billion yuan, a year-on-year increase of 98.55% [2] - In Q3 2024, the operating revenue was 839 million yuan, with a quarter-on-quarter growth of 1.76% [2] - The net profit attributable to shareholders for the first three quarters was 976 million yuan, reflecting a year-on-year growth of 122.39% [2] - In Q3 2024, the net profit attributable to shareholders was 322 million yuan, showing a quarter-on-quarter decrease of 14.14% [2] Financial Costs and Profitability - The financial expenses in Q3 increased by 54.81 million yuan compared to Q2 [3] - The decrease in net profit in Q3 was primarily due to increased financial expenses [3] - The gross profit margin in Q3 was slightly lower than in Q2, influenced by exchange rates and product structure [3] Product Development and Market Strategy - The company is steadily delivering optical engine products according to customer demand, with plans for increased delivery in the future [3] - The construction of the Thailand production base is progressing normally, with major clients undergoing audits and product testing [3] - The company is actively developing multiple projects related to silicon photonics technology and CPO products [4] Accounts Receivable and Credit Losses - The increase in accounts receivable is attributed to natural growth from increased sales, with a healthy overall structure [4] - The rise in credit impairment losses is linked to the growth in accounts receivable compared to last year [4] Cost Management - The company has experienced fluctuations in expense ratios across quarters, mainly due to changes in financial expense ratios [4] - Overall, the combined ratio of sales, management, and R&D expenses relative to sales revenue has remained stable in the first three quarters of 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company, considering the high growth potential driven by AI in the optical communication sector [2][4]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.395 billion yuan, a year-on-year growth of 98.55%, and net profit of 976 million yuan, up 122.39% [1]. - The gross margin remained stable at 59.04% in Q3 2024, indicating a strong demand for high-end products and a favorable pricing environment [1]. - The transition from 800G to 1.6T optical modules is currently causing some supply chain disruptions, but the overall trend towards faster communication demands driven by AI is expected to enhance performance in the long term [2]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 839 million yuan, a year-on-year increase of 54.77%, and a net profit of 322 million yuan, up 58.69% [1]. - The projected revenues for 2024, 2025, and 2026 are estimated at 3.54 billion yuan, 5.694 billion yuan, and 7.310 billion yuan respectively, with corresponding net profits of 1.342 billion yuan, 2.103 billion yuan, and 2.680 billion yuan [2][11]. - The company's earnings per share (EPS) are expected to grow from 2.42 yuan in 2024 to 4.82 yuan in 2026 [2][11]. Market Position and Trends - The report highlights that the AI-driven demand for optical communication is accelerating the upgrade cycle, positioning leading companies favorably due to their established product reputation and customer relationships [2]. - The overall industry remains in a high-growth phase, with the company expected to benefit from the ongoing global demand for enhanced computing power and communication capabilities [2].

然后后续我们就进入到QA环节好勒陈总您这边可以开始了好的不好意思没接到电话晚上来几分钟大家等我我们昨天晚上公告了三季度的情况比较详细的财务数据可能财务总监还没给我我可能的信息也可能只是一部分我们三季度从几个财务指标上来看的营收 反比Q2季度没有特别大的变化 略有增长然后毛利率略有下降就下降了可能不到一个点从费用的角度上来看的话那营销费用本身占比就不高略有变化那么变化比较大的主要是财务费用财务费用的话从Q2季度的有3700万的盈利转到Q3季度有1800万左右的这个损失 所以离外地一减的话可能差了5500多万这个可能是主要影响Q3季度环比Q2季度利润进一步下降的主要的原因财务费用的变化一方面是因为Q2季度在大年报路演的时候就跟大家有交流上季度是有2000多万的定期存款的节息在Q2季度底线所以 几个半季度本身就多了这2000万那Q3季度就没有这个第二个是因为美元的汇兑单看Q3季度可能有3000多万的汇兑的损失因为很多都不想使用美元的资产所以这两部分是几乎形成财务费用有5000多万的季度间环比差异的原因从业务面上来说Q3相对Q2来说变化不是特别大总体上是比较在一个平台上平稳的阶段 我想大家都会关心1.6T的话我想慢慢 ...

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]

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 ...