天孚通信临时股东大会 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 2024 年第二次临时股东大会的法律意见书 致：苏州天孚光通信股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》和《深圳证券交易所上市公司股东大会网络投票实施细则》等法律、 法规和规范性文件以及公司《章程》的规定，本所接受公司董事会的委托，指派 本所律师出席公司2024年第二次临时股东大会，并就本次临时股东大会的召集、 召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效 性出具法律意见。 为出具本法律意见书，本所律师对本次临时股东大会所涉及的有关事项进行 了审查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次临时股东大会决议一并公告，并依 法对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次临时股东大会的召集、召开程序 1、本次临时股东大会的召集 2024 年 8 月 14 日，公司召开了第五届董事会 ...

证券代码：300394 证券简称：天孚通信 公告编号：2024-055 苏州天孚光通信股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）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"）2024 年 第二次临时股东大会现场会议于 2024 年 8 月 30 日（星期五）下午 14:30，在苏 州高新区长江路 695 号公司会议室以现场投票与网络投票相结合的方式召开。本 次会议通知已于 2024 年 8 月 15 日在中国证监会指定信息披露网站公告。本次 会议由公司董事会召集，公司董事长邹支农先生主持。本次会议的召开符合《中 华人民共和国公司法》、《上市公司股东大会规则》及《公司章程》等有关法律、 行政法规、部门规章、规范性文件的规定。 公司 2024 年第二次临时股东大会通过深圳证券交易所交易系统进行网络投 票的具体时间为 2024 年 8 月 30 ...

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证券研究报告 通信 报告日期：2024 年 08 月 26 日 高速光器件需求持续增长，公司业绩持续高增 ——天孚通信（300394.SZ）2024 年半年报点评报告 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 23 日 当前价格（元） 82.44 52 周价格区间（元） 68.59-173.99 总市值（百万元） 45,664.48 流通市值（百万元） 45,568.21 总股本（万股） 55,391.17 流通股（万股） 55,274.40 近一月换手（%） 77.76 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 《高速光器件需求放量，公司业绩高增 盈利能力提升—天孚通信（300394.SZ） 2023 年年报及 2024 年一季报点评报告》 2024.04.30 请认真阅读文后免责条款 事件： 2024 年 8 月 22 日，天孚通信发布 2024 年半年报：2024 年上半 年公司实现营业收入 15.56 亿元，同比增长 134.27%；实现归属上市 公司股东的净利润 6.54 亿元，同比增长 177.20%。 投资评级：买入（ ...

证券研究报告 | 公司动态点评 2024 年 08 月 25 日 天孚通信（300394.SZ） 高速光器件需求持续增长，公司 24H1 营收利润快速增长 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,196 | 1,939 | 3,800 | 5,352 | 7,386 | | 增长率 yoy（%） | 15.9 | 62.0 | 96.0 | 40.9 | 38.0 | | 归母净利润（百万元） | 403 | 730 | 1,434 | 1,994 | 2,667 | | 增长率 yoy（%） | 31.5 | 81.1 | 96.5 | 39.0 | 33.7 | | ROE（%） | 15.4 | 21.7 | 32.7 | 33.0 | 31.9 | | EPS 最新摊薄（元） | 0.73 | 1.32 | 2 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][12]. Core Views - The company's performance in the first half of 2024 met expectations, with a significant increase in revenue and net profit, driven by a strong demand for active components [1]. - Active components have now surpassed passive components in revenue contribution, marking a strategic shift in the company's product mix [1]. - The company is well-positioned to benefit from the growing demand for optical devices driven by AI computing needs, with expectations for continued revenue growth in the coming years [1]. Financial Performance Summary - In H1 2024, the company achieved revenue of 1.556 billion yuan, a year-on-year increase of 134.27%, and a net profit of 654 million yuan, up 177.20% [1]. - The second quarter alone saw revenue of 824 million yuan, a year-on-year growth of 118.54% and a quarter-on-quarter increase of 12.66% [1]. - The gross margin for the first half was 57.77%, an increase of 6.81 percentage points year-on-year, while the net margin was 42.13%, up 6.58 percentage points [1]. Business Segment Analysis - Revenue from passive components reached 700 million yuan, a year-on-year increase of 63.4%, accounting for 45% of total revenue [1]. - Revenue from active components was 820 million yuan, a year-on-year increase of 267.4%, making up 53% of total revenue for the first half [1]. - The company has maintained good cost control, with a sales expense ratio of 0.91% and a management expense ratio of 4.15% [1]. Future Outlook - The company anticipates stable growth in traditional products and is looking forward to the ramp-up of new products, particularly those related to AI [1]. - The ongoing expansion of the Jiangxi factory and the commissioning of the first phase of the Thailand factory are expected to enhance production capacity [1]. - Revenue projections for 2024, 2025, and 2026 are 4.011 billion yuan, 5.951 billion yuan, and 7.962 billion yuan, respectively, with net profits expected to be 1.470 billion yuan, 2.274 billion yuan, and 3.042 billion yuan [2].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 153.00 CNY, unchanged from the previous forecast [5][7]. Core Insights - The company's mid-year report shows impressive profitability, with revenue reaching 1.556 billion CNY, a year-on-year increase of 134.27%, and a net profit attributable to shareholders of 654 million CNY, up 177.20% year-on-year [6][7]. - The report highlights the recovery of equity in Tianfu Star and the commencement of operations at its overseas base, which is expected to contribute positively to future performance [6][7]. - The company anticipates stable growth in its 800G products and is preparing for the upcoming demand for 1.6T products, with production capacity being expanded in response to market needs [6][7]. Financial Summary - The company forecasts net profits for 2024, 2025, and 2026 to be 1.554 billion CNY, 3.142 billion CNY, and 3.421 billion CNY respectively, with corresponding EPS of 2.81 CNY, 5.67 CNY, and 6.18 CNY [7][8]. - The financial summary indicates a significant increase in revenue and net profit over the years, with projected revenue for 2024 expected to reach 3.9 billion CNY, representing a growth of 101.2% from 2023 [8][16]. - The report also notes a strong gross margin of 59.77% and a net margin of 45.58% for Q2, reflecting the company's robust profitability [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [3][2] Core Views - The company has demonstrated exceptional performance in the first half of 2024, with revenue reaching 1.56 billion yuan, a year-on-year increase of 134.3%, and a net profit attributable to shareholders of 650 million yuan, up 177.2% year-on-year [1] - The growth is primarily driven by the ongoing development of AI technology and the accelerating demand for computing power, which has led to a stable increase in demand for high-speed optical device products globally [1] - The company is actively expanding its production capacity and increasing its overseas revenue, with overseas revenue accounting for 80.1% of total revenue in the first half of 2024, a year-on-year increase of 145.9% [1] Summary by Sections Financial Performance - In H1 2024, the company's revenue from active optical devices was 820 million yuan, a significant year-on-year increase of 267.4%, with a gross margin of 46.8%, up 5.4 percentage points [1] - Revenue from passive optical devices reached 697 million yuan, a year-on-year increase of 63.4%, with a gross margin of 68.94%, up 13.9 percentage points [1] - The company’s R&D investment in H1 2024 was 110 million yuan, accounting for 7.2% of revenue, reflecting a year-on-year growth of 76.6% [2] Future Projections - The company is expected to achieve revenues of 3.8 billion yuan, 5.8 billion yuan, and 7.4 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1.42 billion yuan, 2.11 billion yuan, and 2.71 billion yuan for the same years [2][7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 33, 22, and 18 for the years 2024, 2025, and 2026 respectively [2][7]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][14]. Core Views - The company's performance in the first half of 2024 met expectations, with a significant increase in revenue and net profit, driven by a strong demand for active components [2]. - Active components have surpassed 50% of total revenue for the first time, indicating a shift in the company's product mix [2]. - The company is expected to achieve stable growth in traditional products while new products are anticipated to contribute significantly to revenue in the future [2]. Financial Performance Summary - In H1 2024, the company achieved revenue of 1.556 billion yuan, a year-on-year increase of 134.27%, and a net profit of 654 million yuan, up 177.20% [2]. - In Q2 2024, revenue reached 824 million yuan, growing 118.54% year-on-year and 12.66% quarter-on-quarter, with net profit of 375 million yuan, reflecting a year-on-year increase of 160.88% and a quarter-on-quarter increase of 34.41% [2]. - The gross margin for H1 2024 was 57.77%, up 6.81 percentage points year-on-year, while the net margin was 42.13%, an increase of 6.58 percentage points year-on-year [2]. Business Segment Analysis - Revenue from passive components was 700 million yuan, a year-on-year increase of 63.4%, accounting for 45% of total revenue, while active components generated 820 million yuan, a year-on-year increase of 267.4%, making up 53% of total revenue [2]. - The company has effectively controlled its expense ratios, with a sales expense ratio of 0.91%, down 0.80 percentage points year-on-year, and a management expense ratio of 4.15%, down 1.22 percentage points year-on-year [2]. Future Outlook - The company is expected to maintain stable growth across its product lines, supported by ongoing capacity expansion in its Jiangxi factory and the commencement of operations at its Thailand facility [2]. - The company has committed to high levels of R&D investment, which is anticipated to drive the development of new products, particularly in response to the growing demand for AI-related optical devices [2]. - Revenue projections for 2024, 2025, and 2026 are estimated at 4.011 billion yuan, 5.951 billion yuan, and 7.962 billion yuan, respectively, with net profits expected to be 1.470 billion yuan, 2.274 billion yuan, and 3.042 billion yuan [3].

证券代码：300394 证券简称：天孚通信 苏州天孚光通信股份有限公司 投资者关系活动记录表 | --- | |----------------| | 投资者关系活动 | | 类别 | | | | | | | 参 与 单 位 名 称 Aspoon Capital Master Fund Limited、Baring Asset Management Limited（霸 （ 排 名 不 分 先 菱资产管理有限公司）、Brilliance Asset Management Limited、Capital 后） Investment Trust Corporation、Cathay Securities Investment Trust Co., Ltd. （国泰证券投资信托股份有限公司）、Dymon Asia Capital (HK) Limited、 Elevation Investment Management Limited、FIDELITY MANAGEMENT ＆ RESEARCH COMPANY LLC、Green Court、Hao Advisors Management Limited 、 HSB ...