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]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's revenue for 2023 reached 1.939 billion yuan, a year-on-year increase of 62.04%, and the net profit attributable to the parent company was 730 million yuan, up 81.14% year-on-year. The fourth quarter of 2023 saw a revenue of 732 million yuan, a year-on-year increase of 138.78% and a quarter-on-quarter increase of 35.16% [2]. - The significant growth in revenue and net profit is primarily driven by the demand for high-speed optical devices fueled by AI applications. The revenue breakdown shows that passive optical devices generated 1.183 billion yuan (61.04% of total revenue), active optical devices generated 746 million yuan (38.48% of total revenue), while other revenues decreased to 9.35 million yuan [2]. - The gross margin for optical communication components improved to 54.26%, an increase of 2.62 percentage points year-on-year, with passive optical devices achieving a gross margin of 60.25% and active optical devices at 44.77% [2]. - The company is focusing on R&D and has a comprehensive layout in the high-speed product field, indicating broad future development potential. Key R&D projects include products suitable for various special application scenarios and high-power transmission modules [2]. Financial Summary - The company forecasts revenues of 3.727 billion yuan, 5.300 billion yuan, and 6.901 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 92.2%, 42.2%, and 30.2% [4]. - The net profit attributable to the parent company is projected to be 1.383 billion yuan, 1.978 billion yuan, and 2.612 billion yuan for the same years, with growth rates of 89.5%, 43.0%, and 32.1% [4]. - The earnings per share are expected to be 3.50 yuan, 5.01 yuan, and 6.62 yuan for 2024, 2025, and 2026, respectively [4]. - The price-to-earnings (PE) ratio is projected to decrease from 84 in 2023 to 44 in 2024, 31 in 2025, and 23 in 2026 [4].

公司研 究 证 券研究 报 告 网络接配及塔设 2024年04月22日 天 孚通信（300394）2023年报点评 强 推 （维持） 业绩实现高增，海外大客户贡献显著，盈利 当前价：162.51元 能力提升明显 事项： 华创证券研究所  4月22日，公司发布《2023年年度报告》，2023年公司实现营业收入19.39亿 证券分析师：欧子兴 元，同比增长62.04%，实现归母净利润7.30亿元，同比增长81.14%。 评论： 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007  受益AI技术的发展和算力需求的增加，全球数据中心建设对高速光器件产品 证券分析师：陆心媛 需求持续稳定增长，海外大客户贡献高销售额，公司营收同比高增。2023 年 公司聚焦核心业务，围绕多个客户400G、800G用光器件产品实现了大规模批 邮箱：luxinyuan@hcyjs.com 量交付，实现营业收入 19.39 亿元，同比增长 62.04%。其中有源器件占比 执业编 号：S0360524040002 38.48%，同比+20.28pcts，无源器件占比61.04%，同比-19.19pcts，有源 ...

股票代码 ：300394.SZ 环境、社会及治理(ESG)报告 2023 年度 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT | 公司地址： | 苏州高新区长江路695号 | | --- | --- | | 联系电话： | +86-0512-66905892 | | 公司官网： | http://www.tfcsz.com/ | | 公司邮箱： | zhengquan@tfcsz.com | 环境、社会及治理（ ）报告 ESG ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2023 01 关于本报告 02 规范运作 守正创新 本报告是苏州天孚光通信股份有限公司面向各利益相关方发布的环境、社会及治理（ESG） 报告。报告详细披露了苏州天孚光通信股份有限公司2023 年度在环境、社会及公司治理 等责任领域的实践和绩效，旨在与各利益相关方进行有效交流，系统地回应利益相关方的 期望和要求。 时间范围 本报告是苏州天孚光通信股份有限公司面向利益相关方发布的第1 份环境、社会及治理报 告。报告文字信息及绩效以2023年1月1日至2023年 ...

苏州天孚光通信股份有限公司 第四条 公司进行委托理财应坚持"规范运作、防范风险、谨慎投资、保值 增值"的原则，以不影响公司正常经营和主营业务的发展为前提条件，理财产 品项目期限应与公司资金使用计划相匹配。 第五条 公司用于委托理财的资金为公司自有的闲置资金或闲置的募集资金 （含超募资金），不得挤占公司正常运营和项目建设资金，也不得影响募集资 金项目使用进度，不能变相改变募集资金用途。 第六条 公司进行委托理财，必须充分防范风险，理财产品的发行方应是资 信状况良好、财务状况良好、无不良诚信记录及盈利能力强的合格专业理财机 构，交易标的必须是低风险、流动性好、安全性高的产品。理财产品的发行主 体与公司不存在关联关系。 第七条 公司进行委托理财，在规范运作、风险可控的前提下应尽可能获得 最大收益。 1 委托理财管理制度 第一章 总 则 第一条 为规范苏州天孚光通信股份有限公司（以下简称"公司"）委托理 财业务的管理，提高资金运作效率，保证公司资金、财产安全，有效防范投资 风险，维护股东和公司的合法权益，根据《中华人民共和国公司法》等法律法 规及《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所 ...

苏州天孚光通信股份有限公司 第一条 为规范苏州天孚光通信股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计事务所相关行为，提高审计工作和财务信息质量，切实 维护股东利益，根据《中华人民共和国公司法》、《中华人民共和国证券法》《国 有企业、上市公司选聘会计师事务所管理办法》等有关法律、法规和《苏州天孚 光通信股份有限公司章程》（以下简称"公司章程"）有关规定，结合公司实际 情况，特制定本制度。 第二条 公司选聘执行会计报表审计业务的会计师事务所对财务会计报告、 内部控制等发表审计意见、出具审计报告，应当遵照本制度，履行选聘程序并披 露相关信息。选聘其他专项审计业务的会计师事务所，视重要程度可参照本制度 执行。 第三条 公司选聘会计师事务所应经董事会审计委员会（以下简称"审计 委员会"）审核同意后，报经董事会和股东大会审议。公司不得在董事会、股东 大会审议前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不得在公司董事会、股东大会审议前， 向公司指定会计师事务所，不得干预审计委员会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备下列条件： ...

苏州天孚光通信股份有限公司 独立董事 2023 年度述职报告 各位股东及股东代表： 本人作为苏州天孚光通信股份有限公司（以下简称"公司"）第四届董事会 独立董事，2023 年按照《公司法》、《深圳证券交易所创业板股票上市规则》、《上 市公司独立董事管理办法》等法律、法规和《公司章程》、《独立董事工作制度》 的规定，认真履行职责，切实履行了独立董事的职责，积极出席了相关会议，对 公司重大事项发表了客观、审慎、公正的事前认可或独立意见，充分发挥了独立 董事及各专门委员会委员的作用。现就本人 2023 年度的履职情况报告如下： 本人徐飞，1978 年 5 月出生，博士学历，教授。2003 年毕业于南京大学材 料物理专业，获得硕士学位。2008 年 1 月毕业于英国南安普顿大学，获得光电 子专业博士学位。2009 年 1 月至今在南京大学工作，担任光电专业教授。 （二）独立性说明 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职 务，本人配偶、父母、子女、主要社会关系也未在公司任职，也未在公司主要 股东公司担任任何职务，与公司以及主要股东之间不存在妨碍本人进行独立客 观判断的关系，不存在影响独立董事独立 ...

苏州天孚光通信股份有限公司 关于会计政策变更的公告 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。 证券代码：300394 证券简称：天孚通信 公告编号：2024-019 二、本次会计政策变更的主要内容 1、关于流动负债与非流动负债的划分 苏州天孚光通信股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召 开了第五届董事会第二次会议和第五届监事会第二次会议，审议通过了《关于会 计政策变更的议案》，公司本次会计政策变更是根据财政部相关文件要求进行的 变更，无需提交股东大会审议。具体情况如下： 一、会计政策变更概述 1、变更原因及日期 财政部于 2023 年 10 月 25 日发布了《企业会计准则解释第 17 号》（财会 【2023】21 号）（以下简称"准则解释第 17 号"），其中"关于流动负债与非流 动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易的会计处理" 的规定，自 2024 年 1 月 1 日起执行。 2、变更前采用的会计政策 本次会计政策变更前，公司执行财政部印发的《企业会计准则——基本准则》 和各项具体会计准则、企 ...

Financial Performance - The company's revenue for 2023 reached RMB 1.2 billion, representing a year-on-year increase of 15%[12]. - The company's operating revenue for 2023 reached ¥1,938,597,573.62, representing a 62.04% increase compared to ¥1,196,392,006.89 in 2022[17]. - The net profit attributable to shareholders for 2023 was ¥729,879,435.78, an increase of 81.14% from ¥402,942,244.26 in 2022[17]. - The net cash flow from operating activities for 2023 was ¥901,865,290.47, up 94.51% from ¥463,661,582.39 in 2022[17]. - The basic earnings per share for 2023 was ¥1.8482, a 79.65% increase from ¥1.0288 in 2022[17]. - The total assets of the company as of December 31, 2023, amounted to RMB 3 billion, reflecting a 12% increase from the previous year[12]. - The company reported a significant increase in net profit from the fourth quarter of 2023, reaching ¥290,802,781.67, compared to ¥92,136,784.60 in the first quarter[19]. - The company reported a significant increase in investments, totaling ¥180,800,000.00, a 2,725.00% increase compared to the previous year[96]. - The company reported a total revenue of 44,576,929 million in 2023, with a net profit of 8,249,250 million, reflecting a significant growth compared to previous years[142]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, aiming for a 25% increase in market share by 2025[12]. - The company is expanding its global business layout by establishing a headquarters in Singapore and a factory in Thailand[115]. - The company is focused on increasing R&D investment to maintain technological leadership and meet customer demands[120]. - The company is actively exploring new business growth points outside the optical communication industry, leveraging rapid technological upgrades to capture market opportunities[48]. - The company aims to focus on core businesses, particularly in optical device solutions and advanced packaging manufacturing, leveraging growth opportunities in AI, cloud computing, 5G, and new energy vehicles[127]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[143]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on next-generation optical components[12]. - The company has invested heavily in R&D, maintaining a leading position in technology within its niche market[62]. - The company is investing in research and development, allocating 10% of its revenue towards innovative technologies in optical communication[143]. - The company is expanding its product applications from optical communication to include lidar and medical detection, leveraging its existing R&D capabilities[42]. - The company has launched its first ESG report, emphasizing green development and sustainable practices across various sectors[128]. Risks and Challenges - The company is facing risks related to the expansion of new product areas, particularly in the laser radar sector, where mass production has begun but customer validation is still ongoing[3]. - The company acknowledges the risk of international trade disputes affecting its procurement and sales, given its reliance on imported raw materials and equipment[5]. - The company faces risks of declining product gross margins due to intensified market competition and rising production costs, particularly from the new factory in Thailand[116]. - There is a risk of product technology obsolescence if the company fails to keep up with rapid advancements in AI and silicon photonics technologies[117]. - The company is assessing the impact of the ongoing geopolitical situation on its operations and market conditions[124]. Corporate Governance and Shareholder Engagement - The company has established a comprehensive governance structure, aligning with regulatory requirements to enhance operational standards[199]. - The company has conducted five shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[129]. - The company achieved a 100% response rate to inquiries on its interactive platform, enhancing communication with minority shareholders[132]. - The company is committed to improving information disclosure and transparency, ensuring all shareholders have equal access to important operational information[131]. - The company maintains independence from its controlling shareholder, with no instances of interference in operations or decision-making[130]. Product Development and Innovation - New product development includes the launch of a high-speed optical transceiver module, expected to contribute an additional RMB 200 million in revenue[12]. - The company has developed multiple leading technologies in precision ceramics, engineering plastics, and optical glass, including Mux/Demux coupling technology and FA fiber array design technology[51]. - The company has introduced two new product lines in 2023, which are projected to contribute an additional 300 million CNY in revenue[149]. - The company is currently expanding its production capacity, with a focus on the construction of a factory in Thailand, which is expected to reach full production capacity in the near future[123]. Financial Management and Dividend Policy - The company plans to distribute cash dividends of 10 RMB per 10 shares (including tax) and to increase capital by 4 shares for every 10 shares held[7]. - The company reported a cash dividend of RMB 10 per 10 shares, totaling RMB 394,886,777, which represents 54.10% of the net profit attributable to shareholders for the year[199]. - The cash dividend distribution plan has been approved by the board and will be submitted for shareholder approval[169]. - The company has maintained a consistent cash dividend payout ratio exceeding 40% for ten consecutive years since its listing[199].