证券代码：30 0 570 证券简称：太辰光 公告编号：2 0 2 5-02 3 深圳太辰光通信股份有限公司 2024 年度分红派息实施公告 若董事会审议上述利润分配预案后至权益分派实施公告确定的股权登记日前上述 股本基数发生变化，公司将按照每股分配现金股利金额固定不变的原则，在权益分派 实施公告中对现金分配总额进行相应调整。 2、分配方案披露至本次分红派息实施期间，公司总股本未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原则是一致的。 4、本次实施分配方案距离股东大会通过利润分配方案时间未超过两个月。 二、本次实施的利润分配方案 公司 2024 年度利润分配方案为：以公司现有总股本 227,126,867 股为基数，向全 体股东每 10 股派 8.000000 元人民币现金（含税；扣税后，通过深股通持有股份的香港 市场投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金 每 10 股派 7.200000 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股 息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据 其持股期限 ...

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [10] Core Insights - The combined capital expenditure of BAT (Baidu, Alibaba, Tencent) for Q1 2025 reached 54.4 billion RMB, representing a year-on-year increase of 105% but a quarter-on-quarter decline of 23% [2][3][15] - The decline in capital expenditure is attributed to the impact of NVIDIA's H20 export restrictions, but the long-term growth trend in capital expenditure is expected to remain intact [2][3][17] - The report suggests focusing on domestic GPU capabilities and related supply chains, including optical modules, AIDC, switches, and copper connections, as they are likely to fill the demand gap created by the restrictions [2][3][17] Summary by Sections Market Overview - The telecommunications index fell by 2.31% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 0.57% and 0.46%, respectively [2][14] Key Companies and Dynamics - The report highlights a positive outlook for the AI computing chain in the telecommunications industry for 2025, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Taicheng Light, and Ruijie Network [4] - Core asset value reassessment is recommended for China Mobile, China Telecom, and China Unicom, along with a focus on new productivity in satellite internet, low-altitude economy, and deep-sea technology [4] Capital Expenditure Insights - In Q1 2025, Baidu, Alibaba, and Tencent's capital expenditures were 2.9 billion, 24 billion, and 27.5 billion RMB, respectively, with year-on-year growth rates of +42%, +136%, and +91% [3][15] - The report notes that the capital expenditure for Q1 is typically lower than that of Q4 in previous years, indicating a seasonal trend [17] Recommendations - The report recommends a focus on companies involved in the domestic GPU supply chain and related industries due to the anticipated growth in AI applications and infrastructure investments [2][3][17]

Core Insights - The company reported significant revenue and profit growth in 2024, with revenue reaching 1.378 billion and a year-on-year increase of 55.73%, while net profit attributable to shareholders was 261 million, up 68.46% [1] - In Q1 2025, the company continued to show strong performance with revenue of 371 million, a year-on-year increase of 65.96%, although it experienced a quarter-on-quarter decline of 19.78% [1][2] - The demand for optical devices is driven by the rapid advancement of AI technology and the increasing need for computing power, leading to a stable growth in product demand [2][3] Financial Performance - In 2024, the company achieved a gross margin of 35.62%, an increase of 6.22 percentage points year-on-year, and a net profit margin of 19.58%, up 2.43 percentage points [2] - The company’s Q1 2025 net profit reached 79 million, showing a remarkable year-on-year growth of 149.99%, despite a quarter-on-quarter decline of 31.25% [1][2] Market Dynamics - The global data center construction is accelerating, which is enhancing the demand for high-density connection products, particularly in the context of AI technology breakthroughs [3][4] - The company is focusing on high-density optical interconnects and has made significant technological advancements in various product categories, including multi-core low-loss connectors and high-speed optical modules [3] Operational Strategy - The company has expanded its production capacity in response to market demand, particularly for MT connectors and dense connection products, while also improving production management and automation [4] - A new production base in Vietnam has been established to enhance delivery capabilities and meet growing market needs [4] Future Outlook - The company is well-positioned to benefit from the growth in AI infrastructure and optical communication technology, with expectations of continued sales growth in both domestic and international markets [4][5] - Projections for net profit from 2025 to 2027 are 460 million, 635 million, and 858 million respectively, indicating a positive growth trajectory [5]

中国经济网北京5月19日讯 今日，太辰光（300570）(300570.SZ)股价下跌7.02%，截至收盘报70.20元。 太辰光昨日晚间披露关于大股东减持股份预披露公告。公告称，公司于近日分别收到股东华暘进出口 （深圳）有限公司（以下简称"华暘"）、张艺明、张映华、蔡乐、蔡波及肖湘杰《关于计划减持股份的 告知函》。 持有公司股份913.7579万股（占公司总股本的4.0231%）的股东张映华计划自公告之日起15个交易日后 的3个月内（2025年6月10日至2025年9月9日）（窗口期不减持）以大宗交易或集中竞价交易方式减持公 司股份不超过52万股（占公司总股本的0.2289%）。 持有公司股份563.118万股（占公司总股本的2.4793%）的股东蔡乐计划自公告之日起15个交易日后的3 个月内（2025年6月10日至2025年9月9日）（窗口期不减持）以大宗交易或集中竞价交易方式减持公司 股份不超过13.5万股（占公司总股本的0.0594%）。 持有公司股份420.552万股（占公司总股本的1.8516%）的股东蔡波计划自公告之日起15个交易日后的3 个月内（2025年6月10日至2025年9月9日）（窗口 ...

Core Viewpoint - The announcement of share reduction by Taichengguang has led to a significant decline in the CPO sector, with Taichengguang's stock dropping over 10% and other related stocks also experiencing losses [1][4]. Group 1: Share Reduction Announcement - Taichengguang announced that major shareholders plan to reduce their holdings through block trades or centralized bidding from June 10, 2025, to September 9, 2025 [4]. - A total of six major shareholders will collectively reduce their holdings by up to 4.491 million shares, accounting for approximately 1.9772% of the company's total share capital [9]. - The largest shareholder, Huayang Import and Export (Shenzhen) Co., Ltd., plans to reduce up to 3.406 million shares, representing 1.4996% of the total share capital [7]. Group 2: Stock Performance - Following the share reduction announcement, Taichengguang's stock price fell to 70.30, reflecting a decrease of 6.89% and a year-to-date decline of 3.26% [2]. - The stock has experienced a significant correction of over 40% from its historical high of 131.34 per share, reached in January [14][15]. - Despite the recent downturn, the stock price has more than doubled from its low of 26.6 per share in September of the previous year [17]. Group 3: Company Overview - Taichengguang specializes in the optical communication field, producing optical devices and solutions [12]. - The company is recognized as one of the largest manufacturers of high-density optical connection products and maintains long-term supply relationships with major players like Corning [12]. - Taichengguang is actively expanding its overseas production capacity, with a new facility set to be established in Vietnam in 2024 [14].

Core Viewpoint - Citi believes that 2026 will be the year when 800G optical modules dominate the market, with a projected sales volume of 37 million units, representing an 85% year-on-year growth driven primarily by demand from overseas cloud service providers [1][3]. Group 1: Market Demand and Supply Dynamics - The demand for 800G optical modules is expected to be robust, with over 90% of this demand coming from overseas cloud service providers (CSPs) [3]. - The deployment speed of 1.6T Ethernet switches may slow down, leading to a downward revision of demand forecasts for 1.6T modules [3]. - The market share distribution will be influenced by production capacity and delivery capabilities, with a preference for second-tier suppliers among overseas customers [3]. Group 2: Company Performance and Predictions - Citi's rating hierarchy for companies in the sector is as follows: Eoptolink > Innolight > T&S > TFC, with a particular focus on Eoptolink due to its strong performance in 800G/1.6T products and capacity [4]. - Eoptolink is expected to benefit significantly from the strong demand for 800G, with projections indicating that 75% of its sales will come from this segment by 2026 [15]. - Innolight is also anticipated to capture a substantial share of the 800G demand due to its superior supply capabilities and ongoing silicon photonics migration [17][18]. Group 3: Financial Forecasts and Market Trends - The 2025-2027 shipment forecasts for 400G, 800G, and 1.6T modules have been adjusted, reflecting an increase in 800G shipments and a decrease in 1.6T due to industry demand delays [17]. - The overall market valuation is expected to recover, with industry price-to-earnings ratios projected to rise from 8-10 times to 15-20 times by 2025, driven by cloud infrastructure upgrades and higher optical module integration rates [9]. - The anticipated strong demand for 800G and the potential delay in 1.6T migration may pose risks for CPO (Co-Packaged Optics) deployment, which could be pushed to 2027 [9]. Group 4: Competitive Landscape - The competitive landscape is shifting, with more second-tier suppliers entering the supply chain due to insufficient supply from first-tier suppliers [13]. - Companies like Suzhou Taicheng Light are facing challenges due to lower-than-expected InfiniBand penetration and weak GB200 rack numbers, which may impact their 1.6T demand [20][21]. - The ongoing silicon photonics migration is expected to provide cost advantages for companies like Innolight and Eoptolink, allowing them to maintain higher profit margins compared to competitors who rely on external design sources [18].

格隆汇5月18日丨太辰光(300570.SZ)公布，公司股东华暘进出口（深圳）有限公司计划自公告之日起15 个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以大宗交易或集中竞价交易方式减持本 公司股份不超过340.6万股（占公司总股本的1.4996%）。 股东张艺明先生计划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以 大宗交易或集中竞价交易方式减持本公司股份不超过18万股（占公司总股本的0.0793%）。 股东张映华女士计划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以 大宗交易或集中竞价交易方式减持本公司股份不超过52万股（占公司总股本的0.2289%）。 股东蔡乐先生计划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以大 宗交易或集中竞价交易方式减持本公司股份不超过13.5万股（占公司总股本的0.0594%）。 股东蔡波女士计划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以大 宗交易或集中 ...

Core Viewpoint - The shareholders of Shenzhen Taicheng Communication Co., Ltd. plan to reduce their holdings of the company's shares through block trading or centralized bidding within a specified window period, which may impact the stock's market performance [1][4][6] Shareholder Reduction Plans - Shareholder Huayang plans to reduce up to 3.406 million shares, accounting for 1.4996% of the total share capital, during the period from June 10, 2025, to September 9, 2025 [2][4] - Shareholder Zhang Yiming plans to reduce up to 180,000 shares, accounting for 0.0793% of the total share capital [5] - Shareholder Zhang Yinghua plans to reduce up to 520,000 shares, accounting for 0.2289% of the total share capital [5] - Shareholder Cai Le plans to reduce up to 135,000 shares, accounting for 0.0594% of the total share capital [5] - Shareholder Cai Bo plans to reduce up to 135,000 shares, accounting for 0.0594% of the total share capital [5] - Shareholder Xiao Xiangjie plans to reduce up to 115,000 shares, accounting for 0.0506% of the total share capital [5] Shareholder Background - Huayang is a major shareholder holding 10.1682% of the total shares, while Zhang Yiming, Zhang Yinghua, Cai Le, Cai Bo, and Xiao Xiangjie are part of the company's controlling shareholders and management [4][6] - The reduction plans are consistent with previous commitments made by the shareholders regarding share transfers [5][6] Compliance and Impact - The planned reductions comply with relevant regulations and will not lead to a change in the company's actual control or governance structure [6] - The final number and price of shares to be reduced will depend on market conditions and the company's stock price, indicating uncertainty in the execution of the reduction plans [6]

1、持有本公司股份2,309.472万股（占公司总股本的10.1682%）的股东华暘进出口 （深圳）有限公司计划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗 口期不减持）以大宗交易或集中竞价交易方式减持本公司股份不超过340.6万股（占公 司总股本的1.4996%）。 证券代码：30 0 570 证券简称：太辰光 公告编号：2 0 2 5-02 2 深圳太辰光通信股份有限公司 关于大股东减持股份预披露公告 公司股东华暘进出口（深圳）有限公司、张艺明先生、张映华女士、蔡乐先生、蔡 波女士及肖湘杰先生保证向本公司提供的信息披露内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 2、持有本公司股份999.892万股（占公司总股本的4.4024%）的股东张艺明先生计 划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以大 宗交易或集中竞价交易方式减持本公司股份不超过18万股（占公司总股本的0.0793%）。 3、持有本公司股份913.7579万股（占 ...

深圳太辰光通信股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 深圳太辰光通信股份有限公司（以下简称"公司"）分别于 2025 年 3 月 27 日和 2025 年 4 月 25 日召开第五届董事会第八次会议和 2024 年度股东大会，审议通过了 《关于办理一照多址并修订<公司章程>的议案》，具体内容详见巨潮资讯网披露的相关 公告。 证券代码：300 570 证券简称：太辰光 公告编号：2 0 2 5-02 1 近日，公司完成上述工商变更登记和《公司章程》备案手续，并取得了深圳市市场 监督管理局换发的《营业执照》。《营业执照》登记的相关信息如下： 1、统一社会信用代码：91440300724721938J 深圳太辰光通信股份有限公司 董事会 2025 年 5 月 14 日 4、成立日期：2000 年 12 月 12 日 5、法定代表人：张致民 6、住所：深圳市坪山区坑梓街道秀新社区锦绣中路 8 号太辰光通信科技园-101（1、 2、3 号楼）（一照多址企业） 特此公告。 2、名称：深圳太辰光通信股份有限公司 ...