Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 86.50 based on a 2025 PE of 50X [3][14] Core Views - The company achieved record-high quarterly revenue in Q3 2024, driven by increased customer orders [1][2] - Revenue for Q1-Q3 2024 reached RMB 916 million, up 47% YoY, with net profit attributable to shareholders of RMB 146 million, up 39.09% YoY [1] - Q3 2024 revenue was RMB 406 million, up 74.52% YoY and 41.69% QoQ, with net profit of RMB 66.29 million, up 99.90% YoY [1] - Gross margin improved significantly to 36.23% in Q3 2024, up 8.72 pcts YoY and 3.68 pcts QoQ [1] - The company is advancing R&D and production of high-speed active products, benefiting from AI computing and 5G construction demand [2][3] Financial Performance - For 2024-2026, revenue is forecasted to be RMB 1.41 billion, 2.11 billion, and 2.83 billion respectively, with net profit of RMB 250 million, 393 million, and 544 million [3] - EPS is projected to be RMB 1.10, 1.73, and 2.39 for 2024-2026 [3] - Gross margin is expected to stabilize around 33.8% from 2024-2026 [4][6] - ROE is forecasted to increase from 16.9% in 2024 to 23.6% in 2026 [4] Business Segments - The optical devices segment is the main revenue driver, expected to grow from RMB 1.33 billion in 2024 to RMB 2.69 billion in 2026 [6] - Optical fiber sensing business is projected to maintain stable revenue at around RMB 3.44 million from 2024-2026 [6] - Other main businesses are forecasted to grow from RMB 79.39 million in 2024 to RMB 133.38 million in 2026 [6] R&D and Operations - R&D expenses in Q3 2024 were RMB 23.65 million, up 57.55% YoY, with R&D expense ratio of 5.82% [2] - Inventory increased 22.80% YoY to RMB 273 million at the end of Q3 2024, mainly due to increased sales orders [2] - Operating cash flow in Q3 2024 was RMB 29.82 million, down 31.32% YoY [2] Industry Position - The company is one of the largest global manufacturers of dense connectivity products [3] - It is a leading enterprise in China's ceramic ferrule industry and a major supplier of MPO/MTP optical connectors [7] - The company has a complete R&D system and holds various patents in the optical communication field [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a significant increase in revenue and profit for Q3 2024, with revenue reaching 406 million yuan, a year-on-year increase of 74.52% and a quarter-on-quarter increase of 41.69% [5] - The company is benefiting from increased customer orders and is actively advancing the research and production of high-speed active products [6] - Future revenue growth is expected to be stable, driven by demand from AI computing and 5G construction, with projected revenues of 1.41 billion, 2.11 billion, and 2.83 billion yuan for 2024, 2025, and 2026 respectively [7] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 916 million yuan, a year-on-year increase of 47.00%, and a net profit of 146 million yuan, a year-on-year increase of 39.09% [5] - The gross profit margin for Q3 2024 was 36.23%, an increase of 8.72 percentage points year-on-year [5] - The company’s R&D expenses for Q3 2024 were 23.65 million yuan, a year-on-year increase of 57.55%, indicating a commitment to innovation [6] Revenue Forecast - The company is projected to have revenues of 1.41 billion yuan in 2024, 2.11 billion yuan in 2025, and 2.83 billion yuan in 2026, with corresponding net profits of 250 million, 393 million, and 544 million yuan [7][11] - The expected EPS for 2024, 2025, and 2026 is 1.10, 1.73, and 2.39 yuan respectively [7][11] Market Comparison - The company is compared to peers in the industry, with a projected dynamic PE range of 45-50X for 2025, corresponding to a fair value range of 77.85 to 86.50 yuan [7][9]

Group 1: Financial Performance - The company achieved a record high revenue in the first three quarters of 2024, driven by increased demand for its MT and ceramic connectors due to the growth of AI technology [1][2]. - The gross margin improved in Q3 2024, attributed to ongoing product process optimization and automation enhancements [2]. - The company expects to maintain strong performance in Q4 2024, supported by a healthy order backlog [2]. Group 2: Production and Capacity - The company is currently operating at full capacity and is implementing significant expansion plans, including a new factory in Vietnam expected to commence production by the end of 2024 [2][3]. - The MT connector has seen a supply-demand imbalance, with significant growth in production and sales [2][3]. Group 3: Product Development - R&D investments have increased year-on-year, focusing on new products and technologies, as well as ongoing automation efforts [2]. - The company has successfully developed and shipped its MPO connectors and is actively working on new product applications in response to customer needs [3][4]. Group 4: Market Trends and Opportunities - The demand for MPO connectors is surging, driven by the construction of large data centers and the rapid development of AI technology [4]. - The company has established strong relationships with major overseas clients, particularly in North America and Europe, enhancing its market presence [4]. Group 5: Talent Strategy - The company is intensifying its efforts to attract high-end talent through partnerships with universities and recruitment initiatives, alongside implementing incentive mechanisms such as stock options [5]. Group 6: Future Outlook - The company is committed to continuous innovation in the optical communication sector, aiming to enhance product competitiveness and brand value in light of the opportunities presented by AI advancements [5].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 上调盈利预测和目标价，维持增持评级；业绩超预期，营收和盈利双升。越南子公 司开始投产，MT 自供率有望进一步提升。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 934 | 885 | 1,329 | 1,839 | 2,375 | | (+/-)% | 44.4% | -5.2% | 50.2% | 38.4% | 29.1% | | 净利润（归母） | 180 | 155 | 231 | 351 | 461 | | (+/-)% | 150.9% | -13.9% | 48.8% | 52.3% | 31.3% | | 每股净收益（元） | 0.79 | 0.68 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company reported a significant increase in performance driven by AI demand, with a revenue of 916 million yuan for the first three quarters of 2024, representing a year-on-year growth of 47% [2]. - The net profit attributable to shareholders reached 146 million yuan, up 39.09% year-on-year, while the net profit excluding non-recurring items was 136 million yuan, reflecting a 47.09% increase [2]. - In Q3 2024 alone, the company achieved a revenue of 406 million yuan, marking a 74.52% year-on-year increase and a 41.69% quarter-on-quarter increase [2]. - The gross margin for Q3 2024 was 36.23%, a substantial increase of 8.72 percentage points year-on-year and 3.68 percentage points quarter-on-quarter [2]. - The company is focusing on core products and leveraging opportunities from AI development, particularly in the dense connection product sector, which is expected to see significant growth [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 916 million yuan, with a year-on-year growth of 47% [2]. - The net profit attributable to shareholders for the same period was 146 million yuan, reflecting a year-on-year increase of 39.09% [2]. - The company’s revenue and net profit for Q3 2024 were 406 million yuan and 66 million yuan, respectively, with year-on-year growth rates of 74.52% and 99.90% [2]. - The projected net profits for 2024, 2025, and 2026 are 300 million yuan, 448 million yuan, and 543 million yuan, respectively, with corresponding PE multiples of 56, 38, and 31 [2][5].

证券代码：300570 证券简称：太辰光 公告编号：2 0 24-04 6 深圳太辰光通信股份有限公司 关于股票交易严重异常波动的公告 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。 一、公司股票交易严重异常波动的情况 深圳太辰光通信股份有限公司（以下简称"公司"）股票于 2024 年 10 月 17 日至 2024 年 10 月 30 日连续 10 个交易日内日收盘价格涨幅偏离值累计超过 100%，根据深圳证券交易所相关规定，属于股票交易严重异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票严重异常波动情况，公司董事会就相关事项进行了核实，现将 有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、公司目前的经营情况及内外部经营环境未发生重大变化。 4、公司、控股股东及实际控制人不存在关于公司应披露而未披露的重大事 项或处于筹划阶段的重大事项。 5、股票严重异常波动期间，不存在控股股东、实际控制人买卖公司股票的 行为。 6、不存在违反公 ...

证券代码：30 05 7 0 证券简称：太辰光 公告编号：2 0 2 4 -041 深圳太辰光通信股份有限公司 第五届董事会第七次会议决议公告 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。 表决结果： 9 票赞成： 0 票反对； 0 票弃权。 二、审议通过《关于使用部分暂时闲置自有资金进行委托理财的议案》 基于公司现金流量较为充裕，为合理利用暂时闲置自有资金，获取较好的投资回 报，在不影响正常业务经营和确保资金安全性高的前提下，同意公司及子公司使用不 超过 4 亿元（折合人民币）闲置自有资金进行委托理财，资金在上述额度内可以循环 滚动使用，授权有效期自本次董事会审议通过之日起至 2025 年 10 月 31 日。 《关于使用部分暂时闲置自有资金进行委托理财的公告》详见巨潮资讯网 深圳太辰光通信股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日以现场 结合通讯方式召开了第五届董事会第七次会议。会议通知及会议资料于 2024 年 10 月 24 日以电子邮件或者直接送达方式送达全体董事、监事及高级管理人员。本次会议应 到董事 9 名，亲自出席董 ...

证券代码：300570 证券简称：太辰光 公告编号：2 0 2 4 -0 4 4 深圳太辰光通信股份有限公司 关于使用部分暂时闲置自有资金进行委托理财的公告 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"）于 2024 年 10 月 28 日召开第五届董事会第七次会议和第五届监事会第七次会议，审议通过 了《关于使用部分暂时闲置自有资金进行委托理财的议案》。现将相关情 况公告如下： 一、委托理财概况 1、投资目的：在不影响公司正常经营及发展的情况下，提高公司自有资金 的使用效率，合理利用流动资金，为股东谋取较好的投资回报。 5、资金来源：公司及子公司暂时闲置自有资金。 6、信息披露：公司将根据相关法规对购买的理财产品履行信息披露义务。 7、实施方式：由公司董事会审议批准，董事会授权管理层在上述授权期限 及额度内行使相关投资决策权并签署相关文件，公司财务部具体办理相关事宜。 二、审议程序 2、投资金额：使用合计不超过 4 亿元（折合人民币）的闲置自有资金进行 委托理财，上述资金额度可滚动使用。 3、投资方式及种类：公司 ...

证券代码：300570 证券简称：太辰光 公告编号：2 0 2 4-042 深圳太辰光通信股份有限公司 第五届监事会第七次会议决议公告 本公司及监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"）于 2024 年 10 月 28 日以现场 方式召开了第五届监事会第七次会议。会议通知及会议资料于 2024 年 10 月 24 日以电 子邮件或者直接送达方式送达全体监事。本次会议应到监事 3 名，实到监事 3 名。会 议由监事会主席耿鹏先生主持，会议的召开和表决程序符合《公司法》及公司《章程》 的有关规定，合法有效。 经全体监事审议，本次会议以书面记名投票的方式表决通过了相关议案并 形成如下决议： 一、审议通过《公司 2024 年第三季度报告全文》 经审核，监事会认为：公司编制和审核《2024 年第三季度报告全文》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。 表决结果： 3 票赞成； 0 票反对； 0 票弃权。 二、审议通过《关于使用部分暂时闲置自有资金进行委托理财的议案》 经审核，监事会认为：公司目前 ...

证券代码：300570 证券简称：太辰光 公告编号：2 0 2 4-04 5 深圳太辰光通信股份有限公司 关于举行投资者交流会的公告 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。 为便于广大投资者进一步了解公司经营情况及未来发展的机会与可能，公司 拟于 2024 年 11 月 5 日（星期二）15:00~16:30 采取现场方式举行投资者交流会， 与投资者进行沟通，在信息披露允许范围内就投资者普遍关注的问题进行回答。 现将本次交流会具体事项通知如下： 3、出席人员：公司董事长张致民先生、总经理（董事、财务总监）张艺明 先生、副总经理（董事、技术总监）肖湘杰先生、独立董事李继伟先生、董事会 秘书（海外市场部经理）蔡波女士、助理技术总监（光栅部经理）侯丹先生 4、报名方式：拟参加本次交流会的投资者请于 2024 年 11 月 1 日 17:00 前 将报名信息（单位+姓名）通过电子邮件方式发送至公司邮箱（zqb@china- tscom.com），并进行电话（0755-0898 3676）确认。 为充分尊重投资者、提升交流的针对性，现就本次交流会提前向投资者公开 ...