东兴证券：东兴晨报-20241017

Core Insights - Changfei Fiber Optics maintains a solid position in the optical fiber and cable industry, with a compound annual growth rate (CAGR) of 7.0% from 2019 to 2023 in its optical fiber and cable segment [1] - The company is the largest producer of optical fiber preform in China and has successfully industrialized three major preform preparation technologies [1] - Changfei Fiber Optics has consistently ranked first in the bidding share for ordinary optical cables from China Mobile, with revenue from its optical fiber and cable segment increasing from 6.5 billion to 8.5 billion yuan from 2019 to 2023 [1] - The company is a major supplier for the G.654.E optical fiber procurement by domestic operators, with a 40% order share in the 2023-2024 procurement [1] Company Overview - Changfei Fiber Optics has established eight production bases in five countries since 2014, expanding its international presence along the Belt and Road Initiative [2] - The company's revenue has grown from 7.49 billion to 13.11 billion yuan from 2019 to 2023, with the proportion of revenue from optical fiber preform and optical fiber cables decreasing to 65% in 2023 [2] Financial Projections - Revenue projections for Changfei Fiber Optics are estimated at 11.90 billion, 12.73 billion, and 13.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 849 million, 993 million, and 1.14 billion yuan [6]