烽火通信：定增预案落地，助推计算与存储业务拓展

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Viewpoints - The company plans to raise funds through a private placement to supplement working capital, with the controlling shareholder, China Information Communication Technology Group, intending to fully subscribe to the offering. The issue price is set at 12.88 yuan per share, with a total fundraising amount not exceeding 1.5 billion yuan [5][6]. - The raised funds are expected to support the continuous and rapid expansion of the company's computing and storage business, which has seen a compound annual growth rate of over 50% in recent years [5][6]. - The company’s subsidiary, Yangtze Computing, has become a significant partner in the AI server market, with a notable market share in the operator sector, which is anticipated to enhance revenue and profitability [5][6]. Summary by Sections Fundraising Plan - The company has approved a plan to issue A-shares to specific investors, with the total number of shares to be issued being 116 million, accounting for no more than 30% of the total share capital before the issuance [5][6]. - The net proceeds from the fundraising will be used entirely to supplement working capital, which is crucial for meeting the growing operational demands [5][6]. Financial Projections - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 702 million, 1.023 billion, and 1.516 billion yuan, respectively, representing year-on-year growth rates of 39%, 46%, and 48% [5][6]. - The projected price-to-earnings ratios for the same years are 29x, 20x, and 14x, indicating a favorable valuation outlook [5][6]. Market Position - The company is positioned to benefit from the rapid development of the industry and technological advancements, which are expected to drive the overall business scale and increase working capital needs [6]. - The company has a comprehensive solution set supporting digital industrialization and has maintained a strong focus on R&D to enhance its competitiveness in the optical communication sector [6].