国泰海通晨报 2025 年 12 月 09 日 国泰海通证券股份有限公司 研究所 2、【军工研究】航天电子：高频航天发射任务带动航天产业景气上行，信息化与军贸带动无人系 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 余伟民(分析师) 010-50949926 yuweimin@gtht.com S0880525040028 王彦龙(分析师) 010-83939775 wangyanlong@gtht.com S0880519100003 黎明聪(分析师) 0755-23976500 limingcong@gtht.com S0880523080008 本次评级：增持 目标价：208.00 元 现价：157.17 元 总市值：14123 百万 公司跟踪报告：炬光科技(688167)《业绩实现扭亏，光通信批 量交付 报告标题》2025-12-07 上调盈利预测和目标价，维持增持评级。公司公告 2025 年三季度业绩，整体实现扭亏。 ...

Core Viewpoint - The accountability chain for delisted companies continues to extend, with Futong Information's parent company, Futong Group, being investigated for alleged violations of information disclosure laws following Futong Information's delisting due to a significant drop in stock price and performance issues [1][6][10]. Group 1: Company Background and Delisting - Futong Information was delisted on August 1, 2024, after its stock price fell below 1 yuan for 20 consecutive trading days [6]. - The company had a history of two shell changes over its 27 years of listing [6]. Group 2: Financial Performance and Irregularities - In its 2023 annual report, Futong Information reported a revenue of 298 million yuan, a year-on-year decrease of 77.61%, and a net profit of -228 million yuan, a year-on-year decline of 1895.13% [7]. - The company acknowledged accounting errors that led to improper revenue recognition in the first three quarters of 2023 [7]. - An audit report raised significant doubts about the company's ability to continue as a going concern due to substantial transactions with related parties, resulting in 600 million yuan in prepaid accounts [7][8]. Group 3: Regulatory Actions and Industry Implications - Futong Group received a notice from the China Securities Regulatory Commission (CSRC) regarding the investigation into its subsidiary, Futong Information, on October 14, 2025 [1]. - The trend indicates that delisting does not equate to immunity from regulatory scrutiny, as evidenced by multiple companies, including Jiangsu Sunshine, facing investigations post-delisting [10][11]. - The regulatory environment is tightening, with a clear message that accountability extends beyond delisting, reshaping the underlying logic of capital market health [11].

Core Viewpoint - The accountability chain for delisted companies continues to extend, with Futong Information's parent company, Futong Group, being investigated for alleged violations of information disclosure laws [2][10]. Group 1: Company Background and Delisting - Futong Information, which has undergone two shell changes over its 27 years of listing, was delisted on August 1, 2024, after its stock price fell below 1 yuan for 20 consecutive trading days [4]. - The company reported a significant decline in performance prior to delisting, with a 77.61% year-on-year decrease in revenue to 298 million yuan and a net profit loss of 228 million yuan, marking a staggering 1895.13% decline [5]. Group 2: Financial Irregularities - An audit revealed that Futong Information had improperly recognized business income in its financial statements for the first three quarters of 2023, leading to a qualified audit opinion regarding its ability to continue as a going concern [6][8]. - The company engaged in substantial transactions with related parties, resulting in 600 million yuan in prepaid accounts, raising concerns about the legitimacy of these transactions [7]. Group 3: Regulatory Environment - As of October 16, 2023, a total of 89 companies, including delisted ones, have disclosed investigations by the China Securities Regulatory Commission (CSRC), indicating that delisting does not equate to immunity from accountability [10][11]. - The case of Jiangsu Sunshine, which received an administrative penalty notice post-delisting, exemplifies the ongoing regulatory scrutiny and the message that delisting does not absolve companies from their responsibilities [12].

Core Viewpoint - The company, Hangdian Co., Ltd. (603618.SH), has issued a risk warning announcement indicating that its main business is the manufacturing and sales of power cables, while its optical communication business is currently operating at a loss. The copper foil business is still in its early stages. Despite these challenges, the company reports that its recent daily production and operational conditions are normal, with no significant changes in the internal or external operating environment expected [1]. Group 1 - The primary business of the company is power cable manufacturing and sales [1] - The optical communication business is currently experiencing losses [1] - The copper foil business is still in the initial phase of development [1] Group 2 - The company has conducted a self-inspection and found that recent daily production and operational conditions are normal [1] - There have been no significant changes in the internal and external operating environment [1] - The company does not anticipate any major changes in the near future [1]

Core Viewpoint - Hangzhou Cable Co., Ltd. (603618) has issued a risk warning regarding its stock trading, indicating that its main business is the manufacturing and sales of power cables, while its optical communication business is currently operating at a loss, and its copper foil business is still in the early stages of development [1] Group 1 - The company has confirmed that its recent daily production and operational conditions are normal [1] - There have been no significant changes in the internal and external operating environment [1] - The company does not anticipate any major changes in the near future [1]

Core Viewpoint - The company, Hangdian Co., Ltd., primarily engages in the manufacturing and sales of power cables, while its optical communication business is currently operating at a loss, and its copper foil business is still in the early stages of development [1] Group 1 - The company's recent daily production and operational conditions are normal [1] - There have been no significant changes in the internal and external operating environment [1] - The company does not anticipate any major changes in the near future [1]

Core Viewpoint - The company primarily engages in the manufacturing and sales of power cables, while its optical communication business is currently operating at a loss, and the copper foil business is still in its early stages [1] Group 1 - The company's recent daily production and operational conditions are normal [1] - There have been no significant changes in the internal and external operating environment [1] - The company does not anticipate any major changes in the near future [1]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6]. Core Insights - Corning's optical communication business has shown strong growth, driven by both enterprise and carrier networks, with enterprise network revenue increasing by 81% year-on-year due to AI data center construction [2][9]. - The commercialization of data center interconnect (DCI) solutions has begun, with expectations to grow into a $1 billion business in the coming years [2][9]. - The "scale-up" trend is advancing, with the OIO optical interconnect solution expected to unlock 2-3 times the growth potential in the enterprise network market [2][9]. - The demand for multimode fiber is robust, with profitability exceeding that of single-mode fiber [2][9]. Summary by Sections Financial Performance - In Q2 2025, Corning reported GAAP sales revenue of $3.86 billion, a year-on-year increase of 19%, and a net profit of $470 million, up 351% year-on-year. On a core (non-GAAP) basis, sales revenue was $4.05 billion, a 12% increase year-on-year, with a net profit of $520 million, up 29% year-on-year [4][9]. Business Segments - The optical communication business generated $1.57 billion in revenue, a 41% year-on-year increase, with a net profit of $250 million, reflecting a 73% year-on-year increase [9]. - The enterprise network segment achieved $769 million in revenue, marking an 81% year-on-year growth, while the carrier network segment generated $797 million, a 16% year-on-year increase [9]. Market Trends - The current growth in enterprise networks is primarily driven by "scale-out" deployments, while future growth opportunities are expected to arise from "scale-up" scenarios, which involve deploying more GPUs within a single node [9]. - The transition to OIO solutions is anticipated to significantly enhance data center interconnect architectures, potentially expanding the current $2 billion enterprise network market [9]. Investment Recommendations - The report suggests focusing on companies with a high proportion of data communication business, such as Longi Fiber, FiberHome, and others involved in fiber optic cables, connectors, and OIO optical engines [2][9].