11月24日，烽火通信盘中上涨2.04%，截至10:22，报22.05元/股，成交1.80亿元，换手率0.69%，总市值 284.13亿元。 截至9月30日，烽火通信股东户数11.93万，较上期减少6.90%；人均流通股9928股，较上期增加9.08%。 2025年1月-9月，烽火通信实现营业收入170.72亿元，同比减少19.30%；归母净利润5.13亿元，同比增长 30.28%。 分红方面，烽火通信A股上市后累计派现37.91亿元。近三年，累计派现4.94亿元。 机构持仓方面，截止2025年9月30日，烽火通信十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2133.05万股，相比上期增加557.16万股。南方中证500ETF（510500）位居第四大流通股 东，持股1110.20万股，相比上期增加53.96万股。易方达智造优势混合A（011300）位居第十大流通股 东，持股651.41万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流出430.92万元，特大单买入678.92万元，占比3.77%，卖出1504.77万元， 占比8.35%；大单买入3682.52万元，占比20 ...

Core Viewpoint - The company, Fenghuo Communication, is a high-tech enterprise specializing in network information security and mobile information products, ranking third in revenue among its industry peers in Q3 2025 [1][2]. Group 1: Business Performance - In Q3 2025, Fenghuo Communication achieved a revenue of 17.072 billion yuan, ranking third among 36 companies in the industry [2]. - The company's main business segments include communication system equipment (8.728 billion yuan, 78.51%), optical fiber cables (2.004 billion yuan, 18.02%), data network products (220 million yuan, 1.98%), and others (165 million yuan, 1.49%) [2]. - The net profit for the same period was 505 million yuan, placing it eighth in the industry [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 61.42%, down from 64.96% year-on-year, but still above the industry average of 38.12% [3]. - The gross profit margin for Q3 2025 was 22.42%, slightly up from 22.13% year-on-year, yet lower than the industry average of 30.08% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.90% to 119,300, while the average number of circulating A-shares held per shareholder increased by 9.08% to 9,928.7 [5]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with significant increases in their holdings [5]. Group 4: Management Compensation - The chairman, Zeng Jun, saw a salary reduction from 1.627 million yuan in 2023 to 1.537 million yuan in 2024, a decrease of 90,000 yuan [4]. - The president, Lan Hai, experienced a salary increase from 1.451 million yuan in 2023 to 1.480 million yuan in 2024, an increase of 29,000 yuan [4]. Group 5: Future Outlook and Business Highlights - The company plans to repurchase shares worth 75 to 150 million yuan to reduce registered capital, indicating confidence in its development [6]. - Key business highlights include being a core supplier of multimode optical fibers, achieving over 50% compound annual growth rate in capacity over the past three years, and plans to reach an annual capacity of 4 million core kilometers by 2026 [6]. - The company has made breakthroughs in hollow-core fiber technology and has become a partner of Huawei, enhancing its capabilities in providing complete solutions [6].

Core Viewpoint - The stock of Fenghuo Communication has shown a significant increase in price and trading activity, indicating positive market sentiment and potential investment opportunities [1][2]. Company Overview - Fenghuo Communication, established on December 25, 1999, and listed on August 23, 2001, is located in Wuhan, Hubei Province. The company specializes in the research, production, and sales of network information security products and mobile information products [1]. - The main revenue composition includes: 78.51% from communication system equipment, 18.02% from optical fiber cables, 1.98% from data network products, and 1.49% from other sources [1]. Stock Performance - As of September 16, the stock price increased by 2.04% to 25.48 CNY per share, with a total market capitalization of 32.386 billion CNY. The stock has risen 32.15% year-to-date [1]. - In the last five trading days, the stock rose by 5.16%, while it decreased by 1.74% over the past 20 days and increased by 24.54% over the last 60 days [1]. Trading Activity - The net inflow of main funds was 8.049 million CNY, with significant buying activity from large orders, indicating strong investor interest [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 259 million CNY on February 19 [1]. Financial Performance - For the first half of 2025, Fenghuo Communication reported a revenue of 11.117 billion CNY, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders increased by 32.02% to 287 million CNY [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 8.49% to 128,200, with an average of 9,102 circulating shares per shareholder, which increased by 9.28% [2]. - The company has distributed a total of 3.791 billion CNY in dividends since its A-share listing, with 494 million CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 15.7589 million shares, an increase of 242,300 shares from the previous period [3].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Viewpoints - The company is positioned as a leader in the optical communication industry, leveraging its comprehensive product offerings and technological advancements to capture growth opportunities in both optical communication and computing services [1][2][3]. - The growth in demand for data driven by artificial intelligence and big data is expected to significantly boost the company's server business, particularly in the context of China's "East Data West Computing" strategy [3][4]. - The company has a strong focus on research and development, continuously innovating to enhance its product matrix and maintain its competitive edge in the market [4][34]. Summary by Sections Technology + Industry, Layout of Optical Communication and Computing Services - The company is the only global entity integrating "optical communication systems, optical fibers and cables, and optoelectronic devices," with a complete product range serving over 100 countries [1][13]. - The company has established production bases and R&D centers in Southeast Asia, South America, and Europe, ensuring a broad service coverage [13][17]. - The revenue has shown a growth trend from 2018 to 2023, with a compound annual growth rate (CAGR) of 5.13% [21][22]. Optical Communication: Industry Leader - The company has maintained a leading technological advantage in the optical communication sector, with significant innovations in multi-core fiber technology and underwater communication solutions [2][42]. - The introduction of new products, such as the G.654.E multi-core fiber, has set domestic records for transmission capacity [2][36]. - The company is actively involved in the development of submarine cable solutions, providing comprehensive services in marine communication networks [41][42]. Computing Services: Benefiting from AI and Big Data - The server market in China is projected to grow significantly, with a market size of 218.68 billion yuan in 2023, reflecting a year-on-year increase of 13.0% [3][4]. - The company has launched a series of self-developed server products, achieving breakthroughs in high-end liquid cooling technology [3][34]. - The computing and storage business has seen a compound annual growth rate exceeding 50% in recent years, indicating strong growth potential [34]. Profit Forecast and Investment Recommendations - The company is expected to benefit from the ongoing digital transformation trends in China, with projected net profits for 2025-2027 of 945.43 million, 1,179.44 million, and 1,421.91 million yuan respectively [4][5]. - The report anticipates a continuous improvement in gross margins due to the diversified product matrix and ongoing technological advancements [4][34].

Core Viewpoint - The company, Fenghuo Communication Technology Co., Ltd., is undergoing a tracking credit rating process for its publicly issued convertible bonds, reflecting its financial stability and operational challenges in a competitive market [1][2]. Financial Performance - In 2024, the company's total revenue was 28.549 billion yuan, a decrease of 8.29% year-on-year, primarily due to reduced investment demand from foreign operators and adjustments in domestic operator demand [9][10]. - The revenue from communication system equipment was 22.313 billion yuan, down 6.19% year-on-year, while the optical fiber and cable business generated 4.699 billion yuan, a decrease of 12.77% [10]. - The gross profit margin for the company was 21.25%, an increase of 0.69 percentage points compared to the previous year, with the optical fiber and cable segment seeing a margin of 25.35%, up 4.16 percentage points due to lower raw material prices [10][12]. Market Position and Competition - The company faces significant competition in the optical communication equipment and cable market, particularly from large telecom operators and government clients, which has led to increased operational pressure [2][5]. - The company has established long-term stable relationships with major domestic telecom operators, with revenue from these operators amounting to 13.995 billion yuan in 2024, accounting for 49.02% of total revenue [13][14]. Operational Challenges - The company is experiencing increased pressure on accounts receivable and inventory levels due to long payment cycles from telecom operators, which can extend from 6 to 12 months [14]. - The company has a significant reliance on key components that are subject to global supply chain fluctuations and geopolitical factors, impacting its operational efficiency [5][6]. Future Outlook - The company is expected to maintain stable credit quality in the coming months, with a focus on enhancing its capital strength through potential stock issuance [1][2]. - The overall industry outlook remains cautious, with anticipated growth driven by advancements in AI, IoT, and cloud computing, although traditional segments may continue to face challenges [6][7].

Core Viewpoint - The company maintains stable operations despite a decline in revenue, with high growth rates in net profit attributable to shareholders and net profit excluding non-recurring items. The domestic computing power business continues to grow rapidly, and overseas capacity is being continuously improved, leading to an optimistic outlook for the company's future development, resulting in an upward adjustment of the target price and a maintained buy rating [1]. Financial Performance - The company reported a revenue of 28.549 billion yuan for 2024, a year-on-year decrease of 8.29%. The net profit attributable to shareholders was 703 million yuan, reflecting a year-on-year increase of 39.05%, while the net profit excluding non-recurring items was 653 million yuan, up 43.70% year-on-year. For Q1 2025, revenue was 4.049 billion yuan, down 19.97% year-on-year, with a net profit of 55.2 million yuan, an increase of 33.08% year-on-year, and a net profit excluding non-recurring items of 53.95 million yuan, up 28.96% year-on-year [2]. Profit Forecast - The company updated its profit forecast, expecting net profits attributable to shareholders to be 1.006 billion yuan, 1.167 billion yuan, and 1.344 billion yuan for 2025-2027, respectively. Corresponding EPS for 2025-2027 is projected to be 0.85 yuan, 0.99 yuan, and 1.13 yuan. Based on industry average valuation and prudent considerations, a PE of 35x for 2025 is given, raising the target price to 29.72 yuan from the previous 24.72 yuan, while maintaining a buy rating [2]. Business Segments - In the optical communication sector, the company achieved revenue of 22.313 billion yuan from communication system equipment, down 6.19% year-on-year, with a gross margin of 19.46%, up 0.26 percentage points. Revenue from fiber and cable was 4.699 billion yuan, down 12.77% year-on-year, with a gross margin of 25.35%, up 4.16 percentage points. Data network product revenue was 1.144 billion yuan, down 27.44% year-on-year, with a gross margin of 43.92%, up 2.56 percentage points. The company secured a position as a core supplier for the 400G network by winning bids from three major operators [3]. Computing Power Business - The domestic computing power revenue reached nearly 6 billion yuan, with a compound annual growth rate exceeding 100% over the past two years. The company’s Longjiang Computing has been certified as a leading partner for Huawei's Kunpeng and Ascend products, ranking in the top three in the ecosystem, indicating potential benefits from the growth in domestic computing power demand [3]. Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [3]. Cost Management - In 2024, the company's sales, management, and R&D expense ratios were 6.59%, 1.54%, and 10.09%, respectively, showing year-on-year changes of +0.85 percentage points, +0.44 percentage points, and -1.40 percentage points. The combined expense ratio decreased by 0.11 percentage points year-on-year, indicating effective cost control amid declining overall revenue [3]. Catalysts - The demand for domestic computing power is expected to exceed expectations, serving as a potential catalyst for growth [4].

Investment Rating - Investment rating: Outperform [1] - Target price: RMB 29.72 [1] Core Insights - The company reported a revenue of RMB 28.55 billion for 2024, a year-on-year decrease of 8.29%, while net profit attributable to shareholders was RMB 703 million, an increase of 39.05% [6][10] - The computing power business is experiencing rapid growth, with domestic revenue nearing RMB 6 billion and a compound annual growth rate (CAGR) exceeding 100% over the past two years [6][10] - The company has optimized its expense management, achieving a slight reduction in total expense ratio despite a decline in overall revenue [6][10] Financial Summary - Revenue forecast for 2025-2027: RMB 31.15 billion, RMB 32.97 billion, and RMB 34.57 billion respectively [4] - Net profit forecast for 2025-2027: RMB 1.01 billion, RMB 1.17 billion, and RMB 1.34 billion respectively [4][10] - Earnings per share (EPS) for 2025-2027: RMB 0.85, RMB 0.99, and RMB 1.13 respectively [4][10] Product Performance - Communication systems revenue: RMB 22.31 billion, down 6.19% year-on-year, with a gross profit margin of 19.46% [6][10] - Fiber and cable revenue: RMB 4.70 billion, down 12.77% year-on-year, with a gross profit margin of 25.35% [6][10] - Data network products revenue: RMB 1.14 billion, down 27.44% year-on-year, with a gross profit margin of 43.92% [6][10] Strategic Developments - The company has secured centralized procurement for 400G OTN, reinforcing its position as a core supplier [6][10] - Global expansion efforts include trial production at R&D and manufacturing bases in Thailand and Hungary, aimed at mitigating trade risks [6][10]

Investment Rating - Investment rating is upgraded to Outperform with a target price of RMB 29.72, reflecting a 12% upside from the current price of RMB 21.36 [1][5][9] Core Views - The company reported a revenue of RMB 28.55 billion for 2024, a year-on-year decrease of 8.29%, while net profit attributable to shareholders increased by 39.05% to RMB 703 million [5][9] - The computing power business is experiencing rapid growth, with domestic revenue nearing RMB 6 billion and a compound annual growth rate (CAGR) exceeding 100% over the past two years [5][9] - The company has secured a position as a core supplier for 400G OTN networks, enhancing its competitive edge in the optical communication sector [5][9] Financial Summary - Revenue projections for 2025-2027 are updated to RMB 31.15 billion, RMB 32.97 billion, and RMB 34.57 billion respectively, with corresponding net profits of RMB 1.01 billion, RMB 1.17 billion, and RMB 1.34 billion [3][5][9] - Earnings per share (EPS) estimates for 2025-2027 are RMB 0.85, RMB 0.99, and RMB 1.13 respectively [5][9] - The company’s gross profit margin for communication systems is 19.46%, for fiber and cable is 25.35%, and for data network products is 43.92% [5][9] Product Performance - Revenue from communication systems was RMB 22.31 billion, down 6.19% year-on-year; fiber and cable revenue was RMB 4.70 billion, down 12.77%; and data network products revenue was RMB 1.14 billion, down 27.44% [5][9] - The company has optimized its expense ratios, achieving a total expense ratio decrease of 0.11 percentage points despite a decline in overall revenue [5][9] Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [5][9]