证券研究报告 2024 年 07 月 20 日 公 司 报 告│ 公 司 季 报 点 评 天孚通信(300394) 业绩保持高增长,产品量产有望加速 事件: 7 月 17 日,公司发布 2024 年半年度业绩预告:报告期内预计实现归母净 利润 6.30-6.77 亿元,同比增长 167.00%-187.00%;扣非归母净利润 6.17- 6.64 亿元,同比增长 173.56%-194.48%。其中 2024Q2 预计实现归母净利润 3.51-3.98 亿元,同比增长 143.75%-176.39%,环比增长 25.81%-42.65%; 扣非归母净利润 3.48-3.95 亿元,同比增长 148.57%-182.14%,环比增长 29.37%-46.84%。 ➢ 硅光器件市场占比有望翻倍提升,公司重视硅光产品研发投入 根据 LightCounting,英伟达正在优先考虑将硅光子技术用于下一代收发 器;LightCounting 预计,2022-2028 年,基于硅光光调制器收发器的市场 份额将 24%上升到 44%。公司持续对硅光模块产品进行研发,针对硅光类产 品的高功率要求,开发出适应于高功率应用的 AW ...

业绩预告超预期,A I 驱动高速光 器件 需求 天孚通信(300394.SZ)/通信 证券研究报告/公司点评 2024 年 7 月 20 日 [Table_Industry] [Table_Title] 评级:买入(维持) [Table_Finance 公司盈利预测及估值 1] | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|---------------------------------------------|-----------------|---------------|-------------------|-----------------|---------------| | 市场价格:91.21 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师:陈宁玉执业证书编号:S0740517020004 | 营业收入(百万元) 增长率 yoy% 净利润(百万元) | 1,196 16% 403 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded market expectations with its 2024 H1 earnings forecast, projecting a net profit of 630-680 million yuan, representing a year-on-year increase of 167%-187% [2] - The growth in downstream demand, driven by increased AI computing power and global data center construction, has led to a stable rise in demand for high-speed optical devices, positively impacting the company's revenue from both active and passive products [3] - The company is expected to benefit from the release of demand for 800G and 1.6T products in the coming year, as it is a key supplier of core components for optical modules, closely tied to major clients [4] Financial Forecasts and Valuation - The company's projected net profits for 2024, 2025, and 2026 have been adjusted upwards to 1.43 billion, 2.27 billion, and 2.72 billion yuan respectively, reflecting the high demand in the AI computing sector [4] - The price-to-earnings (P/E) ratios corresponding to the closing price on July 19, 2024, are 35.4, 22.3, and 18.6 for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price of the company's stock is 91.21 yuan, with a market capitalization of approximately 50.52 billion yuan [5] - The company has a price-to-book (P/B) ratio of 10.32 and a net asset value per share of 8.84 yuan [6]

证券研究报告 | 公司动态点评 2024 年 07 月 18 日 天孚通信(300394.SZ) 高速光器件产品需求持续高增,带动公司业绩预期大幅增长 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,196 | 1,939 | 3,405 | 4,796 | 6,175 | | 增长率 yoy(%) | 15.9 | 62.0 | 75.7 | 40.9 | 28.8 | | 归母净利润(百万元) | 403 | 730 | 1,213 | 1,669 | 2,133 | | 增长率 yoy(%) | 31.5 | 81.1 | 66.2 | 37.6 | 27.8 | | ROE(%) | 15.4 | 21.7 | 29.2 | 30.4 | 29.3 | | EPS 最新摊薄(元) | 1.02 | 1.85 | 3.07 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has raised its profit forecast and target price, with an expected net profit of 1.413 billion, 3.017 billion, and 3.276 billion yuan for 2024-2026, reflecting increases of 5.42%, 40.51%, and 22.62% respectively [3][4]. - The company’s mid-2024 profit forecast exceeds market expectations, with a projected net profit of 630-678 million yuan, representing a year-on-year growth of 167%-187% [3][4]. - The demand for the company's 1.6T products is expected to surge in the second half of the year, driven by the booming 400G/800G market [3]. Financial Summary - Revenue is projected to grow from 1.196 billion yuan in 2022 to 3.9 billion yuan in 2024, reflecting a growth rate of 101.2% [4]. - Net profit is expected to increase from 403 million yuan in 2022 to 1.554 billion yuan in 2024, indicating a growth rate of 112.9% [4]. - The earnings per share (EPS) is forecasted to rise from 0.73 yuan in 2022 to 2.81 yuan in 2024 [4]. Market and Industry Insights - The company is positioned as a major supplier in the industry, with significant delivery of high-speed optical engine components [3]. - The report highlights a strong demand for passive optical components, which is expected to contribute positively to the company's revenue in the latter half of the year [3]. - The company has improved its production capacity following personnel adjustments and training, leading to better performance in Q2 [3].

证 券 研 究 报 告 天孚通信(300394)2024 年半年度业绩预告点评 强推(维持) 二季度业绩同比环比均快速增长,核心受益 AI 带来的高速率光器件需求 事项: 7 月 17 日,公司发布《2024 年半年度业绩预告》,2024H1 公司预计实现归母 净利润 6.30-6.77 亿元,同比增长 167.00% - 187.00%,实现扣非后净利润 6.17- 6.64 亿元,同比增长 173.56% - 194.48%。 评论: 2024Q2 业绩同比环比均高增。2024H1 公司预计实现归母净利润 6.30-6.77 亿 元,同比增长 167.00% - 187.00%,中值为 6.54 亿元,即 2024Q2 实现归母净 利 3.51-3.98 亿元,中值 3.75 亿元,环比+34.4%,相比一季度实现显著增长。 人员及物料问题得到缓解,公司有望随下游需求放量实现高增长。根据公司公 告,一季度公司受到人力和物料暂时性短缺的影响。物料方面,今年年初受到 日本地震的影响,叠加近几个季度需求持续增长,部分进口物料供应紧张,部 分供应商正在加紧扩产,同时公司对部分物料储备了安全库存,我们认为二季 度上 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the ongoing demand for AI technologies, leading to significant growth in both active and passive product lines. The forecasted net profit for the first half of 2024 is projected to be between 630 million to 677 million RMB, representing a year-on-year increase of 167% to 187% [2][3]. - The report anticipates a continued high growth trajectory for the company, driven by the increasing demand for high-speed optical devices due to the global expansion of data centers and AI computing power [4][5]. Summary by Relevant Sections Earnings Forecast - The company expects a net profit of 3.51 to 3.98 billion RMB for Q2 2024, reflecting a year-on-year growth of 144% to 177% and a quarter-on-quarter growth of 26% to 43% [2][3]. - The adjusted net profit forecasts for 2024 to 2026 are set at 1.534 billion, 2.237 billion, and 2.923 billion RMB respectively, up from previous estimates of 1.401 billion, 1.874 billion, and 2.391 billion RMB [5][6]. Revenue and Profitability - The company’s revenue is projected to grow significantly, with expected revenues of 3.674 billion, 5.619 billion, and 7.653 billion RMB for 2024 to 2026, marking growth rates of 89.52%, 52.94%, and 36.19% respectively [6][11]. - The report highlights a strong increase in the company's operating profit margins, with a forecasted net profit margin of 42.04% for 2024 [11]. Market Position and Competitive Advantage - The company is positioned as a leader in the optical device sector, benefiting from its deep technological and process expertise. It has successfully integrated into the supply chains of major global clients [4][5]. - The anticipated introduction of 1.6T optical modules is expected to further enhance the company's market position and contribute to revenue growth [4]. Valuation - The target price for the company's stock is set at 124.59 RMB, based on a price-to-earnings (PE) ratio of 45x for 2024, compared to the industry average PE of 32x [2][5].

通信/通信设备 公 司 研 究 天孚通信(300394.SZ) 2024 年 07 月 17 日 Q2 环比实现较快增长,积极布局高速率产品 ——公司信息更新报告 投资评级:买入(维持) 蒋颖(分析师) jiangying@kysec.cn 证书编号:S0790523120003 国内光器件领军企业,业绩大幅增长,维持"买入"评级 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 天孚通信 沪深300 -60% -30% 0% 30% 60% 90% 2023-07 2023-11 2024-03 2024-07 数据来源:聚源 相关研究报告 《AI 时代的光器件领军企业—公司首 次覆盖报告》-2024.7.11 | --- | --- | |--------------------|--------------| | 日期 | 2024/7/17 | | 当前股价(元) | 88.76 | | 一年最高最低(元) | 173.99/68.59 | | 总市值(亿元) | 491.65 | | 流通市值(亿元) | 446.70 | | 总股本(亿股) | 5.54 | | 流通股本(亿股 ...

证券代码：300394 证券简称：天孚通信 公告编号：2024-042 苏州天孚光通信股份有限公司 2024 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2024 年 1 月 1 日至 2024 年 6 月 30 日。 2、业绩预告情况：同向上升 | --- | --- | --- | --- | |-------------------|-------------------------------------------|--------|------------------| | | 项 目 本报告期 | | 上年同期 | | 归属于上市 | 盈利： 63,012.33 万元– 67,732.36 万元 | | | | 公司股东的 净利润 | 比上年同期增长： 167.00% - 187.00% | 盈利： | 23,600.12 万元 | | 扣除非经常 | 盈利： 61,712.33 万元– 66,432.36 万元 | | | | 性损益后的 净利润 | 比上年同期增长： 173.56% ...

通信/通信设备 天孚通信(300394.SZ) AI 时代的光器件领军企业 2024 年 07 月 11 日 ——公司首次覆盖报告 投资评级:买入(维持) 蒋颖(分析师) jiangying@kysec.cn 证书编号:S0790523120003 | | | |--------------------|--------------| | 日期 | 2024/7/10 | | 当前股价(元) | 100.00 | | 一年最高最低(元) | 173.99/68.59 | | 总市值(亿元) | 553.91 | | 流通市值(亿元) | 503.27 | | 总股本(亿股) | 5.54 | | 流通股本(亿股) | 5.03 | | 近 3 个月换手率(%) | 239.13 | 股价走势图 天孚通信 沪深300 -60% -30% 0% 30% 60% 90% 2023-07 2023-11 2024-03 2024-07 数据来源:聚源 开 源 证 券 证 券 研 究 报 告 公司首次覆盖报告 国内光器件领军企业,深度受益于 AI 发展,首次覆盖,给予"买入"评级 公司作为光器件整体解决方案提供商和先进 ...