Changfei Optical Fiber Cable (06869) was more than 7% lower. As of press release, it decreased by 7.33% to HK$8.72, with a turnover of HK$1,669,900.
The Zhitong Finance App learned that Changfei Optical Fiber Cable (06869) was more than 7% lower. As of press release, it had a decrease of 7.33% to HK$8.72, with a turnover of HK$1.669,900.
According to the news, Changfei Optical Fiber & Cable released its report for the first quarter of 2024, with operating revenue of 2,387 billion yuan (RMB, same below), a year-on-year decrease of 25.29%; net profit attributable to shareholders of listed companies was 57.92 million yuan, a year-on-year decrease of 75.97%; and basic earnings per share were 0.08 yuan.
Goldman Sachs previously indicated that it would cut the company's 2024 and 2025 earnings per share forecasts by 45% and 40%. According to the bank, demand for optical cables in China continued to weaken in the fourth quarter of 2023, and telecommunications companies' procurement was still insufficient. It is expected that demand prospects will weaken for the next six months before China Mobile may conduct a new tender in July 2024.