Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is increasing its R&D efforts to meet the domestic demand wave and is expected to make progress in high-end products [1] - The company's revenue for 2024 is projected to be 1.08 billion yuan, with a year-on-year growth of 4.3%, while the net profit attributable to shareholders is expected to be a loss of 68.27 million yuan, reflecting a significant increase in loss compared to the previous year [7] - The report highlights the continuous improvement in gross margin due to the ramp-up of high-end products and cost optimization [7] Financial Performance Summary - Total revenue forecast for 2023A is 1.037 billion yuan, with a projected increase to 1.082 billion yuan in 2024A, and further growth to 1.353 billion yuan in 2025E [1][8] - The net profit attributable to shareholders is expected to improve from a loss of 68.27 million yuan in 2024A to a profit of 102.34 million yuan by 2027E [1][8] - The gross margin is expected to increase from 40.11% in 2024A to 41.97% in 2027E, indicating a positive trend in profitability [8] R&D and Product Development - The company has increased its R&D investment to 430 million yuan in 2024, a year-on-year increase of 36.4%, with the R&D expense ratio reaching 39.6% [7] - The company is focusing on high-end flagship chip products for large-scale data centers and cloud services, with initial small-batch deliveries already achieved [7] - The company aims to leverage the current trend of domestic production and network interconnectivity to enhance its product offerings and maintain competitive advantages [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is increasing its R&D efforts to meet the domestic demand wave and is expected to make progress in high-end products [1] - The company's revenue for 2024 is projected to be 1.08 billion yuan, with a year-on-year growth of 4.3%, while the net profit attributable to shareholders is expected to be a loss of 68.27 million yuan, reflecting a significant increase in loss compared to the previous year [7] - The gross margin has improved due to the ramp-up of high-end products and cost optimization, with a gross margin of 40.1% in 2024, up 3.9 percentage points year-on-year [7] - The company is focusing on high-end chip delivery and expanding its customer base, with significant progress in high-end flagship chip products for large-scale data centers and cloud services [7] - R&D investment reached 430 million yuan in 2024, a year-on-year increase of 36.4%, indicating a strong commitment to innovation and product development [7] Financial Summary - Total revenue is forecasted to reach 1.35 billion yuan in 2025, with a growth rate of 25.04% [1] - The net profit is expected to improve significantly by 2027, reaching 102.34 million yuan, with a staggering growth rate of 1,270.62% [1] - The company's latest closing price corresponds to a price-to-sales ratio of 20.2 for 2025, indicating a favorable valuation for potential investors [1]

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a current stock price of 63.66 yuan [1]. Core Views - The company has increased its R&D investment significantly, leading to a small batch delivery of high-end flagship chips. Despite this, the profit margins are under pressure due to the high R&D costs [7][8]. - In 2024, the company achieved a revenue of 1.082 billion yuan, a year-on-year growth of 4.28%, but reported a net loss attributable to shareholders of 68.26 million yuan, a decrease of 249.52% year-on-year [4][7]. - The company is positioned as a rare domestic Ethernet switch chip design enterprise, with a rich product lineup targeting the mid-to-high-end market. The demand for high-performance switching chips in emerging fields like cloud computing and data centers is expected to drive future growth [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.082 billion yuan, with a year-on-year growth of 4.28%. The net profit attributable to shareholders was -68.26 million yuan, a decrease of 249.52% year-on-year [4][7]. - For Q1 2025, the company achieved a revenue of 223 million yuan, a year-on-year decrease of 12.30%, with a net loss of 15.20 million yuan, a decrease of 150.42% year-on-year [4][7]. Revenue and Profitability - The overall gross margin for 2024 was 40.11%, an increase of 3.85 percentage points year-on-year, while the net margin was -6.31%, a decrease of 4.43 percentage points year-on-year [7]. - The company’s R&D expenses reached 428 million yuan in 2024, a growth of 36.40%, reflecting its commitment to high-end chip development [7][8]. Product Development - The company has successfully delivered high-end flagship chips in small batches, with a focus on Ethernet switch chips, which generated 835 million yuan in revenue, a year-on-year increase of 5.54% [8]. - The product range includes high-end chips with port speeds reaching 800G and switching capacities of 12.8Tbps and 25.6Tbps, which are competitive with international products [8]. Market Outlook - The company is expected to benefit from the growing demand for high-speed network communication equipment driven by the AI industry and the need for domestic supply chain independence [8]. - Revenue projections for 2025-2027 are estimated at 1.321 billion yuan, 1.781 billion yuan, and 2.285 billion yuan, respectively, indicating a strong growth trajectory [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company is expected to benefit from the domestic chip manufacturing wave by increasing its investment in high-end chip research and development [4] - In 2024, the company achieved a revenue of 1.082 billion yuan, a year-on-year increase of 4.28%, with high-end flagship chips achieving small batch deliveries [4] - The company plans to enhance its high-end product offerings and increase the maximum switching capacity to catch up with industry leaders [5] - The revenue forecasts for 2025-2027 have been adjusted to 1.369 billion yuan, 1.886 billion yuan, and 2.390 billion yuan respectively [4] Financial Summary - In 2024, the company's revenue from Ethernet chip business was 835 million yuan, with a gross margin of 32.22%, up 3.45 percentage points year-on-year [5] - The company's R&D expenses reached 428 million yuan in 2024, a year-on-year increase of 36.40% [6] - The projected revenue and net profit for 2025 are 1.369 billion yuan and -77 million yuan respectively, with a net profit margin of -5.6% [8][10]

Core Viewpoint - The company, Shengke Communication, reported a record high loss in its first full year post-IPO, indicating severe inadequacies in its ability to generate profits despite having substantial capital from oversubscription funds [1][2]. Financial Performance - In 2024, Shengke Communication's revenue reached 1.082 billion yuan, a year-on-year increase of 4.28%, while the net loss attributable to shareholders was 68.26 million yuan, widening from a loss of 19.53 million yuan in the previous year [2]. - The first quarter of 2024 saw a revenue decline of 12.3% to 223 million yuan, with a net loss of 15.20 million yuan, indicating a continued trend of increasing losses [2]. - The company's R&D expenses for 2024 amounted to 428.46 million yuan, a 36.4% increase from the previous year, representing 39.61% of total revenue [2][3]. Market Position and Challenges - Shengke Communication holds a market share of only 1.6% in the Ethernet switch chip market, significantly trailing behind industry leaders such as Broadcom, which commands 61.7% of the market [4][5]. - The company faces intense competition from established players and has a limited product line compared to global giants, which poses challenges in gaining market share [4][5]. - The global Ethernet switch chip market is characterized by high concentration, with a few players dominating the majority of the market, making it difficult for newer entrants like Shengke Communication to compete effectively [4][5]. Opportunities and Risks - The primary opportunity for Shengke Communication lies in domestic substitution, as local equipment manufacturers are rapidly emerging, reducing the market share of foreign competitors [5]. - The company has successfully entered the supply chains of major domestic network equipment manufacturers, indicating potential growth avenues [5]. - However, the company is also facing risks due to export control regulations imposed by the U.S., which could limit its access to critical technologies and suppliers, potentially impacting its operations [5][6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688702 证券简称：盛科通信 苏州盛科通信股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 (三)主要会计数据、财务指标发生变 ...

前十大流通股东累计持有： 16625.45万股，累计占流通股比： 82.51%，较上期变化： -561.03万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 国家集成电路产业投资基金股份有限公司 | 8035.71 | 39.88 | 不变 | | 中新苏州工业园区创业投资有限公司 | 4697.05 | 23.31 | 不变 | | 中电鑫泽(北京)投资管理有限责任公司-北京中电发展股权投 | | | | | 资基金合伙企业(有限合伙) | 1625.24 | 8.07 | -340.28 | | 国新投资有限公司 | 715.57 | 3.55 | 43.22 | | 和顺峡庄(香港)投资有限公司 | 687.78 | 3.41 | -372.64 | | 诺安成长混合 | 281.60 | 1.40 | 新进 | | 嘉实上证科创板芯片ETF | 176.13 | 0.87 | 新进 | | 诺安积极回报混合A | 160.99 | 0.80 | 新进 | | 富国新兴产业股票A/B ...

中国国际金融股份有限公司 关于苏州盛科通信股份有限公司 使用部分超募资金永久补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州盛 科通信股份有限公司（以下简称"盛科通信"或"公司"）的保荐机构，根据《证券发 行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等有关法律、行政法规、部门规章及业务规则 的要求，对盛科通信本次使用超募资金永久补充流动资金进行了认真、审慎核查，具体 情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 7 月 13 日 出具的《关于同意苏州盛科通信股份有限公司首次公开发行股票注册的批复》（证监 许可〔2023〕1534 号），同意公司首次公开发行股票的注册申请。公司获准向社会公 开发行人民币普通股 5,000 万股，每股面值人民币 1.00 元，每股发行价为人民币 42.66 元，募集资金总额为人民币 2,133,000,000.00 元，扣除 ...

苏州盛科通信股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-84 | 审计报告 XYZH/2025BJAA10B0292 苏州盛科通信股份有限公司 苏州盛科通信股份有限公司全体股东： 一、 审计意见 我们审计了苏州盛科通信股份有限公司（以下简称盛科通信公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 ...

苏州盛科通信股份有限公司 2024 年度 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025BJAA10B0296 苏州盛科通信股份有限公司 苏州盛科通信股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了苏州盛科通信股份有限公司（以下简称盛科通信公司）2024 年 12 月 31 日财务报告内 部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是盛科通信公司董事会的 责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 1 审计报告（续） XYZH/2025BJ ...