Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The Chinese ICT market is projected to grow to $751.76 billion by 2028, with the enterprise-level ICT market expected to reach approximately $269.36 billion in 2024, reflecting an 11.7% increase from 2023 [2][5]. - In 2024, global AI PCs are anticipated to account for 17% of total PC shipments, with Apple leading the market at 54% share, followed by Lenovo and HP at 12% each. The fourth quarter of 2024 is expected to see AI PC shipments reach 15.4 million units, a quarter-on-quarter increase of 18% [2][10]. - The global DRAM industry revenue is projected to reach $28.6 billion in the fourth quarter of 2024, with a quarter-on-quarter increase of 9.9%. Samsung holds the largest market share at 39.3%, followed by SK Hynix and Micron [2][15]. Summary by Sections Industry News and Commentary - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key investment lines include wafer fab expansion and the A1 industry chain [2][28]. - The semiconductor industry index has shown a year-to-date increase of 37.6%, outperforming the CSI 300 index by 24.2 percentage points [21]. Market Performance - The semiconductor industry index experienced a weekly decline of 3.62%, underperforming the CSI 300 index by 1.4 percentage points [21]. - As of the last trading day of the week, the overall P/E ratio for the semiconductor industry was 84.2 times, with 34 stocks rising, 1 remaining flat, and 126 declining [24]. Investment Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., with a focus on A1+ semiconductor investment opportunities such as Haiguang Information, Shengke Communication, Hengxuan Technology, and Shenghong Technology [28][32].

Financial Performance - The total operating revenue for 2024 is expected to be 1,081.83 million CNY, an increase of 4.28% compared to the previous year[5] - The net profit attributable to the parent company is projected to be -68.53 million CNY, a loss increase of 4,900.04 million CNY year-on-year[5] - The basic earnings per share is expected to be -0.17 CNY, a decrease compared to -0.05 CNY in the previous year[3] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be -108.74 million CNY, an increase in loss of 4,221.23 million CNY year-on-year[5] - The weighted average return on net assets is -2.89%, a decrease of 0.66 percentage points from the previous year[3] Assets and Equity - The total assets at the end of the reporting period are 2,662.11 million CNY, a decrease of 15.35% from the beginning of the period[5] - The equity attributable to the parent company is 2,333.02 million CNY, down 1.52% from the beginning of the period[5] Research and Development - The company has increased its investment in high-end chip research and development to capture opportunities in the domestic integrated circuit and network communication sectors[6] - The decline in profit metrics, including operating profit and total profit, exceeds 30% due to high R&D expenditures[8] Reporting Accuracy - The company has not identified any significant uncertainties affecting the accuracy of the earnings report[9]

证券代码：688702 证券简称：盛科通信 公告编号：2025-002 苏州盛科通信股份有限公司 关于持股5%以上股东权益变动触及1%的提示性公告 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： 本次权益变动为苏州盛科通信股份有限公司（以下简称"公司"）持股 5%以 上非第一大股东国家集成电路产业投资基金股份有限公司（以下简称"产业基 金"）减持公司股份，不触及要约收购。 本次权益变动前，产业基金持有公司股份 80,357,143 股，占公司总股本的比 例为 19.60%；本次权益变动后，产业基金持有公司股份 77,900,200 股，占公司 总股本的比例为 19.00%。 本次权益变动不会导致公司无控股股东及实际控制人的情况发生变化。 公司于近日收到持股 5%以上股东产业基金发来的《关于权益变动触及 1% 的告知函》，在 2025 年 1 月 15 日至 2025 年 2 月 7 日期间，产业基金通过集中 竞价交易方式合计减持公司股份 2,456,943 股，占公司总股本的比例为 0.60%。 本次权益变 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [15]. Core Views - The company is a leading domestic Ethernet switch chip manufacturer with significant potential for domestic substitution. It is increasing its investment in high-end chip research and development, which is currently putting pressure on profits [3][11]. - For the fiscal year 2024, the company anticipates revenue between 1.05 billion and 1.10 billion yuan, representing a year-on-year growth of 1.21% to 6.03%. However, it expects a net loss attributable to shareholders of between 85 million and 50 million yuan, which is an increase in losses compared to the previous year [3][8]. - The company is capitalizing on the trends in domestic integration circuits and network communication industries, focusing on high-end chip development while also upgrading mid- and low-end products [8][11]. Financial Summary - Revenue projections for 2024 to 2026 are 1.078 billion, 1.411 billion, and 1.994 billion yuan, respectively, with expected growth rates of 3.9%, 30.9%, and 41.3% [7][12]. - The company is expected to achieve a positive net profit of 46 million yuan in 2025 and 75 million yuan in 2026, following a projected loss of 67 million yuan in 2024 [12][13]. - The gross margin is expected to stabilize around 39% in the coming years, while the net margin is projected to turn positive by 2025 [7][13]. Market Position - The company has established itself as a key player in the domestic Ethernet switch chip market, having developed a comprehensive product line and accumulated leading core technologies since its inception in 2005 [9][11]. - The Ethernet switch chip market is characterized by a high degree of concentration and long product life cycles, which can last 8-10 years, providing the company with a competitive edge [9]. Product Development - The company is focusing on high-performance, flexible, and secure products, with its Arctic series of high-end chips expected to support maximum port speeds of 800G and begin small-scale deliveries in 2024 [8][11]. - The company is also expanding its mid- and low-end product lines to capture the current domestic market opportunities [8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% within the next six months [15]. Core Views - The company is a leading domestic Ethernet switch chip manufacturer with significant potential for domestic substitution. It is increasing its investment in high-end chip research and development, which is currently putting pressure on profits [3][11]. - For the fiscal year 2024, the company anticipates revenue between 1.05 billion and 1.10 billion yuan, representing a year-on-year growth of 1.21% to 6.03%. However, it expects a net loss attributable to shareholders of between 85 million and 50 million yuan, which is an increase in losses compared to the previous year [3][8]. - The company is leveraging the current trends in domesticization and the development of the integrated circuit and network communication industries to enhance its product offerings and market position [8][11]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 1.037 billion yuan, with projections of 1.078 billion yuan for 2024, 1.411 billion yuan for 2025, and 1.994 billion yuan for 2026, indicating a compound annual growth rate [7][12]. - The net profit for 2023 was a loss of 20 million yuan, with expectations of a loss of 67 million yuan in 2024, followed by a profit of 46 million yuan in 2025 and 75 million yuan in 2026 [7][12]. Product Development - The company has a comprehensive product line and is focusing on high-end products, including the Arctic series, which supports a maximum port rate of 800G and is expected to see small-scale deliveries in 2024 [8][9]. - The company is also expanding its mid-range and low-end product offerings to capitalize on the domestic market opportunities [8][11]. Market Position - The company has established itself as a key player in the domestic Ethernet switch chip market, breaking the long-standing monopoly of international giants through significant R&D investments [9][11]. - The demand for high-speed network communication devices is expected to rise due to the explosion of AI industries, which will further enhance the company's market share in the AI network sector [11].

Revenue Projections - The estimated annual revenue for 2024 is projected to be between CNY 1,050 million and CNY 1,100 million, representing a year-on-year increase of CNY 12.58 million to CNY 62.58 million, or a growth rate of 1.21% to 6.03%[3]. - The previous year's revenue was CNY 1,037.42 million, with a net loss of CNY -19.53 million attributable to the parent company[5]. Net Loss Projections - The estimated net loss attributable to the parent company for 2024 is projected to be between CNY -85 million and CNY -50 million, indicating an increase in loss of CNY 30.47 million to CNY 65.47 million compared to the previous year[3]. - The estimated net loss attributable to the parent company after deducting non-recurring gains and losses for 2024 is projected to be between CNY -125 million and CNY -90 million, reflecting an increase in loss of CNY 23.48 million to CNY 58.48 million compared to the previous year[3]. R&D Investment - The company is increasing R&D investment in high-end chips to capture opportunities in the domestic integrated circuit and network communication industry, which is expected to pressure profits in 2024 but aims to drive long-term growth[7]. Financial Reporting - The earnings forecast has not been audited by a registered accountant, and the company has not identified any significant uncertainties affecting the accuracy of the forecast[8]. - The data provided is preliminary and the final audited financial data will be disclosed in the 2024 annual report[9].

KING&WODI 上海市徐汇区淮海中路999号 =海环贸广场写字楼一期17层 邮编:200031 17/F, One ICC, Shanghai ICC 999 Huai Hai Road (M) Shanghai, 200031 P.R. China +86 21 2412 6000 86 21 2412 6150 北京市金杜律师事务所上海分所 关于苏州盛科通信股份有限公司 2024年第二次临时股东大会 之法律意见书 致:苏州盛科通信股份有限公司 北京市金杜律师事务所上海分所(以下简称本所)接受苏州盛科通信股份有限公司(以 下简称公司）委托,根据《中华人民共和国证券法》(以下简称《证券法》)《中华人民共 和国公司法》(以下简称《公司法》)、中国证券监督管理委员会《上市公司 股东大会规则(2022 年修订》(以下简称《股东大会规则》)等中华人民共和国境内(以下简称中国境内,为本 法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区） 现行有效的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定,指派律 师出席了公司于 2024年 12月 26日召开的 2024年第二次临时股 ...

重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 证券代码：688702 证券简称：盛科通信 公告编号：2024-039 苏州盛科通信股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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。 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：《关于预计 2025 年度日常关联交易额度的议案》 审议结果：通过 | 1、出席会议的股东和代理人人数 | 53 | | --- | --- | | 普通股股东人数 | 53 | | 2、出席会议的股东所持有的表决权数量 | 234,456,455 | | 普通股股东所持有表决权数量 | 234,456,455 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 81.8687 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 81.8687 | | （%） | | ...

本公司董事会、全体董事及相关股东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。 ● 减持计划的主要内容 近日，公司收到股东产业基金出具的关于股份减持计划的告知函。现将相关减持计划情况公告如下： 二、减持计划的主要内容 1、产业基金关于所持股份锁定期的承诺如下： 2、产业基金关于持股意向和减持意向的承诺 （4）减持数量：本企业在本次发行前所持发行人股份在锁定期满之日起2年内，每年减持股份不超过所 持股份总量的100%，如因发行人进行权益分派、减资缩股等导致本企业所持发行人股份发生变化的， 相应年度可转让股份额度做相应变更。 本次拟减持事项与此前已披露的承诺是否一致 √是 □否 三、控股股东或者实际控制人减持首发前股份 ● 大股东持股的基本情况 减持价格按市场价格及交易方式确定，若公司在上述减持计划实施期间内发生派发红利、送红股、转增 股本、增发新股或配股等股本除权、除息事项的，将对本次减持计划的减持股份数量进行相应调整。 上述减持主体无一致行动人。 （一）相关股东是否有其他安排 □是 √否 （2）如相关法律法规及规范性文件或中国证监会及上交所等证 ...