证券代码：688702 证券简称：盛科通信 公告编号：2024-036 苏州盛科通信股份有限公司 关于召开 2024 年第二次临时股东大会的通知 召开地点：江苏省苏州市工业园区江韵路 258 号公司会议室 重要内容提示： 召开日期时间：2024 年 12 月 26 日 15 点 00 分 一、 召开会议的基本情况 （一） 股东大会类型和届次 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。 2024 年第二次临时股东大会 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《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》 等有关规定执行。 （七） 涉及公开征集股东投票权 （五） 网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit significantly from the domestic substitution wave in high-specification switching chips, particularly with support from China Mobile, which plans to invest over 100 million yuan in developing high-specification chips [7] - Revenue forecasts for 2024-2026 have been adjusted downwards due to short-term pressure from limited high-end product deliveries, with expected revenues of 1.162 billion, 1.536 billion, and 2.088 billion yuan respectively [7] - The company's current price-to-sales ratios are projected to be 23.3, 17.7, and 13.0 times for 2024, 2025, and 2026 respectively, indicating potential long-term benefits as the domestic network product substitution progresses [7] Summary by Sections Company Overview - The company, 盛科通信 (688702.SH), has a current stock price of 66.11 yuan, with a market capitalization of 271.05 billion yuan and a circulating market value of 133.21 billion yuan [2] Market Trends - The global Ethernet switch market saw a year-on-year revenue growth of 7.6% in Q2 2024, with the data center segment experiencing a significant increase of 104.3% [8] - The Chinese Ethernet switch market also showed a year-on-year growth of 8.7% in Q2 2024, indicating a potential recovery in the non-data center switch market [8] Research and Development - The company is focusing on three main areas: expanding high-end chip products for large data centers, enriching its existing product series, and developing access-level products to strengthen its industry moat [9] - The company has achieved good progress in testing multi-core architecture products, with maximum port speeds reaching 800G and switching capacities of 12.8T and 25.6T [9] Financial Projections - The company's projected revenues for 2024, 2025, and 2026 are 1.162 billion, 1.536 billion, and 2.088 billion yuan respectively, with year-on-year growth rates of 12.0%, 32.1%, and 36.0% [11] - The gross margin is expected to be 35.9% in 2024, with a net profit margin projected at -7.5% [11]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has maintained an excellent gross margin performance, with a gross margin of 38.95% for the first three quarters, up 4.69 percentage points year-on-year. In Q3 2024, the gross margin was 41.82%, showing a slight decrease of 0.17 percentage points year-on-year but an increase of 4.79 percentage points quarter-on-quarter [3][4] - The company is expanding its R&D team and increasing investment in high-end chip development, which has led to a rise in expense ratios. The net profit attributable to the parent company for the first three quarters was -76 million yuan, compared to a profit of 43 million yuan in the same period last year [4] - The company is expected to deliver small batches of high-end flagship chips in 2024, which are designed for large-scale data centers and cloud services, supporting a maximum port rate of 800G. This positions the company favorably in the domestic chip market [4] Financial Performance - Revenue for the first three quarters was 808 million yuan, down 7.95% year-on-year, with Q3 2024 revenue at 275 million yuan, up 17.69% year-on-year but down 0.94% quarter-on-quarter [3][4] - The company forecasts revenues of 1.137 billion yuan, 1.576 billion yuan, and 2.044 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -104 million yuan, 10 million yuan, and 118 million yuan for the same years [5][6] - The gross margin is expected to improve slightly, reaching 39.0% by 2026 [6][8] Valuation - The company is valued at a price-to-sales (P/S) ratio of 20-25 times for 2025, corresponding to a reasonable market capitalization range of 31.5 billion yuan to 39.4 billion yuan, with a target price range of 76.88 yuan to 96.10 yuan [5][6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 810 million yuan for the first three quarters of 2024, a year-on-year decrease of 8%, with a net profit attributable to the parent company of -80 million yuan, a year-on-year decline of 275% [2][4] - In Q3 2024, the company's revenue reached 280 million yuan, an increase of 18% year-on-year, while the net profit attributable to the parent company was -20 million yuan, indicating a shift to a loss compared to the previous year [2][4] - The gross margin improved by 4.7 percentage points year-on-year to 39.0%, with Q3 gross margin reaching 41.8%, up 4.8 percentage points quarter-on-quarter [2] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to be 1.17 billion yuan in 2024, 1.5 billion yuan in 2025, and 2.12 billion yuan in 2026, with net profits expected to be -60 million yuan, 20 million yuan, and 110 million yuan respectively [4][19] R&D and Product Development - The company is focusing on high-end chip clients, with ongoing progress in introducing flagship chip products for large-scale data centers and cloud services [3][4] - R&D investment reached 330 million yuan in the first three quarters, a year-on-year increase of 57.6%, with Q3 R&D spending at 110 million yuan, up 31.5% year-on-year [4][19] Market Position and Strategy - The company is enhancing its competitiveness by expanding its product line in the mid-to-high-end segment, covering a range of applications from enterprise networks to industrial networks [3] - The company aims to capitalize on the domestic substitution trend in the semiconductor industry, increasing its R&D capabilities and product offerings [4]

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 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |----------------------|----------------------------|---------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 √业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 □电话会议 | | | | □ | 其他（请文字说明其他活动内容） | | | 通过线上方式参与 | 2024 年第三季度业绩说明会的投 | | 参与单位名称 | 资者 | | | 会议时间 | 2024 年 11 月 6 | 日（星期三）上午 9:00-10:00 | | | 上海证券交易所上证路演中心 | | | 会议地点 | （网址： | http://roadshow.sseinfo.com/ ） | | 上市公司接待人员姓名 | 董事长：吕宝利 | | | --- | --- | |--------- ...

证券代码：688702 证券简称：盛科通信 公告编号：2024-034 一、获得补助的基本情况 苏州盛科通信股份有限公司（以下简称"公司"）于近日收到政府补助款项 人民币2,519.00万元，为与收益相关的政府补助。 二、补助的类型及其对上市公司的影响 公司根据《企业会计准则第16号——政府补助》等有关规定，确认上述事 项并划分补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益 的影响，最终以审计机构审计确认后的结果为准，敬请广大投资者注意投资风 险。 特此公告。 苏州盛科通信股份有限公司董事会 2024 年 11 月 4 日 苏州盛科通信股份有限公司 关于获得政府补助的公告 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。 ...

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， 对苏州盛科通信股份有限公司本次使用部分闲置募集资金进行现金管理的事项进行了 认真、审慎核查，具体情况如下： 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 使用部分闲置募集资金进行现金管理事项的核查意见 一、投资情况概述 （一）投资目的 为进一步规范公司募集资金的使用与管理，在不影响募集资金投资计划正常进行的 前提下，合理利用部分暂时闲置募集资金进行现金管理，可以提高募集资金使用效率。 （二）投资金额 在保证不影响公司募集资金投资计划正常进行的前提下，公司拟使用最高不超过人 民币 80,000 万元的部分闲置募集资金（含超募资金）进行现金管理。 （三） 资金来源 1、资金来源 公司暂时闲置的募集资金。 2、 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥275,318,592.70, representing a year-on-year increase of 17.69%[2] - The net profit attributable to shareholders for Q3 2024 was a loss of ¥19,308,183.07, a decrease of 340.47% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was -¥0.05, a decline of 350.00% year-on-year[2] - The net profit attributable to shareholders for the year-to-date period was a loss of ¥76,195,307.71, a decrease of 275.21% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was CNY 807,514,640.12, a decrease of 7.9% compared to CNY 877,290,490.71 in the same period of 2023[17] - The company reported a net loss of CNY 76,195,307.71 for the first three quarters of 2024, contrasting with a net profit of CNY 43,487,412.24 in the same period of 2023[18] - The net profit attributable to the parent company for the current period is -76,195,307.71 RMB, compared to a profit of 43,487,412.24 RMB in the same period last year, indicating a significant decline[19] - The basic and diluted earnings per share for the current period are both -0.19 RMB, compared to 0.12 RMB in the same period last year[19] Research and Development - The R&D investment for Q3 2024 totaled ¥106,086,554.49, an increase of 31.51% year-on-year, accounting for 38.53% of operating revenue[4] - The company continues to focus on high-end chip R&D and expanding its R&D team to enhance product capabilities and meet customer demands[8] - Research and development expenses surged to CNY 330,194,526.25, compared to CNY 209,531,403.08, marking a significant increase of 57.5%[18] - The company is focusing on expanding its R&D capabilities, as indicated by the significant increase in R&D expenses[18] Assets and Liabilities - The total assets as of the end of Q3 2024 were ¥2,855,789,632.96, a decrease of 9.19% compared to the end of the previous year[4] - Total assets decreased to CNY 2,855,789,632.96 from CNY 3,144,903,168.15, a decline of 9.2%[16] - Current liabilities totaled CNY 527,290,779.16, down from CNY 754,167,987.27, representing a decrease of 30.0%[16] - Non-current liabilities amounted to CNY 10,984,048.98, a decrease from CNY 21,709,853.22, reflecting a decline of 49.3%[16] - The company's total equity decreased to CNY 2,317,514,804.82 from CNY 2,369,025,327.66, a reduction of 2.2%[16] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥57,386,304.29, with no applicable data for the current quarter[4] - The net cash flow from operating activities for the first nine months of 2024 is 57,386,304.29 RMB, a recovery from a negative cash flow of -77,672,351.84 RMB in the same period last year[21] - Cash inflow from operating activities totaled 787,263,894.72 RMB, down from 1,311,843,826.81 RMB in the previous year, reflecting a decrease of approximately 40%[21] - Cash outflow from operating activities decreased to 729,877,590.43 RMB from 1,389,516,178.65 RMB, showing a reduction of about 47%[21] - The net cash flow from investing activities is 548,898,688.15 RMB, a significant improvement from -42,786,201.29 RMB in the same period last year[22] - The net cash flow from financing activities is -156,064,332.40 RMB, compared to a positive cash flow of 2,364,311,184.81 RMB in the same period last year, reflecting a shift in financing strategy[22] - The ending cash and cash equivalents balance is 1,478,221,153.48 RMB, down from 2,613,390,747.11 RMB in the previous year, indicating a decrease of approximately 43%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,392[9] - The largest shareholder, China Zhinhua Electronics Group Co., Ltd., holds 87,172,346 shares, accounting for 21.26% of total shares[10] - The total number of shares held by the top 10 shareholders includes significant stakes from state-owned entities, indicating strong institutional support[10] - The company has no known related party transactions or concerted actions among shareholders, ensuring transparency[11] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[12] Operational Insights - The company has established a more stable long-term order mechanism with upstream and downstream partners, reducing revenue volatility starting in 2024[8] - The company received government subsidies amounting to ¥3,067,451.38 during the current period, contributing to its non-recurring gains[5] - There are no additional important reminders regarding the company's operational situation during the reporting period[13] - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the current year[23]

证券代码：688702 证券简称：盛科通信 公告编号：2024-032 苏州盛科通信股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 1 投资种类：结构性存款、大额存单等安全性高、流动性好的具有保本属 性的投资产品。 投资金额：苏州盛科通信股份有限公司（以下简称"公司"）拟使用最 高不超过人民币 80,000 万元的部分闲置募集资金（含超募资金）进行现 金管理，自董事会审议通过之日起 12 个月之内有效。在前述额度及期限 范围内，公司可以循环滚动使用。 已履行的审议程序：2024 年 10 月 29 日，公司召开第二届董事会第三次 会议和第二届监事会第三次会议，审议通过《关于使用部分闲置募集资 金进行现金管理的议案》。公司监事会对本事项发表了明确同意的意见， 保荐机构中国国际金融股份有限公司（以下简称"保荐机构"）对本事 项出具了明确无异议的核查意见。本事项无需提交股东大会审议。 特别风险提示：尽管公司拟投资安全性高、流动性好的具有保本属性的 投资产品 ...

证券代码：688702 证券简称：盛科通信 公告编号：2024-031 苏州盛科通信股份有限公司 第二届监事会第三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 二、监事会会议审议情况 经与会监事审议表决，形成决议如下： （一）审议通过《关于公司 2024 年第三季度报告的议案》 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合法律、法规 和《公司章程》等的有关规定，公司 2024 年第三季度报告内容和格式符合中国 证券监督管理委员会和上海证券交易所的相关规定，所包含的信息真实、准确、 完整地反映了公司 2024 年前三季度的经营成果和财务状况，不存在任何虚假记 1 综上，公司监事会同意《关于公司 2024 年第三季度报告的议案》。 苏州盛科通信股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日以 电子邮件方式向全体监事发出第二届监事会第三次会议通知及相关材料，会议于 2024 年 10 月 29 日以现场结合通讯的方式在公司会议室召开。本次会议由监事 ...