证券代码：688702 证券简称：盛科通信 公告编号：2024-016 苏州盛科通信股份有限公司 关于调整募投项目内部投资结构、使用部分超募资 金增加募投项目投资额并延期的公告 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。 苏州盛科通信股份有限公司（以下简称"公司"）于2024年7月11日召开第 一届董事会第十六次会议、第一届监事会第十一次会议，审议通过《关于调整募 投项目内部投资结构、使用部分超募资金增加募投项目投资额并延期的议案》， 同意公司将原本用于工程建设的相关投入调整为募投项目所涉产品的开发投入 及使用部分超募资金增加募投项目"新一代网络交换芯片研发与量产项目"、"路 由交换融合网络芯片研发项目"的投资额，并对其达到预定可使用状态的日期进 行调整。保荐机构对该事项出具了无异议的核查意见。该事项尚需提交股东大会 审议批准。现就相关事宜公告如下： 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 ...

证券代码：688702 证券简称：盛科通信 公告编号：2024-017 苏州盛科通信股份有限公司 关于增加2024年度日常关联交易预计额度的公告 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： 是否需要提交股东大会审议：否 日常关联交易对上市公司的影响：本次增加的日常关联交易预计是苏州 盛科通信股份有限公司（以下简称"公司"）正常经营活动所需，有利于促进公 司相关业务的发展。公司与关联方之间开展的各项日常关联交易，均会按照实际 业务情况签订具体交易协议，交易价格将严格秉承公平、合理的原则，参照市场 化公允价格水平、行业惯例、第三方定价，由双方协商确定，不会损害公司及全 体股东特别是中小股东的利益，不会影响公司独立性，公司主营业务不会因上述 交易而对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2023 年 11 月 23 日分别召开第一届董事会第十三次会议和第一届监 事会第九次会议，并于 2023 年 12 月 12 日召开 2023 年第二次临时股东大会，审 1 议 ...

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 调整募投项目内部投资结构、使用部分超募资金追加募投 项目投资额并延期的核查意见 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"）首次公开发行 的保荐机构，根据《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》 《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（2023 年 12 月修订）》《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（2022 年修订）》等有关法律、行政法规、部门规章及业务规则的要求， 对盛科通信调整募集资金投资项目（以下简称"募投项目"）内部投资结构、使 用部分超募资金追加募投项目投资额并延期事项进行了认真、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 ...

Investment Rating - The report gives an "Overweight" rating to the company, citing its strong position in the domestic Ethernet switch chip market and its potential for growth in the AI and white-box switch sectors [50] Core Views - The company is a leading domestic Ethernet switch chip designer with a comprehensive product portfolio and strong customer relationships, benefiting from the growing demand for data center and white-box switch solutions [16][37] - The domestic Ethernet switch chip market has significant room for localization, with the company well-positioned to capture market share as it has already entered the supply chains of major domestic switch manufacturers [7][12] - The company's R&D investment remains high, with a focus on improving product performance and narrowing the gap with international competitors, which supports its long-term growth potential [28][252] Market and Industry Analysis - The global Ethernet switch chip market is expected to grow, driven by the increasing demand for data centers and the adoption of white-box switches, with the commercial market projected to account for 55% of the total market by 2025 [49][168] - The domestic Ethernet switch market is dominated by local players, with Huawei holding a 40% market share, while the switch chip market is still largely controlled by foreign companies like Broadcom and Marvell, presenting a significant opportunity for domestic substitution [7][9] - The white-box switch market is expected to grow rapidly, with a projected CAGR of 15.1% from 2022 to 2029, driven by its cost efficiency and flexibility in data center applications [66][213] Company Performance and Product Development - The company has successfully developed a series of Ethernet switch chips, including the CTC7132, CTC8096, and CTC5160, which have been recognized as "internationally advanced" by the Chinese Electronics Society [3] - The company's Ethernet switch chip revenue has grown significantly, with a CAGR of 93.9% from 2019 to 2023, and it is expected to continue growing at a high rate, driven by data center demand and the increasing penetration of white-box switches [16][162] - The company is focusing on high-end products, with its latest chips supporting port speeds of up to 800G and switching capacities of 12.8Tbps and 25.6Tbps, which are competitive with international peers [29][37] Financial Projections - The company's revenue is expected to grow from 13.8 billion yuan in 2024 to 22.1 billion yuan in 2026, with a CAGR of 24%, driven by the growth in its Ethernet switch chip business [50] - The company's gross margin is expected to improve, with the Ethernet switch chip business projected to achieve a gross margin of 38% by 2026, up from 28.8% in 2023 [20] - The company is expected to turn profitable by 2025, with net income projected to reach 52.2 million yuan in 2026, representing a significant improvement from the current loss position [20] Competitive Advantages - The company has a first-mover advantage in the domestic Ethernet switch chip market, having entered the supply chains of major domestic switch manufacturers like ZTE, H3C, and Ruijie Networks [12][31] - The company's strong R&D capabilities and extensive product portfolio allow it to meet the diverse needs of its customers, particularly in the data center and white-box switch markets [28][252] - The company's long product lifecycle and strong customer relationships create high barriers to entry for new competitors, as customers are reluctant to switch suppliers due to the high costs and risks involved [6][12]

盛科作为稀缺的国产交换芯片厂商，明确受益于算力网络国产替代的进程。集成电 路技术封锁，促使国产替代进度提速，且多方政策重点扶持。对于国内产业链各环节， 海外供应链存在网络安全、被限制等潜在风险。我们认为，国内网络产业链基于风险控 制的目的，大概率开始选择国内供应商进行合作；公司坚持自主研发，形成自主开放的 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|-------| | 目录 | | | 1. 盛科：国产以太网交换芯片领军 | | | 1.1 历程：十九年沉淀，产品持续迭代 | | | 1.2 架构：国资大股东，管理层全球行业背景 . | | | 1.3 财务：营收高增，利润有望迎拐点 . | | | 1.4 研发：重点投入，募投拓展……………………………………………………………………………………… 12 | | | 2. 三点预期差：盛科卡位 ...

金杜律师事务所 ING&WODD 上海市徐汇区淮海中路999号 上海环贸广场写字楼一期17层 17/F. One ICC. Shanghai IC 999 Huai Hai Road (M) Shanghai, 200031 P.R. China 6 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 2023 年年度股东大会 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5月16日召开的 2023年年度股东大会(以下简称本次股东大 会）,并就本次股东大会相关事 ...

证券代码：688702 证券简称：盛科通信 公告编号：2024-013 苏州盛科通信股份有限公司 2023 年年度股东大会决议公告 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。 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： | 1、出席会议的股东和代理人人数 | 16 | | --- | --- | | 普通股股东人数 | 16 | | 2、出席会议的股东所持有的表决权数量 | 366,440,473 | | 普通股股东所持有表决权数量 | 366,440,473 | | 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 | 89.3757 | | 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 | 89.3757 | | （%） | | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 股东大会召开的时间：2024 年 5 月 16 日 （二 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [21][22]. Core Insights - In 2023, the company achieved revenue of 1.037 billion RMB, a year-on-year increase of 35.17%, while narrowing its net loss to 20 million RMB from 29 million RMB in the previous year [21][22]. - The revenue distribution showed a trend of higher earnings in the first half of the year, followed by a decline in the second half, attributed to increased purchasing by downstream customers due to supply uncertainties [21]. - The company is in a high R&D investment phase, with R&D expenses reaching 314 million RMB in 2023, accounting for 30.28% of revenue, aimed at product iteration and upgrades [21]. Summary by Sections Financial Performance - 2023 revenue was 1.037 billion RMB, with a growth rate of 35.17% compared to 2022 [7]. - The net profit for 2023 was -20 million RMB, a reduction in loss of 33.62% from the previous year [7]. - Q4 2023 revenue was 160 million RMB, down 25.45% year-on-year and 31.55% quarter-on-quarter, with a net loss of 63 million RMB [21]. Revenue Forecast - Expected revenues for 2024, 2025, and 2026 are projected at 1.372 billion RMB, 1.779 billion RMB, and 2.288 billion RMB respectively [21]. - The company anticipates a gradual improvement in profitability, with net profits forecasted at 4 million RMB in 2024, 27 million RMB in 2025, and 56 million RMB in 2026 [21]. R&D and Product Development - The company continues to focus on high R&D investments, with plans to deliver new products for large-scale data centers and cloud services by the end of 2023 [21]. - The new products are expected to support a maximum port speed of 800G, indicating a commitment to enhancing product capabilities [21].

关于苏州盛科通信股份有限公司 2023 年度持续督导跟踪报告 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"）根据《证 券发行上市保荐业务管理办法（2023 修订）》《上海证券交易所科创板股票上市规 则（2023 年 8 月修订）》和《上海证券交易所上市公司自律监管指引第 11 号—— 持续督导（2023 年 8 月修订）》等相关规定对苏州盛科通信股份有限公司（以下简 称"盛科通信"、"公司"）进行持续督导，并出具本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 | 保荐机构已建立健全并有效 | | | 体的持续督导工作制定相应的工作计划 | 执行了持续督导制度，并制 | | | | 定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， 与上市公司或相关当事人签署持续督导协议，明确 | 保荐机构已与盛科通信签订 | | | | 保荐协议，该协议明确了双 | | | 双方在持续督导期间的权利义务，并报上海证券交 | 方在持续督导期间 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [2][8][22]. Core Views - The company achieved a revenue of 1.037 billion yuan in 2023, representing a year-on-year growth of 35.17%. The net profit attributable to the parent company was -19.53 million yuan, an improvement of 33.62% year-on-year [2][3]. - In Q1 2024, the company reported a revenue of 254 million yuan, a decline of 13.61% year-on-year, with a net profit of -6.07 million yuan, down 138.73% year-on-year [2][3]. - The company continues to invest heavily in research and development, with R&D expenses reaching 314 million yuan in 2023, a 19% increase year-on-year, supporting its growth in the cloud computing sector [3][4]. Financial Summary - The company's revenue is projected to grow from 1.407 billion yuan in 2024E to 2.121 billion yuan in 2026E, with corresponding growth rates of 35.6%, 23.8%, and 21.7% respectively [2][12]. - The net profit attributable to the parent company is expected to turn positive in 2024E at 6 million yuan, increasing to 76 million yuan by 2026E [2][12]. - The company's return on equity (ROE) is forecasted to improve from 0.3% in 2024E to 3.1% in 2026E [2][12]. Industry Position - The company is positioned as a leading player in the domestic switch chip market, with a focus on high-end Ethernet switch chips that cater to various applications including cloud computing and SDN [3][4]. - The product matrix includes Ethernet switch chips with capacities ranging from 100Gbps to 2.4Tbps, targeting enterprises, operators, and data centers [4].