Financial Performance - In 2024, the company achieved operating revenue of 1,081.83 million yuan, a year-on-year increase of 4.28%[3] - The net profit attributable to shareholders was -68.26 million yuan, an increase in loss of 48.73 million yuan compared to the previous year, primarily due to increased R&D investment[3] - The company's gross margin improved slightly due to new product validations and adjustments in product sales structure[4] - The company plans to not distribute cash dividends or issue bonus shares for 2024 due to its current negative net profit and the need for funds for R&D and market expansion[9] - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 25% year-over-year growth[16] - The company achieved operating revenue of 1,081,826,709.25, representing a 4.28% increase compared to 1,037,416,005.05 in 2023[27] - The net profit attributable to shareholders for 2024 was -¥68,264,740.43, a decline from -¥19,530,780.19 in the previous year[27] - The cash flow from operating activities improved significantly to ¥174,208,676.27 in 2024, compared to -¥263,270,472.34 in 2023[27] Research and Development - R&D expenses for 2024 amounted to 428.46 million yuan, representing a significant increase of 36.40% year-on-year[4] - Research and development expenses accounted for 39.61% of operating revenue, an increase of 9.33 percentage points compared to 30.28% in 2023[28] - The total R&D investment for the year was CNY 42,846.10 million, a 36.40% increase from the previous year's CNY 31,411.19 million[79] - The total number of R&D personnel reached 409, an increase of 38 from the previous year, with R&D staff making up 76.31% of the total workforce[39] - The company plans to continue increasing investment in high-end chip research and development to capture opportunities in the domestic integrated circuit and network communication sectors[29] - The company is committed to increasing R&D investment and accelerating product layout to meet complex customer needs[51] Market Strategy and Expansion - The company is focusing on three core product strategies: mature product line expansion, continuous investment in high-end products, and broadening the product line downwards[5] - The company is actively building a tighter ecosystem with partners across the entire industry chain, including suppliers and customers[5] - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by the end of the fiscal year[17] - The company aims to enhance its service quality (QoS) metrics, targeting a 10% improvement in network reliability[17] - The company is exploring new technologies and products to enhance its market position in the telecommunications sector[18] - The company is deepening market expansion by promoting new product introductions and leveraging its technological advantages in high-performance switching chips for emerging fields like cloud computing and edge computing[43] Governance and Management - The company emphasizes a long-term development strategy and innovation-driven approach to ensure sustainable growth despite short-term profit pressures[4] - The company aims to enhance its governance level and fine management practices, ensuring compliance with information disclosure and corporate governance standards[44] - The company has established long-term partnerships with major domestic network equipment manufacturers, with its Ethernet switching chips integrated into mainstream supply chains[47] - The company has no controlling shareholder, which may lead to governance instability and impact decision-making efficiency[118] - The company held two temporary shareholder meetings in December 2024, with all proposed resolutions passed without any rejections[174] Risks and Challenges - The company remains in a loss position, with a net profit attributable to shareholders of -68.26 million yuan for 2024, highlighting investment risks[6] - The company is exposed to high customer concentration risk, with significant reliance on a few large clients, which could adversely affect performance if these clients reduce orders[102] - The company is at risk of losing core technical personnel due to competitive pressures in the semiconductor industry, which could hinder innovation and operational continuity[99] - The company is affected by global trade tensions, particularly U.S. export control measures, which could restrict access to critical technologies and impact production capabilities[110] - The company faces high supplier concentration risk, as it relies on a limited number of foundries and packaging testing suppliers, which could impact production if any supplier encounters operational issues[101] Product Development and Innovation - New product launches included a next-generation ASIC chip, which is expected to enhance processing speed by 30%[17] - The company plans to enhance its product specifications in the mid-to-low-end product range to better meet downstream customer demands and increase market share in enterprise and operator networks[51] - The company has developed core technologies such as high-performance switching architecture and programmable chip interfaces, enhancing its competitive edge[58] - The company aims for comprehensive coverage of high, medium, and low-end products to compete effectively with rivals in the future[60] - The company has established application cases for its Ethernet switch products in various fields, including cloud computing and SDN[52] Financial Health and Investments - The company's total assets decreased by 15.35% to ¥2,662,111,030.50 in 2024 from ¥3,144,903,168.15 in 2023[27] - The cumulative unabsorbed losses as of December 31, 2024, amounted to 131.94 million yuan[95] - The company reported a decrease in cash and cash equivalents to 671,282,995.20 RMB, down 34.90% from the previous period, primarily due to operational cash flow and loan repayments[144] - The company received government subsidies amounting to 26,050,600.57 RMB, which negatively impacted profit sustainability[142] - The company is currently in a loss position due to increased R&D investments, despite a slight growth in revenue, indicating volatility in operating performance[104]

Financial Performance - The company's operating revenue for Q1 2025 was ¥223,001,866.94, a decrease of 12.30% compared to ¥254,278,747.28 in the same period last year[4] - The net profit attributable to shareholders was -¥15,197,734.73, worsening from -¥6,068,799.04 year-on-year[4] - The weighted average return on net assets was -0.65%, compared to -0.26% in the previous year[4] - Basic and diluted earnings per share for Q1 2025 were both CNY -0.04, compared to CNY -0.01 in Q1 2024[19] - Net loss for Q1 2025 was CNY 15,197,734.73, compared to a net loss of CNY 6,068,799.04 in Q1 2024, representing a significant increase in losses[19] Research and Development - Research and development (R&D) expenses totaled ¥110,612,442.24, an increase of 18.41% from ¥93,415,905.36 in the previous year, representing 49.60% of operating revenue[5] - The company emphasized a long-term strategy focused on technological innovation, which has led to increased R&D investment despite short-term profit pressures[8] - Research and development expenses increased to CNY 110,612,442.24 in Q1 2025, up 18.4% from CNY 93,415,905.36 in Q1 2024[18] Cash Flow and Liquidity - The net cash flow from operating activities was ¥92,104,579.44, a significant improvement from -¥81,177,019.43 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was CNY 92,104,579.44, a turnaround from a negative cash flow of CNY -81,177,019.43 in Q1 2024[22] - Cash inflow from investment activities in Q1 2025 was CNY 680,650,780.31, compared to CNY 201,169,586.85 in Q1 2024, indicating a substantial increase[22] - The company's cash and cash equivalents as of March 31, 2025, amount to ¥940,097,986.75, an increase from ¥671,282,995.20 at the end of 2024[14] - The ending balance of cash and cash equivalents reached $940,097,986.75, down from $1,146,025,185.13[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,606,905,267.26, a decrease of 2.07% from ¥2,662,111,030.50 at the end of the previous year[5] - Total current assets decreased to ¥2,300,360,359.02 from ¥2,348,884,067.03[14] - Total liabilities decreased from CNY 328,827,787.23 in the previous period to CNY 278,492,150.96[16] - The total equity attributable to shareholders decreased slightly from CNY 2,333,283,243.27 to CNY 2,328,413,116.30[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 7,844[11] - The largest shareholder, China Zhinhua Electronics Group Co., Ltd., holds 87,172,346 shares, accounting for 21.26% of total shares[11] - The company has a total of 70,664,238 unrestricted circulating shares held by the National Integrated Circuit Industry Investment Fund[12] Other Income and Expenses - Non-recurring gains and losses amounted to ¥21,395,599.68, primarily driven by government subsidies and other non-operating income[7] - The company reported a significant increase in other income to CNY 18,955,647.12 in Q1 2025, up from CNY 12,267,775.89 in Q1 2024[18] Inventory and Accounts Payable - The company has completed its inventory strategy reserve, resulting in a decrease in payment for goods compared to the previous year[9] - Inventory decreased to ¥659,065,757.85 from ¥735,391,692.22[14] - Accounts payable increased to ¥68,545,386.50 from ¥66,855,356.81[15] Accounting Standards - The company did not apply new accounting standards starting from 2025[23]

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： 苏州盛科通信股份有限公司（以下简称"公司"）2024 年度拟不派发 现金红利、不送红股、不以公积金转增股本。 证券代码：688702 证券简称：盛科通信 公告编号：2025-010 苏州盛科通信股份有限公司 关于 2024 年度利润分配方案的公告 公司 2024 年度利润分配方案已经公司第二届董事会第六次会议和第 二届监事会第五次会议审议通过，尚需提交公司 2024 年年度股东大会审议。 本次利润分配方案不会触及《上海证券交易所科创板股票上市规则 （2024 年 4 月修订）》第 12.9.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经信永中和会计师事务所（特殊普通合伙）审计，公司 2024 年度实现归属 于上市公司股东的净利润-6,826.47 万元，母公司实现净利润为-654.47 万元；截 至 2024 年 12 月 31 日，公司合并报表期末未分配利润为-13,194.38 万元，母 ...

盛科通信 2025042320250416 摘要 • 中美科技解耦加速，国产化替代成必然趋势，为盛科通信等国内芯片企业 带来发展机遇。中国对美国芯片征收关税，进一步推动了国内自主可控的 需求。 • 国产交换芯片解决方案不断涌现，应用场景从交换机 scale-out 扩展到 scale-up 主网，华为云和中国移动等厂商的需求释放扩大了市场空间。 • 盛科通信作为国内领先的以太网交换芯片设计企业，2023 年国内市场占 有率约 1.6%，位居境内厂商第一，全球第四，产品覆盖接入层到核心层。 • 盛科通信 2024 年预计营收 10.82 亿元，同比增长 4.28%，受国际贸易环 境影响，客户提前提货导致营收波动，预计 2025 年起恢复快速增长。 • 2024 年归母净利润亏损 6,850 万元，主要由于加大高端芯片研发投入和 产品迭代升级，预计 2025 年业绩将有所改善。 • 以太网交换芯片是盛科通信主要收入来源，2024 年中报占比 80.64%， 芯片模组收入占比 11.19%，表明芯片收入增长迅速。 • 盛科通信研发投入高，2024 年前三季度研发费用同比增长近 58%，达 3.3 亿元，研发费用率高 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [34] Core Insights - RISC-V architecture is driving diverse demand in the chip ecosystem under AI influence, with a projected CAGR of 75% from 2020 to 2024 and an expected annual growth rate of nearly 50% until 2030 [2][9] - International market changes are expected to increase the contract price growth of memory products in Q2 2025, with both DRAM and NAND Flash prices anticipated to rise more than previously expected due to heightened trading momentum [4][5] - The global smartphone market showed a modest growth of only 1% in Q1 2025, with Samsung leading at 20% market share, followed by Apple at 18% [12][13] - QD-OLED displays are projected to account for 73% of OLED display shipments in 2025, up from 68% in 2024, indicating strong competitiveness in high-end display technology [18][19] Summary by Sections RISC-V and AI - RISC-V is recognized for its innovative architecture, offering better performance and smaller chip sizes, making it suitable for AI accelerator designs [2][9] - The market for processors utilizing RISC-V technology is expected to grow significantly, with a 10-year CAGR of approximately 57% from 2020 to 2030 [2][9] Memory Market Outlook - The memory market is experiencing a shift in supply and demand strategies due to international circumstances, leading to increased contract price expectations for DRAM and NAND Flash in Q2 2025 [4][5] - Price forecasts indicate a potential increase in memory prices, with DRAM and NAND Flash expected to rise by 3-8% in Q2 2025 after a decline in Q1 2025 [6] Smartphone Market Analysis - The smartphone market's growth remains sluggish, with a mere 1% increase in Q1 2025, attributed to macroeconomic challenges and consumer confidence issues [12][13] - Major players like Samsung and Apple continue to dominate the market, with Xiaomi, vivo, and OPPO following [12][13] Display Technology Trends - The rise of QD-OLED technology is expected to enhance the quality and performance of displays, catering to high-end users and gamers [18][19] Investment Recommendations - The report suggests focusing on semiconductor manufacturing and equipment due to the clear trend of domestic substitution, with specific companies recommended for investment [29][33]

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ●会议召开时间：2025年4月30日（星期三）上午10:00-11:00 ●投资者可于2025年4月23日（星期三）至4月29日（星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱ir@centec.com进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 苏州盛科通信股份有限公司（以下简称"公司"）计划于2025年4月28日发布公司《2024年年度报告》及 其摘要、《2025年第一季度报告》，为便于广大投资者更全面深入地了解公司2024年度及2025年第一季 度经营成果、财务状况，公司计划于2025年4月30日（星期三）上午10:00-11:00举行2024年度暨2025年 第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对2024年度及2025年第一季度的经营成果及财务指标的 具体情况与投资者进行互动交流和 ...

苏州盛科通信股份有限公司（以下简称"公司"）计划于 2025 年 4 月 28 日发布公司《2024 年年度报告》及其摘要、《2025 年第一季度报告》，为便于 广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财 务状况，公司计划于 2025 年 4 月 30 日（星期三）上午 10:00-11:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 证券代码：688702 证券简称：盛科通信 公告编号：2025-007 苏州盛科通信股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 23 日（星期三）至 4 月 29 日（星期二）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@centec ...

经营分析 公司业绩短期承压，看好交换芯片 25 年上量。根据公司 24 年快 报，预计公司 2024 年度实现营业收入为 10.8 亿元，同比增加 4.28%；实现归母净利润为-0.69 亿元，较上年同期亏损增加 0.49 亿元。虽然公司营收实现增长，但公司与海外头部交换芯片厂商在 产品丰富度以及产品性能上仍存在差距，公司仍处于高研发投入 的发展阶段，再叠加产品销售结构变化以及部分产品毛利率波动 的影响，导致公司仍处于亏损状态，但是亏损幅度缩窄。 持续加大研发费用投入，期待 25 年新品放量。公司为实现长期战 略发展目标，抓住当下国产化、集成电路和网络通信行业发展趋势 带来的机会，公司持续加大高端领域芯片的研发投入，积极推进中 低端产品迭代与升级，高强度的研发投入导致 2024 年度利润表现 承压，预计在产品的进一步升级和丰富完善后，能够为公司的长远 发展注入新的动能。 事件简评 4 月 14 日，公司收到股东国家集成电路产业投资基金股份有限公 司出具的《关于减持计划时间届满的告知函》，截至 2025 年 4 月 11 日收盘，产业基金通过集中竞价或大宗交易的方式累计减持了 公司股份 10,307,874 股 ...

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。 证券代码：688702 证券简称：盛科通信 公告编号：2025-006 苏州盛科通信股份有限公司 关于股东减持计划时间届满暨减持结果公告 重要内容提示： ● 大股东持股的基本情况 本次减持计划实施前，苏州盛科通信股份有限公司（以下简称"公司"）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"）持有公司股份80,357,143股，占公司总股本的19.60%。上述股份 均为来源于公司首次公开发行前持有的股份，并于2024年9月18日起上市流通。 ● 减持计划的实施结果情况 公司于2024年12月23日在上海证券交易所网站（www.sse.com.cn）披露了《盛科通信关于持股5%以上 股东减持股份计划的公告》（公告编号：2024-038），由于股东自身经营管理需要，产业基金将根据市 场情况拟通过集中竞价或大宗交易的方式减持其所持有的公司股份数量合计不超过12,300,000股，拟减 持股份数量占公司总股本的比例合计不超过3.00%，减持期间为2025年1 ...

证券代码：688702 证券简称：盛科通信 公告编号：2025-006 苏州盛科通信股份有限公司 关于股东减持计划时间届满暨减持结果公告 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。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，苏州盛科通信股份有限公司（以下简称"公司"）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"）持有公司 股份 80,357,143 股，占公司总股本的 19.60%。上述股份均为来源于公司首次公 开发行前持有的股份，并于 2024 年 9 月 18 日起上市流通。 减持计划的实施结果情况 公司于 2024 年 12 月 23 日在上海证券交易所网站（www.sse.com.cn）披露 了《盛科通信关于持股 5%以上股东减持股份计划的公告》（公告编号：2024-038）， 由于股东自身经营管理需要，产业基金将根据市场情况拟通过集中竞价或大宗交 易的方式减持其所持有的公司股份数量合计不超过 12,300,000 股，拟减持股份数 量占公司总股本的比例合计不超过 ...