Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant improvement in Q2 performance, with revenue reaching 280 million yuan, a year-on-year increase of 2.5% and a quarter-on-quarter increase of 27.8%. The net profit attributable to the parent company was a loss of 10 million yuan, which represents a year-on-year reduction in loss of 83.3% and a quarter-on-quarter reduction in loss of 44.1% [7] - The gross margin for the first half of 2025 increased by 9.2 percentage points to 46.7%, with Q2 gross margin reaching 48.8%, up 4.7 percentage points quarter-on-quarter, primarily due to supply chain and product structure optimization [7] - The company is successfully introducing high-end chip clients, enhancing its competitiveness. Its product line covers mid to high-end products, including switching capacities from 100Gbps to 25.6Tbps and port speeds from 100M to 800G, catering to various application fields [7] - The company is increasing its R&D investment, which reached 240 million yuan in the first half of 2025, a year-on-year increase of 6.8%, with an R&D expense ratio of 47.1% [7] - The company is expected to benefit significantly from the domestic computing power wave, with long-term growth potential as its high R&D investment is likely to convert into orders and market share [7] Financial Forecasts - The company's total revenue is projected to reach 1,245 million yuan in 2025, with a year-on-year growth of 15.04% [8] - The net profit attributable to the parent company is expected to improve from a loss of 170 million yuan in 2025 to a profit of 138.36 million yuan in 2027 [8] - The earnings per share (EPS) is forecasted to be -0.04 yuan in 2025, turning positive at 0.08 yuan in 2026 and 0.34 yuan in 2027 [8]

Group 1 - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product, which aims to redefine "scale across" and accelerate the construction of computing power network interconnections [1] - The Spectrum-XGS product will connect geographically dispersed data centers to create a billion-watt AI super factory, addressing communication latency, congestion, and synchronization issues in cross-regional GPU clusters [1] - Key beneficiaries of this development include long-distance optical modules, L3 switches, and DCI transponders, with new fiber types like hollow-core fiber and G654E expected to play a significant role in new DCI projects [1] Group 2 - The release of DeepSeek V3.1 introduces a hybrid inference architecture and improved performance for programming and search agents, with a focus on optimization for the next generation of domestic chips [2] - DeepSeek V3.1 demonstrates significant performance improvements over its predecessor, indicating that reinforcement learning post-training remains an effective expansion method [2] - The market anticipates that domestic chips will evolve from being merely functional to being highly efficient, with the Ascend 910's next-generation performance expected to approach mainstream international levels [2] Group 3 - Recommended companies to watch in the DCI sector include Dekor, Guangku Technology, Zhongji Xuchuang, and others [3] - In the OCS sector, companies such as Guangku Technology, Lingyun Light, and Tengjing Technology are highlighted [3] - For domestic super-node developments, companies like Shengke Communication, Luxshare Precision, and Huafeng Technology are suggested for attention [3]

Core Insights - The Chinese data center switch industry is experiencing rapid growth, driven by advancements in technology and significant market changes, with a projected market size exceeding 21.15 billion yuan in 2024 and 22.68 billion yuan in 2025, largely fueled by AI computing networks contributing over 45% [1][8] - Key technological advancements include the transition from 400G to 800G and 1.6T port speeds, with 400G ports expected to account for 38% of shipments in 2024, and 800G switches entering mass production in 2025 [1][8] - The industry is supported by comprehensive policies such as the "High-Quality Development Action Plan for Computing Power Infrastructure," which promotes the integration of computing power and networks [1][6] Industry Overview - Data center switches are high-performance networking devices designed for large-scale data center environments, characterized by high bandwidth, low latency, and scalability to support cloud computing and AI training [2] - The industry has developed a complete ecosystem, with core components including Ethernet switching chips (45% of costs), optical modules (30%), and PCBs (15%), while domestic manufacturers are making strides in high-end chip markets [6] Market Dynamics - The market is witnessing explosive growth due to three main drivers: AI model training, the "East Data West Computing" national strategy, and the large-scale deployment of 5G edge computing [8] - The data center market in China is expected to reach 277.3 billion yuan in 2024, with a year-on-year growth of 15.2%, and is projected to exceed 318 billion yuan in 2025 [7][8] Competitive Landscape - The market is characterized by a "dual-super, many-strong" competitive landscape, with Huawei and H3C together holding nearly 70% market share, while other players like Ruijie Networks and ZTE are also significant competitors [9] - Recent procurement results from China Mobile highlight the dominance of domestic manufacturers, with Huawei winning the largest share of contracts [9] Future Trends - The industry is evolving along three main lines: technological integration driving performance leaps, vertical customization opening new growth avenues, and green transformation building sustainable competitiveness [10][11][12] - Key trends include the acceleration towards high-speed (800G/1.6T) and optical-electrical integration technologies, with significant advancements expected in AI training and low-latency solutions [11] - The shift from general-purpose devices to scenario-specific solutions is becoming prominent, with increasing demand for customized products in various verticals such as industrial internet and vehicle networking [12] - Green technology is becoming a focal point, with liquid cooling technologies expected to penetrate the market significantly by 2030, contributing to energy efficiency and sustainability goals [13]

（责任编辑：何潇） 平安证券股份有限公司研究员徐碧云、杨钟今日发布研报《盛科通信(688702)：Q2毛利率大幅提升 高端旗舰芯片进入逐步应用阶段》称，维持公司"推荐"评级。 中国经济网北京8月26日讯 盛科通信(688702.SH)今日收报127.37元，跌幅9.67%。 ...

证券之星消息，8月26日半导体板块较上一交易日下跌1.17%，盛科通信领跌。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。半导体板块个股涨跌见下表： 从资金流向上来看，当日半导体板块主力资金净流出42.4亿元，游资资金净流入6.46亿元，散户资金净流 入35.94亿元。半导体板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600460 | 士兰微 | 7.20 Z | 11.56% | -3.82 Z | -6.14% | -3.38 Z | -5.43% | | 603501 | 豪威集团 | 2655.9 | 10.40% | -3.80 Z | -6.00% | -2.78 Z | -4.39% | | 688012 | 中微公司 | 2.51亿 | 6.44% | -2.41亿 | -6.18% | --1022.33万 | - ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a target price of 141 CNY per share [1]. Core Views - The company has seen a significant improvement in gross margin in Q2, with high-end flagship chips gradually entering the application stage. The overall gross margin reached 46.70%, an increase of 9.24 percentage points year-on-year [6][7]. - The company reported a revenue of 5.08 billion CNY in the first half of 2025, a decrease of 4.56% year-on-year, and a net profit attributable to shareholders of -0.24 billion CNY, indicating a reduction in losses [3][6]. - The company is focusing on high-end product lines, with products covering a range of switching capacities from 100Gbps to 25.6Tbps, and is well-positioned to benefit from the growing demand in the AI and data center markets [6][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.85 billion CNY, a year-on-year increase of 2.53% and a quarter-on-quarter increase of 27.78%. The net profit for the quarter was -0.08 billion CNY, showing an improvement of 83.29% year-on-year [6]. - The company’s gross margin and net margin for Q2 were 48.77% and -2.98%, respectively, reflecting a year-on-year increase of 11.74 percentage points and 15.31 percentage points [6]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are adjusted to 12.75 billion CNY, 17.14 billion CNY, and 21.98 billion CNY, respectively, with corresponding price-to-sales (P/S) ratios of 45.3X, 33.7X, and 26.3X [7]. - The company is expected to achieve profitability by 2026, with a projected net profit of 60 million CNY and 125 million CNY in 2027 [8][9]. Market Position and Strategy - The company is recognized as a rare Ethernet switch chip design enterprise in China, with a rich product lineup targeting the mid-to-high-end market. The demand for high-speed network communication devices is expected to rise due to the explosion of the AI industry [6][7]. - The company is benefiting from the trend towards domestic production and has established a first-mover advantage in the market, which is expected to enhance its market share in the future [7].

Core Viewpoint - The performance of Ethernet switch chips, as a core component of network devices, directly determines the processing capability and scalability of these devices. The demand for these chips is closely related to the technological iterations and scenario extensions in the switch market. The Chinese Ethernet switch chip industry is projected to reach a market size of approximately 16.2 billion yuan in 2024, reflecting a year-on-year growth of 7.95%, driven by ongoing advancements in digital transformation and network infrastructure construction [1][10]. Industry Overview - Ethernet switch chips are critical components in network devices, enabling data exchange and routing functions in local area networks (LAN) and data center networks. These chips are specialized integrated circuits (ASICs) designed for network applications, featuring multiple ports and routing tables to efficiently forward data frames based on target MAC addresses [6][4]. Market Size - The Chinese Ethernet switch chip market is expected to grow to approximately 16.2 billion yuan in 2024, marking a 7.95% increase from the previous year. This growth is indicative of the continuous progress in domestic network infrastructure and the sustained demand driven by digital transformation [10][1]. Key Companies' Performance - The Ethernet switch chip industry in China exhibits high market concentration, with foreign giants dominating the market. However, domestic companies like Shengke Communication and Yutai Micro are making significant strides. Shengke Communication is the only domestic company to enter the commercial 10G and above chip market, launching the Arctic series chip with 800G support in 2024. Yutai Micro focuses on automotive Ethernet physical layer chips, with plans to release a vehicle-grade TSN chip series by 2025 [12][13]. Industry Development Trends 1. **Technological Upgrades**: The demand for higher performance and lower power consumption in Ethernet switch chips is increasing due to the rapid development of data centers, cloud computing, and artificial intelligence. Companies are focusing on optimizing chip architecture and adopting advanced manufacturing processes to balance performance and power efficiency [17]. 2. **Breaking Foreign Monopoly**: Domestic companies are accelerating the process of replacing foreign products in the Ethernet switch chip market. With significant technological advancements, domestic firms are gradually capturing market share in the high-end chip sector [19][18]. 3. **Emerging Technologies**: The rise of artificial intelligence, the Internet of Things (IoT), and industrial internet technologies is creating new opportunities for the Ethernet switch chip industry. Chips need to support higher data transmission rates and lower latency while ensuring security and reliability for various applications [21].

Group 1 - The semiconductor sector opened mostly lower, indicating a negative market sentiment [1] - Shengke Communication experienced a decline of over 7% [1] - Companies such as Cambricon, Chipone, Guomian Technology, Haiguang Information, and Dongxin Technology all opened lower, with declines exceeding 5% [1]

特此公告。 苏州盛科通信股份有限公司董事会 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》等法律法规 及规范性文件规定，本次股东权益变动不涉及信息披露义务人披露权益变动报告 书。 继续督促其严格遵守减持相关规定，按照相关规定履行信息披露义务。敬请广大 投资者注意投资风险。 证券代码：688702 证券简称：盛科通信 公告编号：2025-020 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%刻度的 提示性公告 股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： 权益变动方向 比例增加□ 比例减少 权益变动前合计比例 17.09% 权益变动后合计比例 17.00% 本次变动是否违反已作出的承 是□ 否 诺、意向、计划 是否触发强制要约收购义务 是□ 否 一、 信息披露义务人及其一致行动人的基本信息 □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一 ...

证券代码：688702 证券简称：盛科通信 公告编号：2025-020 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%刻度的 提示性公告 股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 17.09% | | | | 权益变动后合计比例 | 17.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | ☑其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股 ...