Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 92.66 CNY, indicating a potential upside in the next six months [6]. Core Views - The company reported a revenue of 1.257 billion CNY for the first three quarters of 2024, a year-on-year decline of 15.61%, and a net profit attributable to the parent company of 104 million CNY, down 14.08% year-on-year [1]. - The decline in revenue is attributed to intensified industry competition and changes in the cooperation model with major clients, which affected overall sales [2]. - The gross margin improved in Q3, reaching 18.33%, an increase of 2.42 percentage points year-on-year, despite a net profit decline of 9.37% [3]. - The company is actively investing in the Ethernet switch industry, focusing on high-end data center switches and enhancing its R&D capabilities [4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 150.45 million CNY, with a revenue forecast of 2.132 billion CNY, reflecting a growth rate of 2.78% [5]. - The EBITDA for 2024 is estimated at 181.90 million CNY, with a corresponding P/E ratio of 42.71 [5]. - The company’s total assets are expected to reach 2.398 billion CNY by 2024, with a debt ratio of 24.55% [8]. Investment Strategy - The company is expected to see a gradual recovery in profits, with net profit projections of 1.5 billion CNY, 2.2 billion CNY, and 2.9 billion CNY for 2024, 2025, and 2026 respectively [4]. - The report emphasizes the importance of the company's strategic investments in high-end switch products and the anticipated growth in demand from major clients [4].

Investment Rating - The report maintains a "Cautious Recommend" rating for the company [5][7] Core Views - The company's Q3 2024 performance showed a decline in main business revenue by 15.61% YoY to 1.257 billion yuan, with non-GAAP net profit attributable to the parent company decreasing by 12.29% YoY to 95 million yuan [3] - However, Q3 2024 saw a 10.56% YoY increase in non-GAAP net profit attributable to the parent company to 26 million yuan, despite a 12.84% YoY decline in main business revenue to 434 million yuan [3] - The company is focusing on R&D for mid-to-high-end switches and expanding into new business areas such as automotive communication electronics [4] Financial Forecasts - Revenue is expected to be 1.806 billion yuan in 2024, 2.139 billion yuan in 2025, and 2.560 billion yuan in 2026, with growth rates of -12.97%, 18.45%, and 19.71% respectively [5][6] - Net profit attributable to the parent company is forecasted to be 138.20 million yuan in 2024, 154.50 million yuan in 2025, and 176.26 million yuan in 2026, with growth rates of -4.28%, 11.80%, and 14.09% respectively [6] - EPS is projected to be 1.99 yuan in 2024, 2.23 yuan in 2025, and 2.54 yuan in 2026, with corresponding P/E ratios of 39.38x, 35.22x, and 30.87x [5][6] Business Development - The company is upgrading its mid-to-high-end data center switches, including 200G/400G/2.0T/8.0T products, and expanding into industrial control and edge computing scenarios with new TSN industrial switches and Multi-GE (2.5G/5G/10G) switches [4] - In the automotive sector, the company has completed mass production of T-BOX for vehicle connectivity and smart control displays, and is increasing R&D investment in smart cockpits and domain controllers [4] Industry Outlook - The global network equipment market, including switches, is expected to grow, driven by digital transformation and AI [4] - The Chinese government is promoting the development of intelligent connected vehicles through pilot projects, which is expected to accelerate the integration of automotive, AI, and communication technologies [4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company experienced a temporary decline in performance, with a revenue of 1.257 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.61%, and a net profit attributable to shareholders of 104 million yuan, down 14.08% year-on-year [1]. - Demand for data center switches is expected to grow rapidly, with customer orders likely to accelerate. The company’s switch revenue in the first half of 2024 was 644 million yuan, a year-on-year decline of 20.33%, primarily due to changes in pricing methods and intense competition leading to price reductions, although sales volume increased by 29.15% year-on-year [1][2]. - The company’s gross margin increased to 18.33% in Q3 2024, up 2.42 percentage points year-on-year, while the net profit margin was stable at 6.42%, an increase of 0.22 percentage points year-on-year [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 434 million yuan, a year-on-year decrease of 12.84%, but a quarter-on-quarter increase of 4.00%. The net profit attributable to shareholders was 28 million yuan, down 9.37% year-on-year and down 33.40% quarter-on-quarter [1]. - The company’s operating income for 2024 is projected to be 2.075 billion yuan, with a growth rate of -11.80% [5]. Market Position and Growth Potential - The company has made significant advancements in its data center switch products, with the introduction of 8.0T and 12.8T specifications, and has expanded its automotive business with successful mass production of T-BOX and smart control displays [2]. - The company’s net profit forecasts for 2024-2026 are 150 million yuan, 190 million yuan, and 230 million yuan respectively, with corresponding PE multiples of 40x, 32x, and 26x [2]. Cost Management and Efficiency - The company has shown improvements in cost management, with sales, management, and R&D expense ratios decreasing year-on-year, indicating effective cost control measures [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][8]. Core Insights - The company reported a revenue of 1.257 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.61%, with a net profit attributable to shareholders of 104 million yuan, down 14.08% year-on-year [2][3]. - The company is focusing on enhancing its research and development capabilities, which has led to increased R&D expenses impacting short-term profits. The gross margin for the first three quarters improved to 17.87%, up 0.63 percentage points year-on-year [3][5]. - The company is expanding its product offerings in high-end data center switches and has initiated investments in integrated circuits related to network communication equipment, which is expected to enhance its competitive position [3][5]. Financial Performance Summary - Revenue projections show a decline from 2.075 billion yuan in 2023 to an estimated 1.871 billion yuan in 2024, with a recovery expected in subsequent years [2][5]. - The net profit forecast for 2024 is adjusted to 163 million yuan, with further increases projected to 217 million yuan in 2025 and 282 million yuan in 2026 [5][7]. - The earnings per share (EPS) is expected to be 2.36 yuan in 2024, increasing to 3.13 yuan in 2025 and 4.06 yuan in 2026 [5][7]. Market Position and Strategy - The company has established strong partnerships with leading domestic switch manufacturers, with over 90% of sales revenue coming from major clients [3][5]. - The strategic investment in Shenzhen Feiling Nanxin aims to strengthen the company's position in the network communication equipment sector and improve overall competitiveness [3][5]. - The company is also diversifying its product lines to include automotive electronics, with successful mass production of automotive networking products completed in the first half of 2024 [4][5].

Summary of Conference Call Company and Industry - **Company**: 菲林克斯 (Feilin Technology) - **Industry**: Technology, specifically focusing on AI computing, networking equipment, and data center solutions Key Points and Arguments 1. **Market Transition**: The market has shifted from a prolonged bear market to a bullish outlook, indicating a positive trend for the future [1] 2. **Focus on AI**: The company emphasizes the importance of AI technologies, including GPU, networking devices, and cooling solutions, as the main trend for the next decade [1][2] 3. **Financial Performance**: The company reported a revenue decline from 1.4 billion to 1.2 billion, attributed to domestic competition and changes in customer structure [4] 4. **Customer Dependency**: The top three customers, including Huawei, have seen a shift in revenue contribution, with Huawei's share decreasing from 62% to around 50% [4] 5. **Product Growth**: Despite revenue challenges, the sales volume of switches increased by approximately 17-18%, with significant growth in routers and wireless products [5] 6. **Strategic Shift**: The company plans to transition from a cost-cutting strategy to one focused on innovation and revenue growth [4][8] 7. **R&D Investment**: R&D expenses increased by 9%, indicating a commitment to innovation despite overall cost management [7] 8. **Order Growth**: Q4 orders are expected to increase by 25-30% year-over-year, reflecting a positive business outlook [25] 9. **International Expansion**: The company is actively pursuing international markets, particularly in Japan and Korea, despite challenges in the US and European markets due to geopolitical factors [26][27] 10. **Product Diversification**: The company is expanding its product lines to include AI acceleration cards and high-end networking products, aiming for a broader market reach [19][20] 11. **Investment in Domestic Chips**: There is a growing trend towards using domestic chips, with the company preparing to adapt to this shift [28] 12. **Future Outlook**: The management expresses confidence in the company's potential for growth, particularly in AI and networking solutions, despite current market challenges [34] Other Important but Overlooked Content 1. **Customer Structure**: The company aims to reduce dependency on a few major clients, targeting a more balanced customer structure where no single client exceeds 30% of revenue [29] 2. **Operational Improvements**: The company is focusing on improving operational efficiency in its manufacturing facilities, particularly in Hai Ning, to enhance profitability [32] 3. **Emerging Technologies**: The company is exploring new technologies, including wireless products and optical communication solutions, to meet evolving market demands [22][23] 4. **Market Positioning**: The company is positioning itself as a provider of high-quality products while maintaining competitive pricing, especially in the context of increasing competition [15][16] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on innovation, market expansion, and adapting to industry trends.

Financial Performance - The company's Q3 2024 revenue was approximately CNY 434 million, a quarter-on-quarter increase of about 4.00% but a year-on-year decrease of approximately 12.84% [2] - Net profit attributable to shareholders for Q3 2024 was approximately CNY 28.05 million, with a net profit excluding non-recurring gains and losses of about CNY 26.06 million, reflecting a year-on-year growth of 10.56% [2] - For the first three quarters of 2024, total revenue was approximately CNY 1.257 billion, with net profit around CNY 104 million [2] Market and Competition - The global economic trade environment is complex, and competition in the network communication industry is intensifying, putting pressure on the company's performance [2] - The company has adjusted its settlement model with major clients, impacting overall sales revenue and gross margin [2] Strategic Development - The company is implementing a "steady, safe, and pragmatic" development strategy, focusing on strengthening its operational platform and core capabilities [2] - Future development will shift from "stability" to "breakthrough" and "expansion," emphasizing innovation and continuous improvement [2] Customer Structure - Major clients, including Xinhua San, S client, and Ruijie Network, account for over 90% of total sales revenue [2] - The company is actively expanding its overseas client base and diversifying its customer portfolio [2] Product Development - The company has expanded its high-end product line, including self-developed white-box switches, and is progressing with related business collaborations [3] - In the data center switch segment, the company has achieved significant R&D innovations, including products with 200G/400G capabilities and new generation industrial switches [3] Cost Management - The company has seen a slight increase in overall gross margin for the first three quarters of 2024, driven by cost reduction measures and efficiency improvements [3] - Sales and management expenses have decreased, while R&D investment was approximately CNY 102 million, a year-on-year increase of 7.06%, accounting for about 8.15% of revenue [3] Future Outlook - The company is confident in its future development, having prepared adequately in customer layout, product planning, and technology reserves [4] - Despite external pressures and challenges, the company remains committed to pursuing new market opportunities and achieving business breakthroughs [4]

深圳市菲菱科思通信技术股份有限公司 内部审计管理制度 本制度所称内部审计，是指由公司内部审计机构或人员通过运用系统、规 范的方法，对公司经济业务活动、内部控制和风险管理的适当性和有效性进行 审核和评价的一种独立、客观的确认和咨询活动，以促进公司完善治理、增加 价值和实现目标。 本制度所称内部控制，是指由公司董事会、监事会、高级管理人员和全体 员工为实现"合理保证公司经营管理合法合规、资产安全、财务报告及相关信 息真实完整，提高经营效率和效果，促进企业实现发展战略"目标的过程。 第三条 适用范围 本制度适用于公司、全资子公司、控股子公司以及对公司具有重大影响的 参股子公司。 第二章 审计机构、人员和职业道德要求 1 第四条 机构设置 第一章 总则 第一条 目标和依据 为规范深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）内部 审计工作，保证内部审计质量，明确内部审计机构和内部审计人员的责任，同 时为了提高企业运营管理水平和风险防范能力。根据《企业内部控制基本规范》 《内部审计基本准则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》《深圳市菲菱科思通信技术股份有限公司章程》（以 ...

证券代码：301191 证券简称：菲菱科思 公告编号：2024-043 深圳市菲菱科思通信技术股份有限公司 第三届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）第三届董事会 第十三次会议通知于 2024 年 10 月 18 日以电子邮件方式送达至全体董事，会议 定于 2024 年 10 月 29 日上午十点在公司会议室以现场和通讯相结合的方式召开。 本次会议由公司董事长陈龙发先生召集并主持，会议应出席董事 5 名，实际出席 会议的董事 5 名，其中以通讯表决方式出席会议的董事人数 1 名，为董事舒姗女 士，公司监事、高级管理人员列席了本次会议。会议的召集、召开、表决程序符 合《中华人民共和国公司法》等法律、行政法规、部门规章、规范性文件和《深 圳市菲菱科思通信技术股份有限公司章程》(以下简称"《公司章程》")的有关规 定。 二、董事会会议审议情况 经与会董事充分讨论和认真审议，会议审议通过了以下议案： 1、审议通过了《关于<深圳市菲菱科思通信技术股份有限 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥433,547,699.22, a decrease of 12.84% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥28,051,796.78, down 9.37% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥26,060,313.81, an increase of 10.56% compared to the same period last year[2]. - The company reported total operating revenue of RMB 1,257,247,510.02 for the current period, a decrease of approximately 15.6% compared to RMB 1,489,775,655.04 in the previous period[14]. - Net profit attributable to shareholders of the parent company was 104,364,374.03 CNY, down from 121,471,005.09 CNY in the same period last year, a decrease of about 14.1%[16]. - Total comprehensive income attributable to shareholders of the parent company was 103,569,504.20 CNY, compared to 121,156,568.79 CNY in Q3 2023, a decrease of approximately 14.6%[16]. - The total profit for the period was 106,433,588.81 CNY, down from 130,700,375.61 CNY in the previous year, a decrease of approximately 18.6%[15]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥2,258,989,154.50, a decrease of 4.34% from the end of the previous year[2]. - The company's total current liabilities decreased to RMB 462,877,405.54 from RMB 606,860,831.12, reflecting a decline of approximately 23.7%[14]. - The company’s non-current liabilities increased to RMB 91,708,945.36 from RMB 84,391,055.71, an increase of approximately 8.0%[14]. - The company’s inventory decreased to RMB 358,117,980.12 from RMB 411,784,694.42, a decrease of about 13.0%[13]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥188,060,174.92, a decrease of 40.74% compared to the same period last year[5]. - Cash flow from operating activities generated a net amount of 188,060,174.92 CNY, down from 317,324,781.70 CNY in the previous year, a decline of about 40.7%[18]. - The net increase in cash and cash equivalents for Q3 2024 was -207,256,361.98 CNY, compared to an increase of 226,964,958.28 CNY in the same period last year[19]. - The beginning balance of cash and cash equivalents was 981,893,890.96 CNY, down from 1,125,816,580.25 CNY year-over-year[19]. - The ending balance of cash and cash equivalents stood at 774,637,528.98 CNY, a decrease from 1,352,781,538.53 CNY in the previous year[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,890, with the top 10 shareholders holding a combined 62.98% of shares[7]. - Chen Longfa holds 32.08% of shares, amounting to 22,242,090 shares, while Chen Xi holds 17.76% with 12,315,810 shares[7]. - The total number of restricted shares at the beginning of the period was 43,202,575, with 58,538 shares released during the period, resulting in 43,144,037 restricted shares at the end[10]. - The company has no changes in the number of restricted shares for major shareholders during the reporting period[9]. - The top 10 shareholders include Chen Longfa, Chen Xi, and Gao Guoliang, with significant holdings and no shares released during the period[9]. - The company has a total of 22,242,090 restricted shares held by Chen Longfa, which will be released on November 25, 2025[9]. - Chen Xi's 12,315,810 restricted shares will be released on May 25, 2025[9]. - The company has a total of 3,380,000 restricted shares held by Gao Guoliang, also set to be released on May 25, 2025[9]. - The total number of shares held by the top 10 unrestricted shareholders is 2,444,351, with no changes reported[8]. - The company maintains a consistent shareholder structure with no significant changes in the top shareholders' holdings during the reporting period[8]. Investment Activities - The company reported a significant increase in investment income, rising by 21,948.37% to ¥6,280,964.46 due to increased investment in financial products[5]. - The net cash flow from investing activities was -¥288,793,271.90, a decrease of 3,878.20% compared to the previous year[6]. - Cash inflow from investment activities was 762,407,674.55 CNY, significantly higher than 3,068,531.62 CNY in the previous year[18]. - Cash outflow from investment activities totaled 1,051,200,946.45 CNY, compared to 10,327,928.31 CNY in the same period last year[18]. - The company has committed RMB 20 million as a limited partner in a fund with a total subscription of RMB 54.51 million, representing 36.69% of the total[11]. - The company has completed the fundraising for the investment fund and has registered it with the China Securities Investment Fund Industry Association[11]. Research and Development - Research and development expenses increased to 102,420,329.80 CNY from 95,665,261.75 CNY, reflecting a growth of approximately 7.9%[15]. Audit Status - The Q3 2024 report has not been audited[19].

证券代码：301191 证券简称：菲菱科思 公告编号：2024-044 深圳市菲菱科思通信技术股份有限公司 第三届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 第三届监事会第十四次会议决议 特此公告 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）第三届监事会 第十四次会议通知于 2024 年 10 月 18 日以电子邮件方式发送至全体监事。会议 于 2024 年 10 月 29 日以现场会议的方式在公司会议室召开。本次会议应到监事 3 名，实到监事 3 名。本次会议由监事会主席朱行恒女士召集并主持，会议的召 集、召开、表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 等法律、行政法规、部门规章、规范性文件和《深圳市菲菱科思通信技术股份有 限公司章程》（以下简称"《公司章程》"）的有关规定。 二、监事会会议审议情况 会议经全体监事充分讨论和审议，并经监事会一致表决通过如下决议： 审议通过了《关于<深圳市菲菱科思通信技术股份有限公司 2024 年第三季 度报告的议案》 监事会认为：公司严格 ...