Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% within the next six months [25]. Core Insights - The company is a leading domestic network equipment manufacturer, providing research and manufacturing services for switches, routers, wireless products, and communication device components. The core product is switches, which account for over 80% of revenue. In 2023, the company reported revenues of 2.075 billion yuan and a net profit of 144 million yuan, showing a slight decline year-on-year due to adjustments in large customer project cooperation and market downturns. However, the company has maintained a growth trend with a five-year CAGR of 18.10% for revenue and 70.48% for net profit [34][55]. - The network equipment industry is experiencing rapid growth driven by multiple factors, including the demand for AI computing power and increased capital expenditures from cloud vendors and operators. The Chinese switch market is projected to grow at a CAGR of 15.69% from 2022 to 2025, outpacing global growth [55][79]. - The company is expanding into the automotive electronics sector, establishing a joint venture to enhance its presence in this market. The automotive Ethernet market in China is expected to grow significantly, providing new growth opportunities for the company [55][18]. Summary by Sections Company Overview - The company has over 20 years of industry experience and has established a stable shareholding structure, with the actual controller holding over 30% of shares. This stability is beneficial for long-term development and operational efficiency [49][44]. Business Performance - The company's switch business has shown rapid growth, with revenues of 1.679 billion yuan in 2023 and a five-year CAGR of 22.53%. The proportion of switch business in total revenue has increased from 67.28% in 2018 to 89.10% in 2023 [12][11]. Financial Analysis - The company has maintained a stable management expense ratio, with projections for 2024-2026 at 1.85%, 1.68%, and 1.59% respectively. R&D expenses are expected to increase, reflecting ongoing investments in new business and product development [20][24]. Market Outlook - The report anticipates that the company's revenue will grow to 2.502 billion yuan in 2024, with a year-on-year growth rate of 20.6%. The net profit is projected to reach 181 million yuan, reflecting a 25.3% increase [55][24].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 73.78 yuan [29] Core Views - The company is expected to benefit from the AI wave and domestic substitution trends, with projected net profits of 180, 260, and 350 million yuan for 2024-2026, corresponding to valuations of 28, 20, and 15 times respectively [6] - The company is a leading network equipment manufacturer, continuously expanding into mid-to-high-end switch products, and is expected to see strong growth driven by AI and domestic substitution [6][17] - The company has a stable equity structure and an experienced management team, which supports its scale expansion [19][42] Industry Trends - The AI wave is driving a surge in data volume, leading to increased demand for high-speed switches and data center upgrades [27][56] - The global Ethernet switch market grew by 20.1% in 2023, with high-speed switches showing particularly strong growth [67] - The domestic switch market is expected to grow steadily, with high-speed switches likely to outperform the overall market [92] Company Overview - The company specializes in the R&D, production, and sales of network equipment, with a focus on switches, routers, and wireless products [17][26] - It has a comprehensive product line, including enterprise-grade, consumer-grade, and industrial switches, as well as data center switches with 100G/400G capabilities [18][42] - The company has established long-term partnerships with major clients like H3C, and its product offerings are expanding into higher-end segments [17][28] Financial Performance - The company's revenue growth has slowed, but it remains competitive within the industry, with a focus on high-value products [45] - Gross margins have improved, surpassing industry averages, driven by the shift towards mid-to-high-end products [23] - R&D investment has increased significantly, with a 33.24% year-on-year growth in 2023, and the company has a strong portfolio of patents and intellectual property [51] Growth Drivers - The company is expected to benefit from the rapid adoption of 800G switches, driven by AI and data center upgrades [1][55] - Its "big customer" strategy, particularly with H3C, is expected to drive growth as the partnership extends into higher-end products [28] - The company is expanding its product line to include routers and wireless products, which contributed 13.21% of revenue in 2023, up from 8.82% in 2022 [73] Market Opportunities - The domestic switch market is dominated by local manufacturers, with strong demand for supply chain security and domestic substitution [7] - The company is well-positioned to capitalize on the growth of cloud computing and AI infrastructure, with its data center switch capabilities [18][27] - The company is also exploring opportunities in the automotive electronics sector, which could provide a second growth curve [31]

证券代码：301191 证券简称：菲菱科思 公告编号：2024-028 深圳市菲菱科思通信技术股份有限公司 关于高级管理人员减持股份的预披露公告 公司高级管理人员万圣先生保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份 208,520 股（约占本公司总股本比例 0.3007%）的高级管理 人员万圣先生计划在本公告披露之日起十五个交易日后的三个月内（2024 年 6 月 26 日至 2024 年 9 月 25 日）拟以集中竞价交易方式/大宗交易方式减持本公司 股份不超过 52,130 股，约占本公司总股本比例 0.0752%。 近日,深圳市菲菱科思通信技术股份有限公司（简称"公司"或"菲菱科思"） 收到高级管理人员万圣先生出具的《关于股份减持计划的告知函》。现将有关情 况公告如下： 一、股东的基本情况 | 股东姓名 | 股东身份 | 持有公司股份的总数量（股） | 占公司总股本的比例 | | --- | --- | --- | --- | | 万 圣 | 高级管理人员 | 208,5 ...

证券代码：301191 证券简称：菲菱科思 公告编号：2024-027 深圳市菲菱科思通信技术股份有限公司 2023 年年度权益分派实施公告 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。 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）2023年年度权益 分派方案已获 2024 年 5 月 20 日召开的 2023 年年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 1、2023 年年度股东大会审议通过的 2023 年度分配方案的具体内容 以公司 2023 年 12 月 31 日总股本 69,342,000 股为基数，向全体股东按每 10 股 派发现金红利 10 元（含税），合计派发现金红利 69,342,000.00 元（含税），剩余 未分配利润结转至下一年度；2023年度不送红股，不进行资本公积转增股本。在分 配方案披露后至实施前，公司股本总额若因新增股份上市、股权激励行权、可转债 转股、股份回购等事项发生变化，公司将按照分配总额不变的原则进行相应的调整； 无限售流通股的证券投资基金所涉红利税，对香港投资者 ...

北京市中伦（深圳）律师事务所 关于深圳市菲菱科思通信技术股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于深圳市菲菱科思通信技术股份有限公司 2023 年年度股东大会的 法律意见书 致：深圳市菲菱科思通信技术股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受深圳市菲菱科思通信 技术股份有限公司（以下简称"公司"）委托，指派郑俊生律师、梁恒瑜律师出席 并见证公司 2023 年年度股东大会（ ...

证券代码：301191 证券简称：菲菱科思 公告编号：2024-026 深圳市菲菱科思通信技术股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形 2、本次股东大会不涉及变更以往股东大会已通过的决议 一、会议召开情况 （一）召集人：公司第三届董事会 （二）会议召开时间 2、网络投票：本次股东大会将通过深圳证券交易所交易系统和互联网投票系 统（http://wltp.cninfo.com.cn）向公司股东提供网络形式的投票平台。 1、现场会议召开时间：2024 年 5 月 20 日（星期一）下午 14:30 2、网络投票时间：2024 年 5 月 20 日（星期一） 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 5 月 20 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网系统 （http://wltp.cninfo.com.cn）投票的具体时间为：2024 年 5 月 20 日 9:15- 15:0 ...

证券代码：301191 证券简称：菲菱科思 公告编号：2024-025 深圳市菲菱科思通信技术股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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。 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日在巨潮资讯网（www.cninfo.com.cn）上披露了《关于召开 2023 年年度股东 大会的通知》（公告编号：2024-020），本次股东大会将采取现场表决与网络投票 相结合的方式召开，根据相关规定，现将本次会议的有关情况提示如下： 一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会 （1）现场会议召开时间：2024 年 5 月 20 日（星期一）下午 14:30 （2）网络投票时间：2024 年 5 月 20 日（星期一） 通过深圳证券交易所交易系统进行网络投票的时间为：2024年5月20日9:15- 9:25 ， 9:30-11:30 和 13:00-15:00 ； 通 过 深 圳 证 券 交 易 所 互 联 网 系 统 （http://wltp. ...

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company is experiencing short-term pressure on performance due to macroeconomic factors and a lack of recovery in downstream demand, with a focus on high-end product volume growth in the future [10][29] - The company is actively expanding its overseas business, having successfully developed stable orders from Japanese clients [10] - The company is increasing its R&D investment, which rose by 33.2% year-on-year to 140 million yuan in 2023, enhancing its internal design verification capabilities [10] Financial Performance Summary - In 2023, the company achieved revenue of 2.07 billion yuan, a year-on-year decrease of 11.8%, and a net profit attributable to shareholders of 140 million yuan, down 26.3% year-on-year [10][21] - For Q1 2024, the company reported revenue of 410 million yuan, a decline of 19.5% year-on-year, and a net profit of 34.19 million yuan, down 38.1% year-on-year [10] - The main revenue source remains switch products, accounting for 80.9% of total revenue, with a revenue of 1.68 billion yuan, down 19.9% year-on-year [10] Revenue and Profit Forecast - Revenue growth is expected to rebound with a forecasted annual growth rate of 20% from 2024 to 2026, with gross margins improving to 18%, 19%, and 20% respectively [2][10] - EPS is projected to be 2.61 yuan, 3.49 yuan, and 4.82 yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 30, 23, and 16 [10][21] Product Development and Market Position - The company is making significant advancements in high-end data center switches, with products like the 2.0T/8.0T switches entering mass production [10] - The company is also expanding its product matrix in IoT gateways, particularly in edge computing 4G/5G gateways, which are seeing substantial growth [10]

深圳市菲菱科思通信技术股份有限公司 第三届董事会独立董事专门会议关于独立董事 候选人任职资格的审查意见 独立董事：游林儒 郜树智 二〇二四年四月二十五日 2 【本页无正文，为《第三届董事会独立董事专门会议关于独立董事候选人任职资 格的审查意见》之签署页】 独立董事签署如下： 游林儒（签字）： 郜树智（签字）： 根据《中华人民共和国公司法》（以下简称"公司法"）《上市公司独立董 事管理办法》《深圳证券交易所创业板股票上市规则》《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》以及《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》"）《深圳市菲菱科思 通信技术股份有限公司独立董事工作制度》（以下简称"《独立董事工作制度》"） 等法律、法规和规范性文件及公司制度的相关规定，我们作为深圳市菲菱科思通 信技术股份有限公司（以下简称"公司"）第三届董事会独立董事专门会议成员， 对拟提交公司第三届董事会第十一次会议审议的《关于补选公司第三届董事会独 立董事的议案》进行了认真的审阅，对独立董事候选人的任职条件和任职资格等 相关材料进行了审核，发表审查意见如下： 1、独立董事候选人夏 ...

深圳市菲菱科思通信技术股份有限公司 董事会审计委员会工作细则 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事会对 经理层的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《上市 公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《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》（以下简称"《公司章程》"）及其他有关规 定，公司特设立董事会审计委员会，并制定本工作细则。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，且应当为不在公司担任高级管理 人员的董事，其中独立董事占二名，委员中至少有一名独立董事为专业会计人士。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独立董事委员担任，且 应当为会计专业人士，负责主持委员会工作；主任委员在委员内选举，并报请董 事会批准产生。 第六条 审计委员会任期与董事会一致，委员任期届满，连选可以连任。期 间如有委员不再担任公司董事职务，自动失去委员资格 ...