盛科通信烧钱5年难盈利，豪赌国产化靠超募10亿续航 | 看财报

Core Viewpoint - The company, Shengke Communication, reported a record high loss in its first full year post-IPO, indicating severe inadequacies in its ability to generate profits despite having substantial capital from oversubscription funds [1][2]. Financial Performance - In 2024, Shengke Communication's revenue reached 1.082 billion yuan, a year-on-year increase of 4.28%, while the net loss attributable to shareholders was 68.26 million yuan, widening from a loss of 19.53 million yuan in the previous year [2]. - The first quarter of 2024 saw a revenue decline of 12.3% to 223 million yuan, with a net loss of 15.20 million yuan, indicating a continued trend of increasing losses [2]. - The company's R&D expenses for 2024 amounted to 428.46 million yuan, a 36.4% increase from the previous year, representing 39.61% of total revenue [2][3]. Market Position and Challenges - Shengke Communication holds a market share of only 1.6% in the Ethernet switch chip market, significantly trailing behind industry leaders such as Broadcom, which commands 61.7% of the market [4][5]. - The company faces intense competition from established players and has a limited product line compared to global giants, which poses challenges in gaining market share [4][5]. - The global Ethernet switch chip market is characterized by high concentration, with a few players dominating the majority of the market, making it difficult for newer entrants like Shengke Communication to compete effectively [4][5]. Opportunities and Risks - The primary opportunity for Shengke Communication lies in domestic substitution, as local equipment manufacturers are rapidly emerging, reducing the market share of foreign competitors [5]. - The company has successfully entered the supply chains of major domestic network equipment manufacturers, indicating potential growth avenues [5]. - However, the company is also facing risks due to export control regulations imposed by the U.S., which could limit its access to critical technologies and suppliers, potentially impacting its operations [5][6].