华鑫证券：首次覆盖盛科通信给予买入评级

Core Viewpoint - The report highlights that 盛科通信, a high-end Ethernet switch chip manufacturer, is expected to benefit from increased capital expenditures (Capex) from downstream major companies and the trend of domestic substitution in the chip supply chain [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 508 million yuan, a year-on-year decrease of 4.56%. The net profit attributable to shareholders was -24 million yuan, an increase of 58.36% year-on-year, while the net profit excluding non-recurring items was -63 million yuan, up 21.62% year-on-year [2]. - For Q2 2025, the company reported operating revenue of 285 million yuan, a year-on-year increase of 2.53% and a quarter-on-quarter increase of 27.78%. The net profit attributable to shareholders was -8 million yuan, up 83.29% year-on-year and 44.13% quarter-on-quarter [3]. Investment Highlights - The company is increasing its R&D investment in the Ethernet switch chip sector, with R&D expenses amounting to 239.25 million yuan in the first half of 2025, a year-on-year increase of 6.76%, representing 47.10% of operating revenue [3]. - The company maintains a high gross margin of 48.77% in Q2 2025, which is an increase of 11.74 percentage points year-on-year and 4.72 percentage points quarter-on-quarter [3]. - The global Ethernet switch chip market is projected to reach 34.74 billion yuan in 2024 and 48.25 billion yuan by 2030, with a CAGR of 5.63% from 2024 to 2030 [4]. Product and Market Position - The company's main products include high-performance Ethernet switch chips with capacities ranging from 1.2 Tbps to 25.6 Tbps, supporting port speeds of up to 800G [5]. - The company has entered the supply chain of major domestic network equipment manufacturers and has seen its products applied in various sectors, including finance, government, and energy [5]. - The company is well-positioned to benefit from the domestic substitution trend in the chip supply chain and is focused on understanding local market needs to enhance customer loyalty [5]. Earnings Forecast - The company is projected to achieve revenues of 1.332 billion yuan, 1.774 billion yuan, and 2.281 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are forecasted to be -0.06 yuan, 0.13 yuan, and 0.32 yuan for the same years [6].