山石网科(688030.SH)：2025年度预亏1.8亿元至2.2亿元

Core Viewpoint - The company, 山石网科, is expected to face a decline in revenue and an increase in losses for the fiscal year 2025, reflecting challenges in the cybersecurity industry and increased competition [1][2] Financial Performance - The company anticipates a revenue range of 89,000.00 million to 95,000.00 million, representing a year-on-year decline of 4.67% to 10.70% [1] - The projected net loss attributable to the parent company is expected to be between -22,000.00 million and -18,000.00 million, which is an increase in losses by 4,279.18 million to 8,279.18 million compared to the previous year, marking a year-on-year increase of 31.19% to 60.34% [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be between -22,500.00 million and -18,500.00 million, with losses widening by 3,399.41 million to 7,399.41 million year-on-year, indicating an increase of 22.51% to 49.00% [1] Industry Context - The cybersecurity industry is experiencing weak downstream customer demand and intensified market competition, leading to temporary pressure on the company's business expansion [2] - Following the successful testing of the ASIC security chip in Q4 2025, the company has increased its market presence with new security products, successfully winning bids from leading clients in sectors such as securities and energy, exceeding expectations [2] - Despite the promising prospects for ASIC security products, significant revenue contributions are not expected until the second half of 2026 due to the timeline for mass supply [2] Cost and Investment Factors - The company faces increased losses due to several factors, including a significant rise in component prices, particularly memory modules, which have seen price increases of 3-5 times, impacting hardware product costs and gross margins [2] - High R&D expenditures are maintained to support the development of the ASIC security chip and platform transitions, alongside increased costs related to internal organizational adjustments [2] - There has been an increase in impairment losses year-on-year, while government subsidies for technology projects and VAT refunds on software product sales have decreased compared to the previous year [2]