盛科通信（688702）：公司信息更新报告：把握国产化浪潮，加大高端芯片研发投入

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company is expected to benefit from the domestic chip manufacturing wave by increasing its investment in high-end chip research and development [4] - In 2024, the company achieved a revenue of 1.082 billion yuan, a year-on-year increase of 4.28%, with high-end flagship chips achieving small batch deliveries [4] - The company plans to enhance its high-end product offerings and increase the maximum switching capacity to catch up with industry leaders [5] - The revenue forecasts for 2025-2027 have been adjusted to 1.369 billion yuan, 1.886 billion yuan, and 2.390 billion yuan respectively [4] Financial Summary - In 2024, the company's revenue from Ethernet chip business was 835 million yuan, with a gross margin of 32.22%, up 3.45 percentage points year-on-year [5] - The company's R&D expenses reached 428 million yuan in 2024, a year-on-year increase of 36.40% [6] - The projected revenue and net profit for 2025 are 1.369 billion yuan and -77 million yuan respectively, with a net profit margin of -5.6% [8][10]