当地时间12月7日，韩国科技媒体Etnews援引业内人士消息爆料称，SK海力士正与东进世美肯（Dongjin Semichem）合作，着手开发高性能EUV光刻胶，旨在实现这一半导体核心材料的国产化供应并降低对 日本的依赖。 但目前为止，包括JSR、信越化学、东京应化TOK等日本供应商占据了高端光刻胶市场的大部分份额， 尤其是在7nm以下的先进制程市场，包括海力士、三星在内的韩企长期以来高度依赖日本供应商。但在 2019年，因韩日两国的贸易争端，日本一度宣布对包括光刻胶在内的关键芯片制造材料实施出口限制， 导致韩国的芯片企业生产"脱轨"。此后，韩国业界一直致力于推动芯片供应链的国产化，降低对日本的 依赖。 据《韩国经济日报》报道，韩国对日本光刻胶进口的依赖度已从2018年的93.2%下降至2024年的 65.4%。同期，从日本进口的高纯度氟化氢下降了62.5%，金额从1.6亿美元降至6000万美元。 此前，SK海力士曾在2023年通过子公司SK Materials Performance实现了部分EUV光刻胶国产化，但仅限 于低规格产品。此次SK海力士与东进世美肯的合作，野心更大——他们不仅想做日本产品的国产化 ...

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].