Core Insights - Shengke Communication's stock price has declined by 5.12% on September 26, reaching 125.25 CNY per share, with a trading volume of 304 million CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 51.352 billion CNY [1] - The company has experienced a cumulative decline of 4.98% over the past three days [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on September 14, 2023 [1] - The company's main business involves the research, design, and sales of Ethernet switch chips and related products [1] - Revenue composition includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Shengke Communication [2] - Chuangjin Hexin Chip Industry Stock Initiation A (013339) increased its holdings by 198,000 shares in the second quarter, totaling 511,500 shares, which represents 4.62% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss today is approximately 3.4576 million CNY, with a cumulative floating loss of 3.5394 million CNY during the three-day decline [2] Fund Performance - Chuangjin Hexin Chip Industry Stock Initiation A (013339) was established on September 28, 2021, with a current size of 291 million CNY [2] - Year-to-date return is 42.5%, ranking 1139 out of 4220 in its category; the one-year return is 117.66%, ranking 239 out of 3824; and since inception, the return is 40.13% [2] - The fund manager, Liu Yang, has been in position for 3 years and 352 days, with total assets under management of 1.025 billion CNY, achieving a best return of 74.1% and a worst return of 4.97% during his tenure [2]

9月23日，盛科通信跌1.43%，成交额9.92亿元。两融数据显示，当日盛科通信获融资买入额9253.42万 元，融资偿还1.07亿元，融资净买入-1492.18万元。截至9月23日，盛科通信融资融券余额合计5.81亿 元。 融资方面，盛科通信当日融资买入9253.42万元。当前融资余额5.74亿元，占流通市值的2.06%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，盛科通信9月23日融券偿还200.00股，融券卖出5915.00股，按当日收盘价计算，卖出金额 81.00万元；融券余量5.59万股，融券余额765.69万元，超过近一年90%分位水平，处于高位。 资料显示，苏州盛科通信股份有限公司位于江苏省苏州工业园区江韵路258号，成立日期2005年1月31 日，上市日期2023年9月14日，公司主营业务涉及以太网交换芯片及配套产品的研发、设计和销售。主 营业务收入构成为：以太网交换芯片72.43%，以太网交换芯片模组11.94%，以太网交换机10.48%，定 制化解决方案及其他3.18%，授权许可1.97%。 截至6月30日，盛科通信股东户数7180.00，较上期减少8.47%；人均流通股28 ...

摘要 深格通信专注于以太网交换芯片及模组，产品覆盖工业园区、5G、数据 中心等领域，并已进入锐捷、新华三、中兴、迈普技术等主流网络设备 供应商的供应链，市场前景广阔。 公司采用 Fabric 商业模式，专注于芯片后端设计和解决方案，与美马 Marvell、创意电子、格罗方德等厂商合作完成晶圆生产，中国电子等 为一致行动人，构成第一大股东。 深格通信管理团队拥有思科等知名网络公司背景，为公司研发提供支持。 12.8T 和 25.6T 高端芯片已小批量应用，并持续投入更大容量交换芯片 的研发。 2019 年至 2023 年，公司营收从 1.92 亿元增长至 10.37 亿元，但因高 强度研发投入尚未盈利。随着高端芯片放量，预计未来一两年内有望扭 亏为盈。 以太网交换芯片业务占比提升至 60%以上，高端芯片放量推动业务增长。 今年上半年，以太网交换模组业务毛利率达 63.43%，以太网交换机业 务毛利率达 60.72%。 Q&A 深格通信在国内以太网交换芯片市场的地位和发展前景如何？ 深格通信是国内少数自研以太网交换芯片的企业之一，在国产厂商中排名第一。 公司近年来推出了适用于数据中心的高速以太网交换芯片，特别是在 ...

9月16日，盛科通信涨5.06%，截至发稿，报131.98元/股，成交5.66亿元，换手率2.17%，总市值541.12 亿元。 截至发稿，刘扬累计任职时间3年342天，现任基金资产总规模10.25亿元，任职期间最佳基金回报 61.4%， 任职期间最差基金回报3.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，创金合信基金旗下1只基金重仓盛科通信。创金合信芯片产业股票发起A（013339）二季度 增持19.8万股，持有股数51.15万股，占基金净值比例为4.62%，位居第九大重仓股。根据测算，今日浮 盈赚取约325.3万元。 创金合信芯片产业股票发起A（013339）成立日期2021年9月28日，最新规模2.91亿。今年以来收益 23.48%，同类排名2151/4222；近一年收益91.89%，同类排名664/3804；成立以来收益21.43%。 创金合信芯片产业股票发起A（013339）基金经理为刘扬。 资料显示，苏州盛科通信股份 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is positioned as a leading domestic Ethernet switch chip manufacturer, benefiting from the acceleration of the domestic computing power chain [5][7] - The company has shown significant improvement in its financial performance, with a notable increase in gross margin and a reduction in net losses [7] - The company is focusing on high-end product development while also expanding its mid-to-low-end product offerings, supported by strong R&D investments [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,340 million yuan in 2025 to 2,374 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 33% [6][9] - The company is expected to achieve a net profit of 57 million yuan in 2026 and 129 million yuan in 2027, indicating a significant turnaround from previous losses [6][9] - The gross margin is forecasted to improve from 43.5% in 2025 to 43.5% in 2027, driven by product mix optimization and supply chain improvements [6][9]

Core Viewpoint - Broadcom reported record revenue of $15 billion for Q2 FY2025, a 20% year-over-year increase, exceeding analyst expectations [1][3] - The semiconductor segment generated $8.4 billion, accounting for 56% of total revenue, with AI-related revenue showing significant growth [1][3] - The company is experiencing a shift towards subscription models in its infrastructure software segment, which saw a 25% revenue increase [2][3] Financial Performance - Q2 FY2025 revenue reached $15 billion, up from $12.5 billion in Q2 FY2024, reflecting a 20% increase [1][3] - Non-GAAP net profit was $7.787 billion, a 44% increase year-over-year, with adjusted EPS at $1.58, up 43.6% [1] - The semiconductor division's revenue was $8.4 billion, a 17% increase, while infrastructure software revenue was $6.6 billion, a 25% increase [2][3] Business Segments - Semiconductor Segment: - AI revenue exceeded $4.4 billion, growing 46% year-over-year, while non-AI revenue declined by 5% to $4 billion [1] - Infrastructure Software Segment: - Revenue was $6.6 billion, reflecting a successful transition to subscription models with a gross margin of 93% [2] Future Outlook - Q3 FY2025 revenue is projected to be around $15.8 billion, a 21% year-over-year increase, driven by strong demand for network equipment and custom AI chips [8] - The semiconductor division is expected to generate $9.1 billion, with AI semiconductor revenue projected at $5.1 billion, a 60% increase [8] - Broadcom's ASIC business is seeing increased demand, particularly for CoWoS capacity, driven by Google TPU needs [4] Market Position - Broadcom holds over 50% market share in the Ethernet switch and PHY chip markets, with significant adoption among major cloud service providers [7] - The company is ramping up production of its Tomahawk 6 chip, which began shipping in June, enhancing its competitive position [7] Analyst Ratings - Analysts have raised their ratings and target prices for Broadcom, with expectations of improved performance in FY2026 due to new product introductions [9] - Market consensus anticipates that AI business revenue will exceed 50% by 2025 and reach 65% by 2027 [9]

Group 1 - The core viewpoint of the news is that 盛科通信 experienced a decline in stock price, dropping by 5.08% to 107.33 CNY per share, with a trading volume of 442 million CNY and a turnover rate of 2.00%, resulting in a total market capitalization of 44.005 billion CNY [1] - 盛科通信, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products. The main revenue composition includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - 南方中证500ETF (510500) is among the top ten circulating shareholders of 盛科通信, having newly entered this list in the second quarter with 1.8585 million shares, accounting for 0.92% of the circulating shares. The estimated floating loss today is approximately 10.6863 million CNY [2] - The 南方中证500ETF (510500) was established on February 6, 2013, with a latest scale of 113.438 billion CNY. Year-to-date returns are 21.5%, ranking 1944 out of 4222 in its category, while the one-year return is 51.34%, ranking 1597 out of 3789. Since inception, the return is 130.54% [2]

Core Viewpoint - The stock of Suzhou Shengke Communication Co., Ltd. has experienced fluctuations, with a year-to-date increase of 31.90% but a recent decline of 15.98% over the past five trading days [1] Group 1: Company Overview - Suzhou Shengke Communication was established on January 31, 2005, and went public on September 14, 2023, focusing on the research, design, and sales of Ethernet switch chips and related products [2] - The main revenue composition includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [2] - The company is categorized under the electronic-semiconductor-digital chip design industry and is involved in sectors such as switches, margin financing, mid-market, chip concepts, and heavily invested funds [2] Group 2: Financial Performance - For the first half of 2025, Shengke Communication reported revenue of 508 million yuan, a year-on-year decrease of 4.56%, while the net profit attributable to shareholders was -23.69 million yuan, reflecting a year-on-year increase of 58.36% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 8.47% to 7,180, while the average circulating shares per person increased by 9.25% to 28,062 shares [2] - The top ten circulating shareholders include notable funds such as the Harvest SSE STAR Chip ETF and the Nuwa Growth Mixed A, with some new entrants like the Southern CSI 500 ETF and the Dongfang Alpha Advantage Industry Mixed A [3]

Group 1 - The core viewpoint of the news is the performance and market position of Shengke Communication, which saw a 5.4% increase in stock price, reaching 116.99 yuan per share, with a trading volume of 373 million yuan and a market capitalization of 47.966 billion yuan [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of fund holdings, one fund under Chuangjin Hexin has heavily invested in Shengke Communication, increasing its holdings by 198,000 shares to a total of 511,500 shares, which represents 4.62% of the fund's net value, making it the ninth largest holding [2] - The Chuangjin Hexin Chip Industry Stock Initiation A fund (013339) was established on September 28, 2021, with a current size of 291 million yuan, achieving a year-to-date return of 20.9% and a one-year return of 80.14% [2] - The fund manager, Liu Yang, has been in position for 3 years and 329 days, with the fund's total assets amounting to 975 million yuan, and the best and worst returns during his tenure being 58.9% and 16.18%, respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned to benefit from the increasing demand for high-speed interconnects driven by AI applications, as it is a leading Ethernet switch chip designer in China [4][5] - The company has joined the OISA ecosystem to support the development of ultra-node computing, enhancing its market presence and technological capabilities [4] - Revenue forecasts for the company are projected to be 1.369 billion, 1.886 billion, and 2.390 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 37.7, 27.4, and 21.6 times [4][7] Financial Summary - The company's revenue for 2023 was 1,037 million yuan, with a year-on-year growth of 35.2%. The projected revenues for 2024 and 2025 are 1,082 million and 1,369 million yuan respectively, indicating a growth rate of 4.3% and 26.6% [7][9] - The net profit attributable to the parent company is expected to improve from -77 million yuan in 2025 to 119 million yuan in 2027, reflecting a significant turnaround in profitability [7][9] - The gross margin is projected to stabilize around 40% from 2025 to 2027, indicating a consistent profitability outlook [7][9] Product Development and Market Position - The company has launched high-end chips with switching capacities ranging from 100 Gbps to 25.6 Tbps, which are now in the market promotion and application phase [5] - The company maintains a strong focus on R&D, with R&D expenses reaching 239 million yuan in the first half of 2025, a year-on-year increase of 6.76% [6] - The company is actively participating in industry ecosystem development, being a member of several open virtualization alliances and committees, which positions it well within the industry [6]