2025 年 7 月 11 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 通信行业 超配（维持） 通信行业双周报（2025/6/27-2025/7/10） 行 业 AI 带来 DWDM 流量增长 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（6/27-7/10）累计上 涨3.91%，跑赢沪深300指数2.29个百分点，涨幅在31个申万一级行业中 位列第9位；申万通信板块7月累计上涨0.19%，跑输沪深300指数 ...

Core Viewpoint - The article discusses the recent developments surrounding the company 瑞斯康达, which is embroiled in a significant scandal known as the "largest fraud in A-shares history," linked to the "专网通信案" that has affected multiple listed companies and involved over 90 billion yuan [2][12][15]. Group 1: Incident Overview - On July 7, 瑞斯康达 announced that its chairman and general manager, 李月杰, and board member 朱春城, were subjected to criminal coercive measures due to allegations of violating disclosure regulations [4][11]. - Following the announcement, 瑞斯康达's stock price plummeted to a "limit down," with a market value reduction to 3.654 billion yuan [4][8]. - The criminal actions are linked to the same issues that led to administrative penalties from the China Securities Regulatory Commission (CSRC) in September 2023 [11][12]. Group 2: Company Background - 瑞斯康达, established in 1999, operates in the telecommunications sector, providing infrastructure construction and digital transformation solutions [9]. - The company’s product offerings include various communication devices and solutions, such as OTN equipment, 4G/5G base stations, and smart home gateways [9]. Group 3: Financial Performance - The company has faced declining performance, with a reported revenue of 1.382 billion yuan for 2024, a year-on-year decrease of 14.99%, and a net loss of 122 million yuan [9]. - In Q1 2025, 瑞斯康达's revenue further declined to 250 million yuan, down 34.89% year-on-year, with another net loss of 19 million yuan [9]. Group 4: Fraud Case Details - The "专网通信案" involved fictitious business operations leading to financial fraud, impacting numerous companies and resulting in significant financial losses [12][15]. - 瑞斯康达 was found to have inflated its revenue by over 630 million yuan and profits by over 110 million yuan from 2019 to 2020 due to its involvement in this fraudulent scheme [12][15]. - The case has been described as a major scandal in the A-share market, with total losses exceeding 90 billion yuan across affected companies [15][16].