多维度产品布局，研发持续投入。公司在目前主营业务网络设备交换机等主要产品基础上，不断夯实并 延伸向中高端数据中心交换机、服务器、高端PCBA、FTTR 产品，及DPU 加速卡、汽车信息交互产品 等智算、电子产品的布局与建设，紧密跟上联接与智算相辅相成的新时代，逐步形成"CT通信+IT 计算 +高端PCBA 制造+汽车电子制造"等多维度业务体系。同时公司研发持续投入，2025 年前三季度，研发 投入合计约为1.1 亿元，同比增长约为11.6%。 投资建议：公司营收已进入复苏通道，在数据中心交换机领域取得较大进展，前瞻性布局多元产品线， 有望充分受益行业景气度。因公司所处ICT行业竞争态势不断加剧，商业竞争激烈，我们调整盈利预 期，预计公司25/26/27 年归母净利润为0.8/1.2/2.0 亿元，对应PE 分别为87/54/34 倍，维持"买入"评级。 事件：公司发布2025 年三季报，前三季度实现营业收入12.3 亿元，同比下滑1.8%，归母净利润4670 万 元，同比下滑55%；Q3 单季度来看，实现营业收入5.1 亿元，同比增长18%，环比增长19%；归母净利 润2481万元，同比下降12%，环比增长1 ...

证券研究报告 | 季报点评 gszqdatemark 2025 11 08 年 月 日 菲菱科思（301191.SZ） 营收逐步回升，多维布局带来增长动能 事件：公司发布 2025 年三季报，前三季度实现营业收入 12.3 亿元，同比 下滑 1.8%，归母净利润 4670 万元，同比下滑 55%；Q3 单季度来看，实 现营业收入 5.1 亿元，同比增长 18%，环比增长 19%；归母净利润 2481 万元，同比下降 12%，环比增长 122%。 营收环比同比逐步回升，库存增长较多。公司继 Q2 营收拐点出现后（营 收 4.3 亿，同比增长 4%，环比增长 49%），Q3 营收同比增幅再次增加， 连续两个季度保持增长态势，业务逐步回暖。单季度来看，毛利率 11.8%， 环比下降 2.1pct，净利率 4.8%，环比提升 2.3 pct。从资产端看，公司存 货 7.5 亿元，较年初增长 101%，主要系增加新项目销售和备料所致，反 映公司在手订单较为充足，支撑后续业绩增长。 数据中心交换机业务获得较大进展。公司在自研白牌交换机进展方面进步 较大，在中高端数据中心交换机产品部分，公司在 200G/400G/2.0T ...

Core Insights - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of 2025, marking an 11.63% year-on-year increase [2] - The company faced challenges in profitability, with a net profit of 5.322 billion yuan, and a significant decline of 43.77% in net profit after excluding non-recurring gains and losses [2][4] Revenue Growth - The "second curve" strategy focusing on computing power has driven significant revenue growth, with computing revenue increasing by 180% [3] - The enterprise business saw a remarkable growth of 130% year-on-year, while server and storage revenue surged by 250% [3] - Computing revenue now accounts for 25% of total revenue, indicating a strong shift towards this new business model [3] Profitability Challenges - In Q3 2025, the company reported a revenue of 28.967 billion yuan, a 5.11% increase year-on-year, but net profit dropped by 87.84% to 264 million yuan [4] - The net profit for the first three quarters declined by 32.69%, with a 43.77% drop in net profit after excluding non-recurring items [4] - The increase in operating costs, which reached 69.811 billion yuan (up 30.08% year-on-year), has significantly impacted profitability [4] Cash Flow and Future Outlook - The net cash flow from operating activities for the first three quarters was 1.777 billion yuan, a substantial decrease of 77.92% [5] - The company is navigating a critical transformation period, balancing traditional operator business adjustments with the growth of new business lines [5] - Future focus will be on enhancing the profitability of the new computing-driven enterprise business while managing cash flow challenges during the transition [5]

Core Insights - The company reported a revenue of 8.376 billion yuan for 2024, with fluctuations in net profit attributed to declining gross margins, increased expense ratios, impairment losses on real estate assets, and increased fair value losses [1] - In Q1 2025, the company achieved a revenue of 2.051 billion yuan, representing a year-on-year growth of 6.75%, while net profit surged by 267.63% to 22.299 million yuan due to revenue growth and reduced expense ratios [1] - The company has been focusing on core business sectors such as network communication, data communication, mobile communication, and automotive electronics, while also expanding into the electronic manufacturing sector to capitalize on the opportunities presented by the wave of intelligent development [1][2] Network Communication Business - In 2024, the company's PON series products saw a slight increase, and it continued to receive mass production orders for the Wi-Fi 7 project from key clients [1] - The company successfully promoted domestic Wi-Fi products and entered the shortlist for network product OEMs for domestic operators [1] Data Communication Business - The company achieved a breakthrough in its industrial switch JDM project in 2024, with the 800G data center switches beginning to ship [2] - By early April 2025, the company had mass-produced general servers, with cumulative shipments exceeding 7,000 units [2] Mobile Communication Business - The company advanced its business expansion and cost reduction efforts in 2024, with the base station product center completing the development of a new platform and multiple new products [2] - Significant cost reductions of over 20% were achieved for the BOM of the full series of fencing products through various strategies [2] Automotive Electronics Business - The company officially entered the automotive electronics sector in 2022, establishing Suzhou Gongjin Automotive Technology Co., Ltd. [2] - In 2024, the company made significant breakthroughs in key clients for millimeter-wave radar and steering gear, as well as in laser radar and automotive amplifier products [2] Future Outlook - The company demonstrated strong resilience in its core business areas throughout 2024 and aims to strengthen cost control while implementing intelligent manufacturing principles to ensure steady progress in a complex market environment [3]

Core Viewpoint - In 2024, Skyworth Digital faces significant challenges as its annual report reveals a substantial decline in performance, with net profit attributable to shareholders decreasing by 58.34% year-on-year, marking the second consecutive year of revenue and profit decline, reflecting industry pressure and transformation [1][2]. Financial Performance - The company reported total revenue of 86.93 billion yuan in 2024, a decrease of 18.20% compared to 2023 [2][3]. - Net profit attributable to shareholders was only 2.51 billion yuan, down 58.34% year-on-year, while net profit after deducting non-recurring gains and losses plummeted to 2.02 billion yuan, a decrease of 63.85% [2][3]. - The smart terminal business, which includes set-top boxes and broadband devices, generated revenue of 65.58 billion yuan, accounting for 75.43% of total revenue, down 16.59% year-on-year [2][3]. Market Challenges - The decline in performance is attributed to intensified price wars and weak consumer demand in the smart terminal market, which has entered a highly competitive phase [2][4]. - The gross margin for the smart terminal business fell to 16.11%, a decrease of 4.7 percentage points, significantly impacting overall profitability [2][4]. Strategic Expansion - Despite the downturn, the company announced an investment of up to 9.32 billion yuan to continue the construction of the Huizhou Industrial Park Phase II project, reflecting strong confidence in future market conditions [4]. - The total investment for this project, combined with Phase I, will reach 22.7 billion yuan, equivalent to nearly five years of the company's net profit [4]. Diversification Efforts - To address growth bottlenecks in traditional businesses, the company is actively exploring new business areas, with automotive display systems emerging as a new growth highlight, achieving revenue of 1.227 billion yuan in 2024, a year-on-year increase of 24.90% [6][8]. - The company is also expanding into XR terminals and AI glasses, with AI glasses entering mass production preparation, focusing on outdoor scenarios and expected to launch in 2025 [8]. Collaborative Synergies - The company anticipates a transaction volume of 5.87 billion yuan with related parties by 2025, covering raw material procurement and product sales, benefiting from the broader ecosystem of Skyworth Group [8]. Long-term Outlook - The company's expansion strategy raises questions about its long-term competitiveness amid rapid technological changes, necessitating differentiation, cost reduction, and brand building to achieve sustainable growth [8][9].