证券代码：301191 证券简称：菲菱科思 公告编号：2024-045 深圳市菲菱科思通信技术股份有限公司 关于使用部分自有资金和暂时闲置的募集资金 进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开了第三届董事会第十一次会议和第三届监事会第十二次会议，2024 年 5 月 20 日召开 2023 年年度股东大会，审议通过了《关于使用部分自有资金和暂时闲 置的募集资金进行现金管理的议案》，为提高暂时闲置的自有资金和募集资金的 使用效率，同意公司及子公司在保证不影响正常经营及确保资金安全的情况下， 使用额度不超过人民币 80,000 万元的部分暂时闲置的自有资金进行现金管理； 在不影响募集资金投资项目计划正常实施、确保募集资金安全的前提下，公司及 子公司拟使用不超过人民币 40,000 万元暂时闲置的募集资金进行现金管理，同 意公司在上述额度内购买安全性高、流动性好的低风险投资产品，有效期自 2023 年年度股东大会审议通过之日起不超过十二个月。在上 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses a technology company involved in the production of network equipment, specifically focusing on switches and wireless products. The company collaborates with major clients such as Huawei and H3C, and is expanding its market presence both domestically and internationally. Key Points and Arguments Market Demand and Client Relationships - The company anticipates a positive market demand outlook for the upcoming year, particularly from major clients like H3C and Huawei, with a noted increase in demand for high-end products such as 100G and 200G switches [1][2][3] - The company has seen a diversification in its client base, with an increase in smaller clients in addition to major players, indicating a growing demand for mid-to-high-end data center products [2] - The collaboration with Huawei is highlighted as a strategic partnership, with the company holding a significant market share in various switch products, estimated at around 60% [3] Product Development and Sales Performance - The company has invested heavily in mid-to-high-end products over the past two years, resulting in a broader client base and increased sales volume, particularly in wireless products which saw a 50% year-over-year increase [5] - Despite the increase in sales volume, revenue has slightly declined due to competitive pricing pressures and market conditions [5] - The company is also focusing on expanding its product offerings to include wireless products and optical communication solutions, with a significant market share in these areas [4] International Expansion and Strategic Partnerships - The company is actively pursuing international markets, particularly in Japan and South Korea, where it has established partnerships with top-tier clients to enhance its wireless product offerings [6][7] - The strategy includes not only expanding existing partnerships but also seeking new collaborations with foreign brands to increase market share [7] Financial Performance and Cost Management - The company reported a stable gross margin despite competitive pressures, with ongoing efforts to enhance product competitiveness and reduce costs [13][14] - R&D investment has increased to 8% of revenue, up from 5% in previous years, indicating a commitment to innovation and product development [13] - The company is also focusing on improving operational efficiency and cost management to maintain profitability in a challenging market environment [12][14] Future Outlook - The company expresses confidence in its growth trajectory, emphasizing a culture of continuous improvement and learning from industry leaders like Huawei [19] - The overall demand for network equipment is expected to continue rising, supported by the company's strategic initiatives and product diversification [20] Other Important Content - The company is cautious about its investments, particularly in new facilities, ensuring that returns meet expectations before further capital allocation [11] - There is a focus on enhancing the supply chain and collaborating with domestic chip manufacturers to mitigate risks associated with international trade policies [18][17] - The company is exploring opportunities in the automotive sector, leveraging its communication technology expertise to develop smart data transmission products for new energy vehicles [16]

Investment Rating - The report assigns an "Outperform" rating to Feiling Kes (301191) [2] Core Views - Feiling Kes is a leading domestic network equipment manufacturer with strong capabilities in high-end network equipment production [6] - The company faces short-term performance pressure due to business model changes and intensified industry competition [7] - Feiling Kes is expanding its product line in high-end data center switches and entering the white-box market [8] - The company is making breakthroughs in overseas markets and investing in upstream switch chip industry [8] Financial Performance - Revenue for the first three quarters of 2024 was 1.257 billion yuan, down 15.61% YoY [7] - Net profit for the first three quarters of 2024 was 104 million yuan, down 14.08% YoY [7] - Gross margin for the first three quarters of 2024 was 17.87%, up 0.63 percentage points YoY [7] - Q3 2024 revenue was 434 million yuan, down 12.84% YoY but up 4.00% QoQ [7] - Q3 2024 net profit was 28 million yuan, down 9.37% YoY and 33.40% QoQ [7] Business Development - The company is developing 200G/400G/2.0T/8.0T data center switches and expanding COME modules based on domestic CPUs [8] - Feiling Kes has established stable orders and mass production delivery with Japanese and Korean customers [8] - The company invested 20 million yuan in a switch chip-related enterprise, accounting for 36.69% of the total investment [8] Financial Forecast - Revenue for 2024-2026 is projected to be 2.024 billion yuan, 2.614 billion yuan, and 3.258 billion yuan respectively [11] - Net profit for 2024-2026 is expected to be 144 million yuan, 195 million yuan, and 257 million yuan respectively [11] - EPS for 2024-2026 is forecasted to be 2.07 yuan, 2.82 yuan, and 3.71 yuan respectively [11] - Gross margin is expected to remain stable at around 17.4%-17.8% from 2024 to 2026 [9] Market Performance - The stock price closed at 82.59 yuan on November 19, 2024 [2] - The 52-week price range is 56.19-108.18 yuan [2] - Total market capitalization is 5.727 billion yuan, with a circulating market value of 2.164 billion yuan [2] - The stock has underperformed the HTS Composite Index by 42.81% over the past year [3] Industry Comparison - The company's valuation is based on 35-40x PE for 2025, with a reasonable value range of 98.67-112.76 yuan [11] - Comparable companies in the industry have an average PE ratio of 48x for 2024 and 33x for 2025 [12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 92.66 CNY, indicating a potential upside in the next six months [6]. Core Views - The company reported a revenue of 1.257 billion CNY for the first three quarters of 2024, a year-on-year decline of 15.61%, and a net profit attributable to the parent company of 104 million CNY, down 14.08% year-on-year [1]. - The decline in revenue is attributed to intensified industry competition and changes in the cooperation model with major clients, which affected overall sales [2]. - The gross margin improved in Q3, reaching 18.33%, an increase of 2.42 percentage points year-on-year, despite a net profit decline of 9.37% [3]. - The company is actively investing in the Ethernet switch industry, focusing on high-end data center switches and enhancing its R&D capabilities [4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 150.45 million CNY, with a revenue forecast of 2.132 billion CNY, reflecting a growth rate of 2.78% [5]. - The EBITDA for 2024 is estimated at 181.90 million CNY, with a corresponding P/E ratio of 42.71 [5]. - The company’s total assets are expected to reach 2.398 billion CNY by 2024, with a debt ratio of 24.55% [8]. Investment Strategy - The company is expected to see a gradual recovery in profits, with net profit projections of 1.5 billion CNY, 2.2 billion CNY, and 2.9 billion CNY for 2024, 2025, and 2026 respectively [4]. - The report emphasizes the importance of the company's strategic investments in high-end switch products and the anticipated growth in demand from major clients [4].

Investment Rating - The report maintains a "Cautious Recommend" rating for the company [5][7] Core Views - The company's Q3 2024 performance showed a decline in main business revenue by 15.61% YoY to 1.257 billion yuan, with non-GAAP net profit attributable to the parent company decreasing by 12.29% YoY to 95 million yuan [3] - However, Q3 2024 saw a 10.56% YoY increase in non-GAAP net profit attributable to the parent company to 26 million yuan, despite a 12.84% YoY decline in main business revenue to 434 million yuan [3] - The company is focusing on R&D for mid-to-high-end switches and expanding into new business areas such as automotive communication electronics [4] Financial Forecasts - Revenue is expected to be 1.806 billion yuan in 2024, 2.139 billion yuan in 2025, and 2.560 billion yuan in 2026, with growth rates of -12.97%, 18.45%, and 19.71% respectively [5][6] - Net profit attributable to the parent company is forecasted to be 138.20 million yuan in 2024, 154.50 million yuan in 2025, and 176.26 million yuan in 2026, with growth rates of -4.28%, 11.80%, and 14.09% respectively [6] - EPS is projected to be 1.99 yuan in 2024, 2.23 yuan in 2025, and 2.54 yuan in 2026, with corresponding P/E ratios of 39.38x, 35.22x, and 30.87x [5][6] Business Development - The company is upgrading its mid-to-high-end data center switches, including 200G/400G/2.0T/8.0T products, and expanding into industrial control and edge computing scenarios with new TSN industrial switches and Multi-GE (2.5G/5G/10G) switches [4] - In the automotive sector, the company has completed mass production of T-BOX for vehicle connectivity and smart control displays, and is increasing R&D investment in smart cockpits and domain controllers [4] Industry Outlook - The global network equipment market, including switches, is expected to grow, driven by digital transformation and AI [4] - The Chinese government is promoting the development of intelligent connected vehicles through pilot projects, which is expected to accelerate the integration of automotive, AI, and communication technologies [4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company experienced a temporary decline in performance, with a revenue of 1.257 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.61%, and a net profit attributable to shareholders of 104 million yuan, down 14.08% year-on-year [1]. - Demand for data center switches is expected to grow rapidly, with customer orders likely to accelerate. The company’s switch revenue in the first half of 2024 was 644 million yuan, a year-on-year decline of 20.33%, primarily due to changes in pricing methods and intense competition leading to price reductions, although sales volume increased by 29.15% year-on-year [1][2]. - The company’s gross margin increased to 18.33% in Q3 2024, up 2.42 percentage points year-on-year, while the net profit margin was stable at 6.42%, an increase of 0.22 percentage points year-on-year [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 434 million yuan, a year-on-year decrease of 12.84%, but a quarter-on-quarter increase of 4.00%. The net profit attributable to shareholders was 28 million yuan, down 9.37% year-on-year and down 33.40% quarter-on-quarter [1]. - The company’s operating income for 2024 is projected to be 2.075 billion yuan, with a growth rate of -11.80% [5]. Market Position and Growth Potential - The company has made significant advancements in its data center switch products, with the introduction of 8.0T and 12.8T specifications, and has expanded its automotive business with successful mass production of T-BOX and smart control displays [2]. - The company’s net profit forecasts for 2024-2026 are 150 million yuan, 190 million yuan, and 230 million yuan respectively, with corresponding PE multiples of 40x, 32x, and 26x [2]. Cost Management and Efficiency - The company has shown improvements in cost management, with sales, management, and R&D expense ratios decreasing year-on-year, indicating effective cost control measures [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][8]. Core Insights - The company reported a revenue of 1.257 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.61%, with a net profit attributable to shareholders of 104 million yuan, down 14.08% year-on-year [2][3]. - The company is focusing on enhancing its research and development capabilities, which has led to increased R&D expenses impacting short-term profits. The gross margin for the first three quarters improved to 17.87%, up 0.63 percentage points year-on-year [3][5]. - The company is expanding its product offerings in high-end data center switches and has initiated investments in integrated circuits related to network communication equipment, which is expected to enhance its competitive position [3][5]. Financial Performance Summary - Revenue projections show a decline from 2.075 billion yuan in 2023 to an estimated 1.871 billion yuan in 2024, with a recovery expected in subsequent years [2][5]. - The net profit forecast for 2024 is adjusted to 163 million yuan, with further increases projected to 217 million yuan in 2025 and 282 million yuan in 2026 [5][7]. - The earnings per share (EPS) is expected to be 2.36 yuan in 2024, increasing to 3.13 yuan in 2025 and 4.06 yuan in 2026 [5][7]. Market Position and Strategy - The company has established strong partnerships with leading domestic switch manufacturers, with over 90% of sales revenue coming from major clients [3][5]. - The strategic investment in Shenzhen Feiling Nanxin aims to strengthen the company's position in the network communication equipment sector and improve overall competitiveness [3][5]. - The company is also diversifying its product lines to include automotive electronics, with successful mass production of automotive networking products completed in the first half of 2024 [4][5].

Summary of Conference Call Company and Industry - **Company**: 菲林克斯 (Feilin Technology) - **Industry**: Technology, specifically focusing on AI computing, networking equipment, and data center solutions Key Points and Arguments 1. **Market Transition**: The market has shifted from a prolonged bear market to a bullish outlook, indicating a positive trend for the future [1] 2. **Focus on AI**: The company emphasizes the importance of AI technologies, including GPU, networking devices, and cooling solutions, as the main trend for the next decade [1][2] 3. **Financial Performance**: The company reported a revenue decline from 1.4 billion to 1.2 billion, attributed to domestic competition and changes in customer structure [4] 4. **Customer Dependency**: The top three customers, including Huawei, have seen a shift in revenue contribution, with Huawei's share decreasing from 62% to around 50% [4] 5. **Product Growth**: Despite revenue challenges, the sales volume of switches increased by approximately 17-18%, with significant growth in routers and wireless products [5] 6. **Strategic Shift**: The company plans to transition from a cost-cutting strategy to one focused on innovation and revenue growth [4][8] 7. **R&D Investment**: R&D expenses increased by 9%, indicating a commitment to innovation despite overall cost management [7] 8. **Order Growth**: Q4 orders are expected to increase by 25-30% year-over-year, reflecting a positive business outlook [25] 9. **International Expansion**: The company is actively pursuing international markets, particularly in Japan and Korea, despite challenges in the US and European markets due to geopolitical factors [26][27] 10. **Product Diversification**: The company is expanding its product lines to include AI acceleration cards and high-end networking products, aiming for a broader market reach [19][20] 11. **Investment in Domestic Chips**: There is a growing trend towards using domestic chips, with the company preparing to adapt to this shift [28] 12. **Future Outlook**: The management expresses confidence in the company's potential for growth, particularly in AI and networking solutions, despite current market challenges [34] Other Important but Overlooked Content 1. **Customer Structure**: The company aims to reduce dependency on a few major clients, targeting a more balanced customer structure where no single client exceeds 30% of revenue [29] 2. **Operational Improvements**: The company is focusing on improving operational efficiency in its manufacturing facilities, particularly in Hai Ning, to enhance profitability [32] 3. **Emerging Technologies**: The company is exploring new technologies, including wireless products and optical communication solutions, to meet evolving market demands [22][23] 4. **Market Positioning**: The company is positioning itself as a provider of high-quality products while maintaining competitive pricing, especially in the context of increasing competition [15][16] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on innovation, market expansion, and adapting to industry trends.

Financial Performance - The company's Q3 2024 revenue was approximately CNY 434 million, a quarter-on-quarter increase of about 4.00% but a year-on-year decrease of approximately 12.84% [2] - Net profit attributable to shareholders for Q3 2024 was approximately CNY 28.05 million, with a net profit excluding non-recurring gains and losses of about CNY 26.06 million, reflecting a year-on-year growth of 10.56% [2] - For the first three quarters of 2024, total revenue was approximately CNY 1.257 billion, with net profit around CNY 104 million [2] Market and Competition - The global economic trade environment is complex, and competition in the network communication industry is intensifying, putting pressure on the company's performance [2] - The company has adjusted its settlement model with major clients, impacting overall sales revenue and gross margin [2] Strategic Development - The company is implementing a "steady, safe, and pragmatic" development strategy, focusing on strengthening its operational platform and core capabilities [2] - Future development will shift from "stability" to "breakthrough" and "expansion," emphasizing innovation and continuous improvement [2] Customer Structure - Major clients, including Xinhua San, S client, and Ruijie Network, account for over 90% of total sales revenue [2] - The company is actively expanding its overseas client base and diversifying its customer portfolio [2] Product Development - The company has expanded its high-end product line, including self-developed white-box switches, and is progressing with related business collaborations [3] - In the data center switch segment, the company has achieved significant R&D innovations, including products with 200G/400G capabilities and new generation industrial switches [3] Cost Management - The company has seen a slight increase in overall gross margin for the first three quarters of 2024, driven by cost reduction measures and efficiency improvements [3] - Sales and management expenses have decreased, while R&D investment was approximately CNY 102 million, a year-on-year increase of 7.06%, accounting for about 8.15% of revenue [3] Future Outlook - The company is confident in its future development, having prepared adequately in customer layout, product planning, and technology reserves [4] - Despite external pressures and challenges, the company remains committed to pursuing new market opportunities and achieving business breakthroughs [4]

证券代码：301191 证券简称：菲菱科思 公告编号：2024-044 深圳市菲菱科思通信技术股份有限公司 第三届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 第三届监事会第十四次会议决议 特此公告 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）第三届监事会 第十四次会议通知于 2024 年 10 月 18 日以电子邮件方式发送至全体监事。会议 于 2024 年 10 月 29 日以现场会议的方式在公司会议室召开。本次会议应到监事 3 名，实到监事 3 名。本次会议由监事会主席朱行恒女士召集并主持，会议的召 集、召开、表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 等法律、行政法规、部门规章、规范性文件和《深圳市菲菱科思通信技术股份有 限公司章程》（以下简称"《公司章程》"）的有关规定。 二、监事会会议审议情况 会议经全体监事充分讨论和审议，并经监事会一致表决通过如下决议： 审议通过了《关于<深圳市菲菱科思通信技术股份有限公司 2024 年第三季 度报告的议案》 监事会认为：公司严格 ...