e公司讯，近日，星网锐捷IMS多款产品取得里程碑式进展，多款语音核心产品顺利通过专家组评审， 完成工业和信息化部入网测试和相关审查，正式获颁工信部电信设备进网许可证。 目前，星网锐捷统一通信入网产品家族已包含IMS应用服务器、IMS会话控制设备、IMS会话边界控制 器、IMS计费设备，成为国内为数不多的获取该核心网设备入网许可的统一通信厂商。 ...

Revenue and Profit - Revenue for the third quarter reached RMB 4.588 billion, a year-on-year increase of 12.38%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 137.619 million, up 31.66% year-on-year[2] - Total operating revenue for the current period is RMB 11,886,684,325.37, an increase from RMB 11,052,317,210.01 in the previous period[15] - Net profit for the current period is RMB 533,273,192.35, up from RMB 513,183,239.76 in the previous period[16] - Net profit attributable to the parent company's shareholders is RMB 262,782,172.40, down from RMB 302,807,614.69 in the previous period[16] - Minority shareholders' net profit is RMB 270,491,019.95, an increase from RMB 210,375,625.07 in the previous period[16] Cash Flow - Operating cash flow for the first three quarters was negative RMB 630.344 million, a decrease of 245.46% year-on-year[2] - Net cash flow from operating activities decreased by 245.46% to -630,344,459.55 RMB, mainly due to reduced cash inflows from sales and increased cash outflows for purchases[6] - Net cash flow from investing activities decreased by 540.09% to -1,627,911,358.47 RMB, driven by increased cash outflows for fixed assets and new large deposits[6] - Net cash flow from financing activities increased by 135.99% to 264,883,384.84 RMB due to increased short-term bank borrowings by subsidiaries[7] - Cash received from sales of goods and services is 12,280,049,453.47 yuan, an increase from 11,165,824,051.37 yuan in the previous period[17] - Cash received from tax refunds is 371,686,218.39 yuan, up from 269,166,774.39 yuan in the previous period[17] - Total cash inflow from operating activities is 12,759,567,013.33 yuan, compared to 11,536,425,709.69 yuan in the previous period[17] - Total cash outflow from operating activities is 13,389,911,472.88 yuan, compared to 11,103,076,077.28 yuan in the previous period[17] - Net cash flow from operating activities is -630,344,459.55 yuan, a decrease from 433,349,632.41 yuan in the previous period[17] - Net cash flow from investing activities is -1,627,911,358.47 yuan, compared to -254,326,758.45 yuan in the previous period[18] - Net cash flow from financing activities is 264,883,384.84 yuan, compared to -736,002,869.47 yuan in the previous period[18] - Net increase in cash and cash equivalents is -1,992,736,117.65 yuan, compared to -689,303,456.83 yuan in the previous period[18] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 16.145 billion, an increase of 4.83% compared to the end of the previous year[2] - Development expenditure increased by 205.14% to RMB 332.146 million, driven by increased R&D investment by subsidiaries[5] - Short-term borrowings rose by 74.57% to RMB 1.617 billion due to increased bank loans by subsidiaries[5] - Construction in progress increased by 613.64% to RMB 140.888 million, mainly due to increased investment in the innovation digital factory project by subsidiary Ruijie Networks[5] - Other non-current assets grew by 151.51% to RMB 718.788 million, primarily due to increased large-denomination deposits and time deposits[5] - The company's monetary funds decreased by 32.24% to RMB 2.948 billion, mainly due to increased payments for inventory purchases[5] - Other current liabilities increased by 63.13% to 41,955,986.98 RMB due to an increase in prepaid sales tax and undiscounted acceptance bills[6] - Provision for liabilities decreased by 53.22% to 1,004,474.60 RMB due to the settlement of some lawsuits[6] - The company's monetary funds decreased from 4,349,696,383.92 yuan to 2,947,566,315.89 yuan, a decrease of 32.2%[12] - Accounts receivable increased from 2,347,035,162.34 yuan to 3,021,799,517.82 yuan, an increase of 28.7%[12] - Inventory increased from 4,145,340,714.42 yuan to 4,801,371,477.36 yuan, an increase of 15.8%[12] - Total current assets remained relatively stable, decreasing slightly from 11,378,725,423.99 yuan to 11,375,709,867.62 yuan[12] - Total non-current assets increased from 4,022,377,434.55 yuan to 4,769,518,197.22 yuan, an increase of 18.6%[12] - Total assets increased from 15,401,102,858.54 yuan to 16,145,228,064.84 yuan, an increase of 4.8%[12] - Short-term borrowings increased significantly from 926,305,465.45 yuan to 1,617,016,984.27 yuan, an increase of 74.6%[13] - Total current liabilities increased from 5,982,132,496.31 yuan to 6,551,180,306.10 yuan, an increase of 9.5%[13] - Total liabilities increased from 6,303,439,426.95 yuan to 6,824,657,098.41 yuan, an increase of 8.3%[13] - Total equity increased from 9,097,663,431.59 yuan to 9,320,570,966.43 yuan, an increase of 2.4%[14] Expenses and Income - Financial expenses decreased by 398.44% to -7,954,248.96 RMB, primarily due to increased bank deposit interest income[6] - Investment income decreased by 88.51% to 13,776,326.57 RMB, mainly due to the absence of gains from the revaluation of equity in the previous year[6] - Fair value change losses increased by 162.13% to -4,841,055.54 RMB due to reduced fair value changes in non-listed equity assets[6] - Credit impairment losses increased by 188.74% to -38,650,427.52 RMB due to higher bad debt provisions for receivables[6] - Operating costs for the current period are RMB 11,650,091,618.37, compared to RMB 10,961,539,900.49 in the previous period[15] - R&D expenses for the current period are RMB 1,532,425,936.96, a decrease from RMB 1,834,394,371.09 in the previous period[15] - Government subsidies and rewards for the third quarter amounted to RMB 4.938 million[3] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period was 60,462, with the largest shareholder being Fujian Electronics Information Group Co., Ltd., holding 26.26% of shares[8] - Total equity increased from 9,097,663,431.59 yuan to 9,320,570,966.43 yuan, an increase of 2.4%[14] - Total comprehensive income for the current period is RMB 533,482,479.45, up from RMB 521,269,617.89 in the previous period[16] - Comprehensive income attributable to the parent company's shareholders is RMB 262,885,865.51, down from RMB 307,016,517.00 in the previous period[16] - Comprehensive income attributable to minority shareholders is RMB 270,596,613.94, an increase from RMB 214,253,100.89 in the previous period[16] - Basic earnings per share for the current period is 0.4505, compared to 0.5175 in the previous period[17] - Diluted earnings per share for the current period is 0.4505, compared to 0.5175 in the previous period[17]

证券研究报告 资料来源：Wind 星网锐捷 (002396 CH) | --- | --- | |---------------------------------|------------------------------------------------| | | | | | | | 研究员 | 高名垚 | | SAC No. S0570523080006 | gaomingyao@htsc.com | | SFC No. BUP971 | +(86) 21 2897 2228 | | 联系人 | 王珂 | | SAC No. S0570122080148 | wangke020520@htsc.com +(86) 755 8249 2388 | | | | | 联系人 SAC No. S0570124040002 | 唐攀尧 tangpanyao@htsc.com +(86) 755 8249 2388 | 基本数据 风险提示：数据中心需求低于预期；信创需求低于预期内；芯片供应不足。 研究员 王兴 SAC No. S0570523070003 SFC No. BUC499 wangxing@htsc ...

福建星网锐捷通讯股份有限公司 2024 年半年度报告全文 证券简称：星网锐捷 证券代码：002396 福建星网锐捷通讯股份有限公司 2024 年半年度报告 融合创新科技，构建智慧未来 2024 年 08 月 1 福建星网锐捷通讯股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人黄奕豪、主管会计工作负责人李怀宇及会计机构负责人(会计 主管人员)吴丽丽声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告"第三节管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，详细阐述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 福建星网锐捷通讯股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |-------------------------------------- ...

2、合并利润表 （三） 公司优先股股东总数及前 10 名优先股股东持股情况表 □适用 不适用 三、其他重要事项 □适用 不适用 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |-----------------------------------------------|-------------------|-------------------|--------------------------------| | □是 否 | 本报告期 | 上年同期 | 本报告期比上年同期增减 （%） | | 营业收入（元） | 3,139,013,847.42 | 3,352,629,155.06 | -6.37% | | 归属于上市公司股东的净利 润（元） | 11,551,866.79 | 80,885,930.41 | -85.72% | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 330,482.57 | 72,267,335.86 | -99.54% | | （元） 经营活动产生的现金流量净 额（元） | -1,90 ...

公司研究 要点 点评： 锐捷网络交换机市场占有率仍维持第三，推出 AI 智算中心网络解决方案：2023 年，子公司锐捷网络实现营业收入 115.42 亿元，同比增长 1.9%；净利润 4.01 亿元，同比下降 27%，主要系互联网、政企行业客户需求疲弱且仍保持较高的 研发投入。根据 IDC 数据，2023 年锐捷网络在中国交换机市场、数据中心交换 机市场、园区交换机市场，占有率均排名第三；Wi-Fi6 产品品类出货量及 WLAN 产品整体出货量排名第一；在中国本地计算云终端市场份额排名第一；在 IDV 云桌面市场份额连续 3 年(2021-2023）排名第一。面向下一代 AI 云服务的智算 中心网络建设，公司发布了 AI-FlexiForce 智算中心网络解决方案，具备全场景 适用、负载均衡、微秒级硬件自愈等多种独特优势，带宽利用率达 97%、可支 持大规模三级组网，助力用户打造集约高效的智算中心。我们认为，随着国内智 算中心建设进入快车道，公司智慧网络业务将实现快速增长。 风险提示：下游需求不及预期；市场竞争加剧；成长性减弱导致长期估值中枢下 移。 买入（维持） 作者 | --- | --- | |---- ...

| --- | --- | --- | --- | --- | |-------------------------------------------------------------|----------------|---------------|---------------|----------------------------------------| | | | | | 单位：元 | | 项目 | 2023 年金额 | 2022 年金额 | 2021 年金额 | 说明 | | 非流动性资产处置损 益（包括已计提资产 减值准备的冲销部 分） | 91,039,883.46 | -1,159,338.79 | 3,194,469.11 | 长期资产报废/处置损 益以及股权处置收益 | | 计入当期损益的政府 补助（与公司正常经 营业务密切相关，符 | 105,015,973.02 | 92,985,363.75 | 92,576,177.83 | 主要是各项政府补助 收入与奖励 | 9 福建星网锐捷通讯股份有限公司 2023 年年度报告全文 其他符合非经常性损益定义的损益项目的具体情况： | - ...

营收平稳静待需求恢复，持续升级智算中心网络方案 2024 年 03 月 29 日 23 年宏观经济复苏低于预期，市场需求疲弱，客户采购资金紧张。公司营收利润 承压，我们认为主要由于下游互联网、政企客户需求疲软，毛利率小幅下滑且费 用加大投入。公司毛利率 36.26%，同比下降 0.32pct。其中网络终端/企业级网 络设备/通讯产品/其他产品分别实现营收为 9.67 亿元/105.41 亿元/20.20 亿元 /23.80 亿元，同比增长 5.36%/增长 0.94%/下降 7.44%/增长 8.27%。产品毛利 率分别为 21.07%/42.63%/ 19.19%/28.68%，同比减少 4.25pct/减少 0.39pct/ 减少 1.56pct/增加 2.22pct。公司管理和研发投入进一步加大，销售/管理/研发 / 财 务 费 用 率 分 别 为 13.91%/4.88%/16.74%/0.00% ， 同 比 增 加 0.07pct/0.67pct/ 1.01pct/ 0.24pct。23 年研发人员占比 50.92%，同比增加 1.72pct。 在智慧网络领域，据 IDC，23 年公司在中国交换机市 ...

证券代码： 002396 证券简称：星网锐捷 福建星网锐捷通讯股份有限公司 2023 年 12 月 1 日投资者关系活动记录表 编号： 2023-05 投资者关系活动 √特定对象调研 □ 分析师会议 类别 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称 海通证券股份有限公司、招商基金管理有限公司 时间 2023年12月1日下午 14:00 地点 福建省福州市高新区新港大道33号星网锐捷科技园A栋22层会议室 董事会秘书：刘万里先生 上市公司接待人 证券办：张力先生 员姓名 证券事务代表：潘媛媛女士 一、董秘介绍公司的基本情况； 二、投资者提出的问题及公司回复情况 1、麻烦刘总介绍一下公司目前的经营近况？ 答：从已经披露的三季报来看，公司经营受外部环境影响较大， 公司通过内部挖潜，外部市场拓展，尽量减少不利因素对公司的影响。 2、目前海外业务发展情况如何？ 答：今年公司在海外设立了一些子公司，希望能通过国内和海外 投资者关系活动 市场的均衡发展，力争为投资者带来好的回报。 主要内容介绍 3、目前国家的一些宏观政策，AI等技术对公司的影 ...

证券代码：002396 证券简称：星网锐捷 公告编号：定 2023-003 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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 1 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 2022 年 11 月 30 日，财政部发布了《关于印发〈企业会计准则解释第 16 号〉 的通知》（财会【2022】31 号）（以 下简称"准则解释第 16 号"），规定了"关于单项交易产生的资产和负债相关的递延所得税不适用初始确认豁免的会 计处理"的内容，自 2023 年 1 月 1 日起施行。 福建星网锐捷通讯股份有限公司 2023 年第三季度报告 2023 年第三季度报告 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 □是 否 会计政策变更的原因及会计差错更正的情况 （一） 主要会计数据和财务指标 2 公司自 2023 年 1 月 1 日起执行准 ...