Financial Performance - The company expects a net profit attributable to shareholders of 36 million to 46 million CNY, representing a year-on-year increase of 211.64% to 298.20% compared to 11.55 million CNY in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 25 million and 32 million CNY, reflecting a significant year-on-year growth of 7464.70% to 9582.81% from 0.33 million CNY in the previous year[3]. - Basic earnings per share are anticipated to be between 0.062 CNY and 0.0792 CNY, compared to 0.0199 CNY in the same period last year[3]. Market and Operational Insights - The strong growth in the internet data center market is driven by sustained demand for AI computing power, leading to increased revenue for the company's main subsidiaries[5]. - The company has made progress in management improvement and efficiency enhancement, resulting in effective cost control and substantial growth in operating performance compared to the previous year[5]. Caution and Disclosure - The financial data presented is preliminary and has not been audited by an accounting firm, with final figures to be disclosed in the Q1 2025 report[4][6]. - Investors are advised to exercise caution and consider investment risks based on the preliminary nature of the earnings forecast[6].

星网锐捷（002396）公告，2025年第一季度预计归属于上市公司股东的净利润为3600万元–4600万元， 同比增长211.64%-298.20%。公司主要控股子公司营业收入较上年同期增长，同时推进管理改善和效率 提升，实现经营业绩大幅增长。 ...

Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, showing a decline of 4.76% [3] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, and a net profit of 142 million yuan, which is a significant increase of 16.22% year-on-year [3] - The gross margin for Q4 2024 was 38.13%, representing a quarter-on-quarter increase of 6.29 percentage points [3] Group 2: Product Innovation and Development - The company made breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities and driving the development of data center infrastructure [4] - The AI-FlexiForce intelligent computing center network solution achieved large-scale delivery and won the "Annual Influential Solution Award" [4] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and globally leading 400G/800G LPO optical modules in 2024 [4] Group 3: Expansion in AI Applications - In the field of trusted computing (信创), the company developed the "Shenghua" series machines based on Huawei's latest Kirin 9000C chip, aiding various sectors like government, state-owned enterprises, education, and healthcare in achieving intelligent upgrades [5] - The company received telecom equipment network access licenses for multiple AI voice core products, enhancing its competitiveness in the operator market and industry private networks [5] - In the vehicle networking sector, the company advanced its ODM and EMS businesses, solidifying its presence in North America while expanding into over 20 countries across Europe, Africa, Asia, and South America [5]

Group 1: Basic Chemicals - DuPont is under antitrust investigation in China, which may accelerate the domestic substitution process for ion exchange resins, particularly in the industrial water treatment sector [4] Group 2: Pharmaceuticals - The U.S. government announced a 34% tariff on all imports from the U.S. to China, which is expected to benefit domestic high-end medical device manufacturers as they continue to replace imports [5] Group 3: Automation Equipment - Bozhong Precision Engineering is a leader in 3C automation equipment, having delivered over 40 flexible modular production lines in 2023, and is expected to benefit from product innovation and increased automation rates in the consumer electronics sector [6] Group 4: Property Management - Poly Property reported a revenue of 16.34 billion yuan in 2024, an 8.5% increase year-on-year, with a net profit of 1.47 billion yuan, reflecting a 6.8% growth [7] Group 5: Electronic Materials - Nanda Optoelectronics achieved a revenue of 2.352 billion yuan in 2024, a 38.08% increase year-on-year, driven by significant growth in precursor sales [8] Group 6: Cement Industry - Huaxin Cement accelerated its international expansion, achieving revenue growth despite a downturn in the domestic cement industry, and plans to increase capital expenditure significantly in 2025 [9] Group 7: Network Solutions - StarNet Ruijie reported a revenue of 16.758 billion yuan in 2024, a 5.35% increase year-on-year, with a notable improvement in gross margin in Q4 [10]

Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, down 4.76% year-on-year [1] Group 1: Financial Performance - The company achieved Q4 revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, up 16.22% year-on-year [1] - The gross margin for Q4 was 38.13%, showing a quarter-on-quarter increase of 6.29 percentage points [1] Group 2: Product and Market Development - The company made significant breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities [2] - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and won the "Annual Influential Solution Award" [2] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and leading global 400G/800G LPO optical modules [2] Group 3: AI Applications Expansion - In the field of trusted computing, the company developed the "Shenghua" series machines based on Huawei's Kirin 9000C chip, aiding various sectors in achieving intelligent upgrades [2] - The company received telecom equipment access licenses for multiple AI voice core products, enhancing competitiveness in the operator market and industry private networks [3] - The company made strides in smart medical solutions, which were implemented in national regional medical centers across provinces like Shandong, Shanghai, and Beijing [3] Group 4: Market Outlook and Profit Forecast - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 39% and 42% to 510 million yuan and 622 million yuan, respectively, while introducing a new forecast of 728 million yuan for 2027 [3] - The company maintains a "buy" rating, anticipating growth opportunities from AI intelligent computing center networks and increased demand for white-label switches in data centers driven by operator investments [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [6]. Core Insights - The company achieved a total revenue of 16.758 billion yuan in 2024, reflecting a year-on-year growth of 5.35%. However, the net profit attributable to shareholders decreased by 4.76% to 405 million yuan [1]. - In Q4 2024, the company reported revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, marking a significant growth of 16.22% compared to the previous year. The gross margin improved to 38.13%, up by 6.29 percentage points quarter-on-quarter [1][2]. - The company has made significant advancements in network infrastructure products, particularly in the data center sector, with the successful launch of innovative solutions such as the AI-FlexiForce intelligent computing center network solution and various high-performance switches [2][3]. Summary by Sections Financial Performance - The company reported a total revenue of 16.758 billion yuan for 2024, with a growth rate of 5.35%. The net profit attributable to shareholders was 405 million yuan, down 4.76% from the previous year [5]. - The Q4 2024 results showed revenue of 4.872 billion yuan, a year-on-year increase of 0.34%, and a net profit of 142 million yuan, which is a 16.22% increase year-on-year. The gross margin for this quarter was 38.13%, reflecting a quarter-on-quarter increase of 6.29 percentage points [1][3]. Product Development and Market Expansion - The company has achieved breakthroughs in network infrastructure products, particularly in the data center field, enhancing its innovation capabilities and driving the development of data center infrastructure [2]. - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and received the "Annual Impact Solution Award." The company also collaborated with China Mobile to release a new standard for AIGC intelligent network technology [2]. - The company is actively expanding its AI applications in various fields, including trusted computing, visual internet, and vehicle networking, with significant projects in healthcare and finance [3]. Profitability and Valuation - The report adjusts the profit forecasts for 2025 and 2026, lowering the net profit estimates from 836 million yuan and 1.072 billion yuan to 510 million yuan and 622 million yuan, respectively, reflecting a reduction of 39% and 42% [3]. - The new net profit forecast for 2027 is set at 728 million yuan, with corresponding price-to-earnings ratios of 23X, 19X, and 16X for the respective years [3].

4月3日，星网锐捷发布2024年业绩报告称，该年度实现营业收入16,758,313,911.83元，比上年同期增长5.35%；营业利润550,614,854.8元，较上年增长 22.53%；实现利润总额569,171,945.32元，比上年同期增长23.96%；归属于上市公司股东的净利润404,620,959.25元，比上年同期减少4.76%。 高密办公、工业制造、智慧医疗、8K视频与元宇宙等场景落地。 在光通信基础设施领域，持续加大光通信产品与市场投入，推出新一代智光全光组网解决方案，业界首创6合1融合光网关，助力中小企业数智化转型； FTTR+X全光智慧家庭解决方案，引领行业向"网+云+AI"方向发展。同时在运营商市场全面突破：FTTR产品实现电信运营商多省落地供货；加入中移动中 小企业数智生态联盟，进入运营商边缘计算创新产品体系，并联合中移动物联网预发布商客算力一体机原型，实现FTTO与AI算力的深度融合。 信创业务：公司积极推动"信创+AI"战略，深化信创布局，加快构建新质生产力，基于华为最新麒麟9000C芯片打造的"升华"系列整机，助力党政、国企、 教育、医疗等行业实现信创智能化升级；持续深化与兆芯 ...

Group 1 - StarNet RuiJie (002396.SZ) released its 2024 annual report on April 3, 2025, indicating that 197 institutional investors disclosed holdings of 244 million A-shares, accounting for 41.47% of the total share capital [1] - The top ten institutional investors include Fujian Electronic Information Group, Hong Kong Central Clearing Limited, Central Huijin Asset Management, and several others, with a combined holding ratio of 38.29%, which decreased by 0.71 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five public funds reported a decrease in holdings compared to the previous quarter, with a reduction ratio of 0.46% [2] - A total of 188 new public funds were disclosed this period, including several notable funds such as the招商量化精选股票发起式A and 华夏中证5G通信主题ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.00% compared to the previous period [2]

w 福建星网锐捷通讯股份有限公司 审 计 报 告 华兴审字202525000220029 号 华兴会计师事务所（特殊普通合伙） 审 计 报 告 华兴审字202525000220029 号 福建星网锐捷通讯股份有限公司全体股东： 一、审计意见 我们审计了福建星网锐捷通讯股份有限公司（以下简称星网锐捷）财务 报表，包括2024年12月31日的合并及母公司资产负债表，2024年度的合并及 母公司利润表、合并及母公司现金流量表和合并及母公司所有者权益变动表 以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了星网锐捷2024年12月31日的合并及母公司财务状况以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于星网锐捷，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根 ...

Core Viewpoint - Fujian StarNet Ruijie Communication Co., Ltd. has disclosed its non-operating fund occupation and other related fund transactions for the year 2024, ensuring compliance with regulatory requirements [1]. Financial Overview - The company’s consolidated and parent company balance sheets as of December 31, 2024, along with the profit and loss statements, cash flow statements, and changes in equity statements for the year 2024, have been audited [1]. - The audit report issued on April 1, 2025, was a standard unqualified opinion, indicating no significant issues found during the audit process [1]. Compliance and Disclosure - The company prepared a summary table of non-operating fund occupation and other related fund transactions in accordance with the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1]. - It is the responsibility of the company to ensure that the summary table is truthful, legal, and complete [1]. - The auditing firm verified that there were no inconsistencies in all significant aspects between the summary table and the audited financial report [1].