Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [4][14]. Core Insights - The company, Ruijie Networks, achieved a revenue of 11.542 billion yuan in 2023, reflecting a year-on-year growth of 1.9%, while net profit decreased by 27% to 401 million yuan due to weak demand from internet and government enterprise clients and high R&D expenditures [2][12]. - Ruijie Networks holds the third position in market share across various segments, including switches and data center switches, while leading in Wi-Fi6 product shipments and local computing cloud terminal market share [2]. - The launch of the AI-FlexiForce intelligent computing center network solution is expected to drive growth in the company's smart network business as domestic intelligent computing center construction accelerates [2][14]. Financial Performance Summary - In 2023, the company reported total revenue of 15.908 billion yuan, a slight increase of 1.06% year-on-year, with a net profit attributable to shareholders of 425 million yuan, down 26.36% [12][14]. - The overall gross margin for the company was 36.26%, a decrease of 0.32 percentage points compared to the previous year, with various product segments showing mixed performance in revenue growth and gross margins [13]. - The company has increased its management and R&D expenditures, with sales, management, R&D, and financial expense ratios rising to 13.91%, 4.88%, 16.74%, and 0.00% respectively [13]. Earnings Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted downwards to 614 million yuan and 836 million yuan, respectively, reflecting a decrease of 23% and 2% from previous estimates [14]. - The report anticipates a positive outlook for the company driven by trends in AI intelligent computing centers and increased demand for data center white box switches [14]. - The projected P/E ratios for the company are 16X for 2024, 12X for 2025, and 9X for 2026, indicating a favorable valuation trajectory [14].

Financial Performance - Non-current asset disposal gains for 2023 amounted to ¥91,039,883.46, a significant increase from a loss of ¥1,159,338.79 in 2022[1] - Government subsidies recognized in the current period reached ¥105,015,973.02, up from ¥92,985,363.75 in 2022, indicating a growth of approximately 13.0%[1] - The total impact of non-recurring gains and losses for 2023 was ¥106,488,578.43, compared to ¥60,713,436.70 in 2022, reflecting an increase of about 75.5%[5] - The impairment reversal of receivables for 2023 was ¥7,287,489.57, which is a notable increase from ¥3,271,904.71 in 2022[5] - The company reported a loss from debt restructuring of ¥5,796,609.37 in 2023, worsening from a loss of ¥228,005.30 in 2022[5] - The impact of inflation on financial statements for 2023 was recorded at ¥14,844,951.76, highlighting the financial pressures faced during the year[5] - The overall financial performance indicates a strong recovery and growth trajectory compared to the previous years, with strategic initiatives in place for future expansion[9] - In 2023, the company's operating revenue reached ¥15,907,679,830.74, representing a 1.06% increase compared to ¥15,740,570,057.82 in 2022[34] - The net profit attributable to shareholders was ¥424,850,898.81, a decrease of 26.36% from ¥576,059,357.43 in the previous year[34] - The net profit after deducting non-recurring gains and losses was ¥318,362,320.38, down 38.32% from ¥515,345,920.73 in 2022[34] - The net cash flow from operating activities increased by 152.52% to ¥1,370,117,934.09, compared to ¥542,576,189.82 in 2022[34] - The total assets at the end of 2023 were ¥15,401,102,858.54, reflecting a 6.39% increase from ¥14,446,104,964.16 in 2022[34] - The net assets attributable to shareholders increased by 5.95% to ¥6,432,682,053.51 from ¥6,071,145,954.11 in the previous year[34] - The basic earnings per share decreased by 26.46% to ¥0.7274 from ¥0.9876 in 2022[34] - The weighted average return on net assets was 6.78%, down from 11.44% in the previous year[34] Market Position and Strategy - In 2023, Ruijie Networks ranked third in the Chinese switch market, data center switch market, and campus switch market according to IDC data[55] - In the same year, Ascend Information ranked first in global thin client shipments and has maintained the top position in the Asia-Pacific and Chinese thin client markets for twelve consecutive years[55] - The company is focusing on expanding its market presence and enhancing its product offerings, particularly in AI and IoT technologies[29] - The company maintained a strong market position, ranking third in China's switch market and first in Wi-Fi6 product shipments[91] - The company is actively expanding into new markets such as digital entertainment and smart home solutions, enhancing its business boundaries[69] - The company is exploring metaverse applications in the entertainment sector and aims to enhance service capabilities in the K-mei network[140] - The company is committed to increasing its market share in the U.S. while also expanding into Latin America, Europe, and Asia in the vehicle networking sector[140] Research and Development - Research and development expenses for 2023 amounted to CNY 2.785 billion, accounting for 17.51% of total revenue, with 431 patents applied for during the year[74] - The company aims to enhance its competitive edge by focusing on innovation in emerging technologies such as AI, metaverse, and cloud computing[72] - The company is actively pursuing market expansion strategies, targeting new geographic regions to enhance its market presence[196] - Ongoing research and development efforts are focused on enhancing product features and improving user experience[196] Risk Management - The company has identified risks including macroeconomic fluctuations, technological risks, and supply chain issues, which are detailed in the management discussion section[24] - The company recognizes risks from macroeconomic fluctuations and plans to strengthen internal product line collaboration to mitigate uncertainties[141] - The company is increasing investment in R&D to address technology risks and meet evolving customer demands in cloud computing and AI[141] - The company is increasing raw material procurement and diversifying supply channels to mitigate supply chain risks[174] Corporate Governance - The company has maintained a strong governance framework, ensuring compliance with regulatory requirements across its operations[198] - The board of directors consists of 9 members, including 3 independent directors, and held 15 meetings during the reporting period[186] - The company implements a performance-based incentive mechanism to enhance operational efficiency and achieve business goals[187] - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[190] Future Outlook - The company has outlined a positive outlook for the upcoming year, projecting a revenue increase of approximately 15%[196] - The digital economy is expected to be a new driving force for economic growth, with significant emphasis on technological innovation and digital transformation in 2024[136] - The company plans to expand its market presence in the smart communication field by focusing on all-optical communication and enhancing AI and edge computing applications[140] - The company aims to enhance operational efficiency and increase per capita output ratio in 2024, focusing on sustainable growth in the smart industry sector[139] Investment and Acquisitions - The company has identified potential acquisition targets to bolster its competitive position in the industry[196] - The company invested ¥245,306,760.00 to acquire a 66.16% stake in Fujian Kaimi Network Technology Co., Ltd. on May 31, 2023[96] Shareholder Engagement - The company is actively engaging with investors to gather feedback on its development strategy and operational performance[178] - The company held 6 shareholder meetings during the reporting period, with all agenda items approved[185]

Investment Rating - The report maintains a "Recommended" rating for the company [9]. Core Views - The company is experiencing stable revenue but is awaiting a recovery in demand, particularly from the downstream market [2][25]. - The company has increased its investment in management and R&D, with R&D personnel accounting for 50.92% of the workforce [2]. - The company is focusing on the construction of intelligent computing center networks and has launched the AI-FlexiForce solution, which offers various unique advantages [9]. Revenue and Profitability - In 2023, the company achieved a revenue of 15.908 billion yuan, a year-on-year growth of 1.06%, while the net profit attributable to shareholders was 425 million yuan, a decline of 26.36% [7]. - The gross profit margin for the company was 36.26%, a slight decrease of 0.32 percentage points year-on-year [2]. - The company forecasts revenues of 20.521 billion yuan in 2024, with a growth rate of 29.0% [4]. Market Position - The company ranks third in the Chinese switch market and first in the local computing cloud terminal market [3]. - It has maintained its leading position in the switch market and is pushing for the construction of all-optical networks [8]. Financial Projections - The company expects net profits of 646 million yuan in 2024, 986 million yuan in 2025, and 1.186 billion yuan in 2026, with corresponding PE multiples of 15, 10, and 8 [9]. - The report projects a net profit growth rate of 52.0% in 2024 and 52.6% in 2025 [4][19].

华兴会计师事务所(特殊普通合伙) www.fihxcpa.com 计师事务所(特殊普通 CERTIFIED PUBLIC ACC 福建星网锐捷通讯股份有限公司 内部控制审计报告 华兴审字[2024]24001540043 号 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 华兴审字[2024]24001540043 号 福建星网锐捷通讯股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 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）2023年12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是 星网锐捷董事会的责任。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据 ...

福建星网锐捷通讯股份有限公司 计 . 报 告 曲 华兴审字[2024]24001540037 号 华兴会计师事务所 (特殊普通合伙) www.fihxcpa.com 计师事务所(特殊普通 CERTIFIED PUBLIC ACCOUN 告 it 华兴审字[2024]24001540037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2023年12月31日的合并及母公司资产负债表,2023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2023年12月31日的合并及母公司财务状况以及2023 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 ...

福建星网锐捷通讯股份有限公司 董事会 2024 年 3 月 29 日 根据中国证券监督管理委员会《上市公司独立董事管理办法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》等要求，福建星网锐捷通讯股份有限公司（以下简称"公 司"）董事会，就公司在任独立董事童建炫先生、保红珊女士、郑相涵先生的独 立性情况进行评估并出具如下专项意见： 经核查独立董事童建炫先生、保红珊女士、郑相涵先生的任职经历以及签 署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未 在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情 况，符合《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》中对独立董事独立性的相关要求。 福建星网锐捷通讯股份有限公司 关于独立董事独立性自查情况的专项报告 ...

报告期内，福建星网锐捷通讯股份有限公司（以下简称："公司"）监事会 按照《公司法》、《证券法》、《公司章程》及《监事会议事规则》等有关法律、 法规的要求，从切实维护公司股东，特别是广大中小投资者利益出发，严格依法 履行职责。2023年，监事会恪尽职守、勤勉尽责，充分发挥监事会各项职能，对 公司治理的规范性和有效性、公司财务情况、重要经营活动、重大决策审议和执 行情况、公司董事及高级管理人员勤勉履职等方面进行了有效的监督，以维护全 体股东的合法权益。 现将公司监事会在本年度的工作报告如下： 一、监事会工作情况 报告期内，公司监事会共召开8次会议，会议情况如下： | | | 时间 | | | 届次 | 审议通过事项 | | --- | --- | --- | --- | --- | --- | --- | | 2023 | 年 | 1 月 | 17 | 日 | 第六届监事会 | 《关于补选公司第六届监事会监事的议案》 | | | | | | | 第九次会议 | | | 2023 | 年 | 2 月 | 2 | 日 | 第六届监事会 | 《关于选举第六届监事会主席的议案》、《关 于向2022年限制性股票激励计划激励 ...

福建星网锐捷通讯股份有限公司 独立董事述职报告 （童建炫） （一）个人基本情况 童建炫先生，独立董事，本科。历任福建对外经济律师事务所、福建省企 业律师事务所专职律师、副主任。现任福建博世律师事务所合伙人、主任；福 建星网锐捷通讯股份有限公司独立董事；福建福能股份有限公司独立董事；福 建福特科光电股份有限公司独立董事；海峡金桥财产保险股份有限公司独立董 事；福建海西金融租赁有限责任公司独立董事；福建农林大学兼职硕士生导 师，福州、厦门、天津仲裁委员会仲裁员；中华全国律师协会评级评价委员会 委员；福建省律师协会理事兼评级评价委员会委员；中共福州市律师行业党委 委员；福州市律师协会副会长；福建省企业法律工作者协会常务理事；福建省 守合同重信用协会理事。 （二）是否存在影响独立性的情况说明 报告期内，作为公司独立董事，具备《上市公司独立董事管理办法》所要 求的独立性，不存在影响独立性的情况。 作为福建星网锐捷通讯股份有限公司（以下简称"公司"）的独立董事， 2023年本人能够严格按照《公司法》、《证券法》、《上市公司独立董事管理 办法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律 监管指引第1号— ...

福建星网锐捷通讯股份有限公司 独立董事述职报告 （郑相涵） 作为福建星网锐捷通讯股份有限公司（以下简称"公司"）的独立董事， 2023年本人能够严格按照《公司法》、《证券法》、《上市公司独立董事管理 办法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》、《公司章程》和公司《独立董事 制度》等有关规定，恪尽职守，勤勉尽责，充分发挥独立董事的独立作用，维 护了公司及全体股东的利益。报告期内，本人能够勤勉地行使法律所赋予的权 利， 按时出席公司各次相关会议，对有关议案或议题发表独立意见，切实履行 了独立董事的职责。现将2023年度本人履行独立董事职责的情况汇报如下： 一、独立董事基本情况 （一）个人基本情况 郑相涵先生，独立董事，博士学位，研究员，福建省"雏鹰计划"青年拔 尖人才，福建省创新创业领军人才。历任爱立信欧洲研究院预研部（德国亚 琛）下一代通信网络设计师；现任福州大学计算机与大数据学院对外合作办主 任；福州大学智能制造仿真研究院副院长；福建顶点软件股份有限公司独立董 事；铭数科技（福州）有限公司执行董事；青岛融海企业管理合伙企业（有限 合伙）执行事 ...

证券代码：002396 证券简称：星网锐捷 公告编号：临 2024-13 福建星网锐捷通讯股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性陈述 或者重大遗漏。 一、董事会会议召开情况 福建星网锐捷通讯股份有限公司第六届董事会第三十次会议通知于 2024 年 3 月 15 日以电子邮件方式发出，会议于 2024 年 3 月 27 日以现场会议的方式在福建省福 州市高新区新港大道 33 号星网锐捷科技园 22 层公司会议室召开。本次会议应到董 事九人，实到董事九人。会议由董事长黄奕豪先生召集并主持，公司监事、高级管 理人员亦列席了本次会议。本次会议的召集、召开符合《公司法》和《公司章程》 的规定。 二、董事会会议审议情况 本次会议以现场记名投票表决方式逐项表决通过了以下决议： （一）本次会议以 9 票赞成，0 票反对，0 票弃权的表决结果，审议通过《2023 年度董事会工作报告》 报告期内，公司董事会根据《公司法》、《证券法》等有关法律法规和《公司章 程》等规章制度进行规范运作，并严格按照股东大会的决议和授权，认真执行股东 大会通过的各项决 ...