| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-09-02 09:00——2025-09-03 15:00） 2 | | |  | 海外策略研究：《从细分行业看 AH 溢价趋势》2025-09-03 | 2 | |  | 策略专题报告：《中盘成长业绩占优，科技景气加速扩散》2025-09-02 | 2 | |  | 行业策略：综合类《国产之光：干扰素 α1b》2025-09-03 | 3 | |  | 行业跟踪报告：军工《阅兵隆重举行，新装备亮相彰显行业高景气度》2025-09-03 | 4 | |  | 行业专题研究：家用电器业《龙头品牌经营稳健，关税扰动效应递减》2025-09-03 | 4 | |  | 行业策略：纺织服装业《Q2 关税扰动显现，重点关注后续订单景气度》2025-09-03 | 5 | |  | 行业跟踪报告：社会服务业《美团"快乐猴"开业，盒马 NB 更名"超盒算 NB"》2025-09-02 | 6 | |  | 行业半年报 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在投资者互动平台表示，公司未与英伟达合作开发CPO交换机。公 司具备CPO相关技术储备，曾与腾讯、博通合作，共同参与了CPO技术在交换网络中的创新和落地应 用。 ...

（编辑 袁冠琳） 证券日报网讯 锐捷网络9月4日在互动平台回答投资者提问时表示，公司自研的400G/800G高速光模块产 品主要是面向有高性能计算网络组网需求的互联网厂商，适配其采购的数据中心交换机产品及整体解决 方案进行销售。公司未与英伟达合作开发CPO交换机。公司具备CPO相关技术储备，曾与腾讯、博通合 作，共同参与了CPO技术在交换网络中的创新和落地应用。目前未开展自研交换机芯片业务。 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在互动平台表示，目前公司尚无OCS交换机产品，对于新一代网络 架构和技术前沿，公司始终保持着积极关注和探索研究，力求通过发挥自身产品研发创新优势，满足不 断变化的用户需求。公司未与英伟达合作开发CPO交换机。 近期，国务院发布人工智能+行动意见，有 助于加速AI技术迭代演进，推动人工智能赋能各行业实现高质量发展。随着人工智能应用场景向纵深 推进，市场对算力的需求仍将攀升，算力网络作为关键支撑，有望在这一趋势下迎来持续性的发展机 遇。 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在互动平台表示，目前公司尚无OCS交换机产品，对于新一代网络 架构和技术前沿，公司始终保持着积极关注和探索研究，力求通过发挥自身产品研发创新优势，满足不 断变化的用户需求。公司未与英伟达合作开发CPO交换机。 近期，国务院发布人工智能+行动意见，有 助于加速AI技术迭代演进，推动人工智能赋能各行业实现高质量发展。随着人工智能应用场景向纵深 推进，市场对算力的需求仍将攀升，算力网络作为关键支撑，有望在这一趋势下迎来持续性的发展机 遇。 ...

格隆汇9月4日丨锐捷网络(301165.SZ)在投资者互动平台表示，公司自研的400G/800G高速光模块产品主 要是面向有高性能计算网络组网需求的互联网厂商，适配其采购的数据中心交换机产品及整体解决方案 进行销售。 公司未与英伟达合作开发CPO交换机。公司具备CPO相关技术储备，曾与腾讯、博通合 作，共同参与了CPO技术在交换网络中的创新和落地应用。目前未开展自研交换机芯片业务。 ...

A股市场CPO概念股回调，其中，仕佳光子、天孚通信跌超10%，太辰光、新易盛跌超9%，中际旭创跌 超8%，通富微电、剑桥科技跌超7%，华工科技、长飞光纤跌超6%，锐捷网络、炬光科技、光迅科技、 德科立跌超5%。 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688313 | 仕佳光子 | | -10.69 | 338亿 | 349.85 | | 300394 | 天学通信 | | -10.05 | 1436亿 | 184.56 | | 300570 | 太辰光 | | -9.71 | 261亿 | 59.69 | | 300502 | 新易盛 | | -9.42 | 3328 Z | 307.30 | | 300308 | 中际旭创 | | -8.26 | 4344 Z | 217.84 | | 002156 | 通富微电 | 章 | -7.86 | 494亿 | 10.44 | | 603083 | 剑桥科技 | 1 | -7.09 | 210亿 | 94.06 | | 000988 ...

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

Core Viewpoint - The company's data center business has shown significant growth, with data center switches experiencing a year-on-year increase of 110%, contributing to over 50% of total revenue, leading to accelerated performance growth [1][2]. Group 1: Financial Performance - The company maintained an "overweight" rating, adjusting revenue expectations for 2025-2027 to 14.659 billion, 17.857 billion, and 21.274 billion yuan, with net profits of 1.082 billion, 1.599 billion, and 2.122 billion yuan respectively [2]. - In the first half of 2025, the company reported revenue of 6.649 billion yuan, a year-on-year increase of 31.84%, primarily driven by data center switches, which generated 3.539 billion yuan, reflecting a 110% year-on-year growth [2]. - The overall gross margin decreased by 2.79 percentage points to 33.19%, influenced by the gross margin of data center switches at 20.79%, down 6.85 percentage points year-on-year [3]. Group 2: Cost and Profitability - The company achieved a remarkable net profit of 4.52 billion yuan in the first half of 2025, a year-on-year increase of 194%, with a net profit margin of 8.38%, nearing the quarterly high since its listing in 2022 [3]. - The expense ratios for sales, management, finance, and R&D were 10.23%, 4.65%, 0.06%, and 11.53% respectively, showing a decrease in most areas, which contributed to the improvement in net profit [3].

数据中心交换机继续翻倍增长，净利率重 回高点 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 本报告导读： 25H1 数据中心交换机同比+110%，占收比已超过 50%，带动业绩加速增长。 投资要点： 电信运营 [Table_Industry] /信息技术 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 108.78 | [当前价格 Table_CurPrice] (元)： 91.54 [Table_Market] 交易数据 | 52 周内股价 ...