提名人锐捷网络股份有限公司第三届董事会现就提名牛玉贞 为锐捷网络股份有限公司第四届董事会独立董事候选人发表公开 声明。被提名人已书面同意作为锐捷网络股份有限公司第四届董 事会独立董事候选人(参见该独立董事候选人声明)。本次提名是在 充分了解被提名人职业、学历、职称、详细的工作经历、全部 兼职、有无重大失信等不良记录等情况后作出的，本提名人认 为被提名人符合相关法律、行政法规、部门规章、规范性文件和 深圳证券交易所业务规则对独立董事候选人任职资格及独立性 的要求，具体声明并承诺如下事项： 一、被提名人已经通过锐捷网络股份有限公司第三届董事会 提名委员会资格审查，提名人与被提名人不存在利害关系或者 其他可能影响独立履职情形的密切关系。 是 □否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四 十六条等规定不得担任公司董事的情形。 是 □否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管理 办法》和深圳证券交易所业务规则规定的独立董事任职资格和 条件。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating issued [1]. Core Insights - The company has shown robust revenue growth in the first three quarters, with a year-on-year increase of 5.36%, reaching 8.377 billion yuan. The net profit attributable to shareholders increased by 47.73% year-on-year to 412 million yuan, driven by strong performance in Q3 [3][4]. - The demand for AI networks continues to be strong, with the company actively participating in the development of AI network standards and securing significant contracts with major internet firms [5][6]. Financial Performance Summary - **Revenue and Profitability**: - For Q3, the company achieved a revenue of 3.333 billion yuan, a year-on-year increase of 6.84% and a quarter-on-quarter increase of 15.07%. The net profit for Q3 was 258 million yuan, reflecting a year-on-year growth of 85.57% and a quarter-on-quarter growth of 70.30% [4]. - The gross margin for Q3 was 34.78%, down 2.97 percentage points year-on-year, while the net margin improved to 7.74%, up 3.28 percentage points year-on-year [4]. - **Future Projections**: - The company is expected to achieve revenues of 12.389 billion yuan, 14.214 billion yuan, and 16.879 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.34%, 14.73%, and 18.75% [6][8]. - The net profit attributable to shareholders is projected to be 583 million yuan, 699 million yuan, and 879 million yuan for the same years, with growth rates of 45.20%, 20.07%, and 25.68% [6][8]. - **Earnings Per Share (EPS)**: - The EPS is forecasted to be 1.03 yuan, 1.23 yuan, and 1.55 yuan for 2024, 2025, and 2026, respectively [6][8]. Market Position and Competitive Landscape - The company is deeply engaged in the Ethernet switch market and has established partnerships with industry leaders to develop AI network standards. It has successfully launched new technologies and secured contracts with major telecom operators and internet companies [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [2][9]. Core Views - The company is expected to benefit significantly from the accelerating domestic data center construction, driven by increasing demand for hardware facilities in the context of the digital intelligence wave [2]. - The company's revenue for the first three quarters of 2024 reached 8.377 billion yuan, a year-on-year increase of 5.36%, with a net profit of 412 million yuan, up 47.73% year-on-year [1]. - The demand for data center products is growing rapidly, with the revenue from data center switches alone reaching 2.992 billion yuan, a year-on-year increase of 47% [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.333 billion yuan, a year-on-year increase of 6.84% and a quarter-on-quarter increase of 15.07% [1]. - The gross profit margin improved by 0.69 percentage points quarter-on-quarter, reaching 34.78% in Q3 2024 [1]. - The company’s operating expenses decreased by 5 percentage points year-on-year for the first three quarters of 2024 [1]. Market Position - The company has secured significant contracts for hardware and software projects in data center construction with major Tier 1 internet companies such as ByteDance, Alibaba, and Tencent [1]. - According to IDC data, the company ranks third in the Chinese Ethernet switch market and the data center switch market, and first in the education sector for campus switches [1]. Profit Forecast - The projected net profits for the company from 2024 to 2026 are 542 million yuan, 725 million yuan, and 873 million yuan, respectively, with corresponding PE ratios of 53x, 39x, and 33x [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights significant growth in demand for intelligent computing and effective cost control, leading to a substantial increase in profitability [4] - The company reported a revenue of 8.377 billion yuan for the first three quarters of 2024, a year-on-year increase of 5.36%, and a net profit of 412 million yuan, a year-on-year increase of 47.73% [4] - The gross margin for the same period was 35.50%, down 3.21 percentage points year-on-year, attributed mainly to the rapid growth of internet revenue and changes in revenue structure [4] - The report anticipates revenue growth for 2024-2026 to be 12.788 billion yuan, 14.996 billion yuan, and 17.661 billion yuan respectively, with net profits projected at 572 million yuan, 742 million yuan, and 927 million yuan [5] Financial Performance Summary - In Q3 2024, the company achieved a revenue of 3.333 billion yuan, a quarter-on-quarter increase of 15.07% and a year-on-year increase of 6.84% [4] - The net profit for Q3 2024 was 258 million yuan, reflecting a quarter-on-quarter increase of 70.30% and a year-on-year increase of 85.57% [4] - The company’s market share in various segments remains strong, ranking second in data center switches and WLAN markets in China [5] Cost Control and Profitability - The report indicates significant improvements in cost control, with sales, management, financial, and R&D expense ratios showing reductions [5] - The net profit margin for Q3 2024 was 7.74%, up 2.51 percentage points quarter-on-quarter and 3.28 percentage points year-on-year [4] Market Position and Competitive Strength - The company has demonstrated competitive strength by winning a bid for a new intelligent computing center switch for China Mobile, showcasing its capabilities in the market [4] - The company’s AI-Fabric solution supports up to 32,000 GPU cards, indicating its advanced technological offerings [4] Valuation and Investment Recommendation - The report suggests a price-to-earnings (P/E) ratio of 40-50 times for 2025, leading to a reasonable valuation range of 52.24 yuan to 65.30 yuan per share [5] - The investment recommendation remains "Outperform the Market" based on the anticipated growth and market positioning [5]

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of CNY 8.377 billion, a year-on-year increase of 16.60% [3] - Net profit attributable to shareholders reached CNY 4.12 billion, up 47.73% year-on-year [3] - The gross profit margin for the first three quarters was 35.5% [3] Business Segments - Revenue from network equipment increased by approximately 20.30% quarter-on-quarter [3] - Cloud desktop revenue also showed significant growth, contributing to the overall performance [3] - The company ranked third in the Chinese data center switch market [3] Market Trends and Opportunities - The AI wave is driving innovation and enhancing product competitiveness, leading to steady overall business growth [3] - The company is benefiting from the acceleration of data center construction by major internet clients [4] - The enterprise market is gradually recovering, particularly in the education sector, which has positively impacted revenue [4] Cost Management - Management measures implemented at the beginning of the year have started to show results, with a reduction in operating costs [4] - Management expenses decreased quarter-on-quarter, with a year-on-year growth rate decline of approximately 9 percentage points [4] Overseas Business Development - The company has expanded its overseas business to over 90 countries, with a compound annual growth rate of 40.91% from 2021 to 2023 [5] - In the first three quarters of 2024, overseas revenue reached approximately CNY 1.242 billion, a year-on-year increase of about 47%, accounting for approximately 15% of total revenue [5] Future Outlook - The company anticipates continued growth in the enterprise network market and overseas business, which will positively impact revenue structure and gross margin [5] - The introduction of supportive economic policies is expected to drive demand across various industries [4] - The company is focusing on enhancing its compliance system and building capabilities to support international market expansion [5]

锐捷网络（301165.SZ）2024 年三季报点评 Q3 净利润超预期，数据中心交换机需求高增 2024 年 10 月 27 日 ➢ 事件：2024 年 10 月 24 日，公司发布 24 年三季报，24 年前三季度实现营 收 83.8 亿元，同比增长 5.4%；实现归母净利润 4.1 亿元，同比增长 47.7%；扣 非归母净利润为 3.7 亿元，同比增长 47.1%。单季度看，24Q3 实现收入 33.3 亿 元，同比增长 6.8%，环比增长 15.1%，归母净利润 2.6 亿元，同比增长 85.6%， 环比增长 70.3%，扣非归母净利润 2.5 亿元，同比增长 84.1%，环比增长 77.8%。 ➢ 数据中心交换机需求快速增长，公司 Q3 业绩稳增。 24Q3 公司实现营收 33.3 亿元，同比增长 6.8%，环比增长 15.1%，呈现业绩持 续向好趋势。百度/阿里巴巴/腾讯上半年资本开支 500 亿元，同比增长了 117%， 对数据中心和云计算领域投资增加，带动了公司相关产品需求增长。根据公司中 报，1Q24 公司在国内数据中心交换机市占率排名第三，其中细分互联网行业市 场中份额第二。 ➢ Q3 毛 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6][7] Core Insights - The company reported a revenue of 8.377 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.36% - The net profit attributable to the parent company was 412 million yuan, showing a significant year-on-year increase of 47.73% - In Q3 2024, the net profit reached 258 million yuan, marking an impressive year-on-year growth of 85.57% - The company won the first bid for the GSE project from China Mobile, which will support the development of a new type of intelligent computing center network [2][6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 7.74%, an increase of 3.28 percentage points year-on-year and 2.51 percentage points quarter-on-quarter - The company has successfully delivered 200G/400G data center switches, positioning itself as one of the few domestic companies capable of high-end switch R&D [6][7] - The projected revenues for 2024, 2025, and 2026 are estimated to be 12.245 billion yuan, 14.097 billion yuan, and 16.087 billion yuan, with year-on-year growth rates of 6.09%, 15.13%, and 14.12% respectively [7][8] Market Position and Future Outlook - The company is actively aligning with AI development trends and is expected to benefit from the ongoing evolution of AI computing networks - The company is also seizing opportunities in the development of high-speed Ethernet switches, which are in demand due to the growth of AI large models [6][7]

证券代码：301165 证券简称：锐捷网络 公告编号：2024-078 锐捷网络股份有限公司 第三届监事会第十三次会议决议公告 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 锐捷网络股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日以电子邮 件方式向公司全体监事发出关于召开第三届监事会第十三次会议的通知，并于 2024 年 10 月 23 日在公司会议室以现场方式召开。会议由公司监事会主席李怀 宇先生召集并主持，应参加监事 3 人，实参加监事 3 人，会议的召集、召开及表 决程序符合《公司法》及《公司章程》的规定。 （二）《关于调整 2024 年度日常关联交易预计额度的议案》 监事会认为，本次调整公司与控股股东福建星网锐捷通讯股份有限公司及其 子公司和其联营企业 2024 年度日常关联交易预计额度在不同交易类别中的分配 1 情况，是基于公司生产经营及业务发展的需要所做的合理预计。交易价格由双方 参照市场价格协商确定，不会因上述关联交易而对关联方形成重大依赖，不会对 公司的独立性产生影响，不存在损害公司及全体股东尤其是 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2024-077 锐捷网络股份有限公司 第三届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 锐捷网络股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日以电子邮 件等方式向公司全体董事、监事及高级管理人员发出关于召开第三届董事会第二 十五次会议的通知，并于 2024 年 10 月 23 日在公司会议室以现场与通讯结合方 式召开会议。会议由公司董事长黄奕豪先生召集并主持，应出席董事 8 名，实出 席董事 8 名，其中独立董事黄旭明先生、贺颖奇先生以视频通讯方式参加会议。 全体监事和高级管理人员列席了会议。本次会议的召集、召开及表决程序符合《公 司法》及《公司章程》的规定。 二、董事会会议审议情况 经审议，本次会议以记名表决方式逐项通过了如下议案： （二）《关于调整 2024 年度日常关联交易预计额度的议案》 经审议，董事会同意调整公司及子公司与控股股东福建星网锐捷通讯股份有 1 限公司及其子公司和其联营企业 2024 年度日常关联交易预计 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2024-079 锐捷网络股份有限公司 关于调整 2024 年度日常关联交易预计额度的公告 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。 根据公司及子公司与星网锐捷及其子公司的业务开展情况，公司拟调整与星 网锐捷及其子公司和其联营企业 2024 年度日常关联交易预计额度在不同交易类 别中的分配情况，交易预计总金额不变。具体如下表： 一、日常关联交易情况 （一）已批准的 2024 年度日常关联交易预计情况 2024 年 3 月及 2024 年 5 月，锐捷网络股份有限公司（以下简称"锐捷网络" 或"公司"）第三届董事会第二十二次会议及 2023 年度股东大会审议通过了《关 于确认 2023 年度关联交易及预计 2024 年度日常关联交易额度的议案》，同意 2024 年度公司及子公司与控股股东福建星网锐捷通讯股份有限公司（以下简称 "星网锐捷"）及其子公司和其联营企业、与间接控股股东福建省电子信息（集团） 有限责任公司（以下简称"电子信息集团"）及其子公司（不包含星网锐捷及其子 公司）和其联营企业、与卓智网络 ...