Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 50.77 CNY and projected PE multiples of 50x, 36x, and 28x for 2024, 2025, and 2026 respectively [4][6]. Core Insights - The company reported a net profit that exceeded expectations, driven by a significant increase in demand for data center switches. For Q3 2024, the company achieved a revenue of 3.33 billion CNY, representing a year-on-year growth of 6.8% and a quarter-on-quarter growth of 15.1% [1][2]. - The demand for data center switches is rapidly increasing, with major tech companies like Baidu, Alibaba, and Tencent increasing their capital expenditures by 117% year-on-year, which positively impacts the company's product demand [2]. - The company's gross margin faced pressure, decreasing by 3.0 percentage points to 34.8% in Q3 2024, primarily due to a higher proportion of lower-margin internet data center switch revenue. However, the net profit margin improved by 3.3 percentage points to 7.7% due to significant reductions in expense ratios [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 8.38 billion CNY, a year-on-year increase of 5.4%, and a net profit of 410 million CNY, up 47.7% year-on-year. The Q3 2024 net profit was 260 million CNY, reflecting an 85.6% year-on-year increase [1][4]. - The company is projected to achieve net profits of 570 million CNY, 810 million CNY, and 1.05 billion CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 43.0%, 41.4%, and 28.9% [5][7]. Market Position and Strategy - The company ranks third in the domestic data center switch market and second in the internet sector, indicating a strong competitive position [2]. - The company is focusing on technological upgrades and enhancing its network solutions across multiple industries, including the launch of the first commercial intelligent computing center network standard in China [4]. Cost Management - The company has successfully controlled costs, with significant reductions in sales, management, and R&D expense ratios, leading to improved profitability despite the pressure on gross margins [3].

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]

Financial Performance - The company's revenue for Q3 2024 reached ¥3,333,409,934.28, an increase of 6.84% compared to the same period last year[2] - Net profit attributable to shareholders was ¥257,956,511.37, representing an 85.57% increase year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥246,083,639.52, up 84.06% from the previous year[2] - Total operating revenue for Q3 2024 reached ¥8,376,873,948.60, an increase of 5.36% compared to ¥7,950,904,037.84 in Q3 2023[12] - Net profit for Q3 2024 was ¥411,739,866.16, up 47.5% from ¥278,711,972.26 in the same period last year[13] - Basic earnings per share for Q3 2024 were ¥0.7247, compared to ¥0.4905 in Q3 2023, representing a 47.8% increase[14] - Operating profit for the quarter was ¥318,770,766.04, significantly higher than ¥116,717,987.46 in the same quarter last year[13] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,187,958,524.41, reflecting a 9.85% increase from the end of the previous year[2] - Total assets increased from ¥8,364,287,596.27 to ¥9,187,958,524.41, reflecting a growth of about 9.8%[11] - The total liabilities increased, with accounts payable rising from ¥1,285,321,434.85 to ¥1,724,861,169.62, a growth of about 34.3%[11] - Total liabilities increased to ¥4,787,419,786.76, compared to ¥4,079,521,108.90 in the previous year, reflecting a growth of 17.4%[12] Cash Flow - Cash flow from operating activities showed a net outflow of ¥245,762,188.38, a decline of 169.60% compared to the same period last year[5] - Operating cash inflow for the current period reached ¥9,405,625,181.62, an increase of 15.7% compared to ¥8,127,223,558.59 in the previous period[15] - Net cash flow from operating activities was negative at ¥-245,762,188.38, a decline from a positive cash flow of ¥353,120,573.96 in the previous period[16] - Cash flow from investing activities showed a net outflow of ¥-1,139,527,919.37, compared to a smaller outflow of ¥-179,140,081.67 in the previous period[16] - Cash inflow from financing activities was ¥1,307,268,301.69, up from ¥254,390,690.61 in the previous period, marking a substantial increase[16] - The net cash flow from financing activities improved to ¥252,298,379.79, recovering from a negative cash flow of ¥-1,123,340,208.62 in the previous period[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,670[8] - The largest shareholder, Fujian StarNet Ruijie Communication Co., Ltd., holds 44.88% of shares, totaling 255,000,000 shares[8] Research and Development - The company reported a significant increase in development expenses, totaling ¥314,634,462.51, which is a 205.18% rise year-over-year, indicating increased investment in R&D[5] - The company has invested ¥314,634,462.51 in data resource development expenses, up from ¥103,097,971.76, indicating a substantial increase in R&D investment[11] - Research and development expenses decreased to ¥1,194,462,330.17, down 20.06% from ¥1,493,871,320.61 in Q3 2023[13] Inventory and Receivables - Accounts receivable increased from ¥1,302,044,902.70 to ¥1,586,603,826.62, representing a growth of about 21.8%[11] - Inventory rose from ¥2,874,502,193.63 to ¥3,467,868,573.74, an increase of approximately 20.6%[11] Other Financial Metrics - The company's cash and cash equivalents decreased from ¥2,298,269,429.80 to ¥1,635,736,735.94, a decline of approximately 28.8%[10] - Cash outflow for purchasing goods and services was ¥6,324,543,242.97, significantly higher than ¥3,884,873,565.30 in the previous period, indicating a 62.5% increase[16] - Total cash outflow for operating activities was ¥9,651,387,370.00, compared to ¥7,774,102,984.63 in the previous period, reflecting a 24.1% increase[16] - The company received tax refunds amounting to ¥251,998,844.58, an increase from ¥188,772,961.65 in the previous period[15]

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 ...

中信证券股份有限公司 关于锐捷网络股份有限公司 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，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、与卓智网络科技有限公司及其子公司之间 的日常关联交易预计金额分别不超过 76,750 万元、1,500 万元及 3,000 万元。 2024 年 9 月，公司 2024 年度第 12 次总经理专题办公会，审议通过了《关于锐 捷网络股份有限公司增加 2024 年度日常关联交易预计额度的议案》，同意增加公 司及子公司与星网锐捷及其子公司和其联营企业之间的 2024 年度日常关联交易预 计金额合计 50 万元，增加与电子信息集团及其子公司和其联营企业之间 ...

Investment Rating - The report assigns a "Buy" rating to the company, citing its strong position in the ICT sector and its alignment with AI development trends [1][3][4] Core Business and Market Position - The company is a leading domestic ICT manufacturer, focusing on network equipment, network security, and cloud desktop solutions [1][4] - It is one of the few domestic companies with the capability to develop high-end data center switches, having delivered 200G/400G switches to major internet companies [1][4] - The company has over 20,000 channel partners and operates in more than 80 countries and regions [4][16] AI and High-Speed Ethernet Switches - AI development is driving demand for high-speed Ethernet switches, with 400G and 800G switches expected to dominate the market [4][7] - The company is actively developing high-speed Ethernet switches, including 200G/400G data center switches, and has collaborated with leading internet companies on white-box switches [4][7] - The global AI backend network is expected to see increased adoption of 400G+ switches, with 800G switches becoming mainstream by 2025 [4][7] Financial Performance and Projections - The company's revenue is projected to grow from 12.245 billion yuan in 2024 to 16.087 billion yuan in 2026, with a CAGR of 16.41% [4][9] - Net profit is expected to increase from 423 million yuan in 2024 to 637 million yuan in 2026, with a CAGR of 16.41% [4][9] - The company's EPS is forecasted to grow from 0.74 yuan in 2024 to 1.12 yuan in 2026 [4][9] Market Trends and Industry Outlook - The global switch market is projected to grow from 39.506 billion USD in 2023 to 41.644 billion USD in 2024, driven by digital transformation and AI trends [30] - The domestic switch market is expected to grow from 68.5 billion yuan in 2023 to 74.9 billion yuan in 2024, with a CAGR of 9.34% [30] - Cloud computing investments are increasing globally, with the market expected to surpass 1 trillion USD by 2026, driving demand for switches [32][34] Competitive Landscape - The company ranks third in the domestic Ethernet switch market and third in the data center switch market [68] - It has a strong presence in the internet sector, with its market share in Ethernet switches for the internet industry growing from 10.72% in 2018 to 29.45% in 2022 [63] - The company has secured significant contracts with major operators, including China Mobile and China Telecom, for switch procurement [65][66] Technological Innovation - The company has developed AI-Fabric network solutions, supporting up to 32,768 400G ports for large-scale GPU clusters [60] - It has pioneered NPO and CPO switch technologies, reducing power consumption by over 50% compared to traditional pluggable solutions [60][61] - The company is a leader in Ethernet all-optical network solutions, targeting education, healthcare, and industrial applications [61] Customer and Market Strategy - The company employs a hybrid sales model, with 61.39% of revenue from distribution channels and 38.61% from direct sales to large clients like operators and internet giants [62][63] - It has a strong service network, with over 100 domestic service centers and dozens of overseas service points [63] - The company has consistently won bids for switch procurement from major operators, including China Mobile and China Telecom [65][66]

编号：2024-03 1 证券代码：301165 证券简称：锐捷网络 锐捷网络股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

1、活动主题：通信智连新突破 2、活动时间：2024 年 9 月 25 日（星期三）15：00 至 16：30 证券代码：301165 证券简称：锐捷网络 公告编号：2024-074 锐捷网络股份有限公司 关于参加通信行业上市公司 2024 年度 集中路演活动的公告 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。 为进一步展现公司经营发展情况，加强与广大投资者的互动交流，促进提升 公司运营质量和投资价值，锐捷网络股份有限公司（以下简称"公司"）将参加 在深圳证券交易所"互动易"平台举行的通信行业上市公司 2024 年度集中路演 活动，现将相关事项公告如下： 一、路演活动安排 2、为广泛听取投资者的意见建议、提升交流的针对性，公司现就本次集中 路演活动提前向投资者公开征集问题，问题征集截止时间为 2024 年 9 月 24 日 （星期二）下午 17：00。投资者可提前登录深圳证券交易所互动易平台 （http://irm.cninfo.com.cn）"云访谈"栏目，进入公司问题征集专题页面进行提 问。公司将在集中路演活动上对投资者普遍关注的问题进行回答。 欢迎广大 ...