声明人 马忠 作为锐捷网络股份有限公司(以下简称该公司) 第四届董事会独立董事候选人，已充分了解并同意由提名人锐捷网 络股份有限公司第三届董事会提名为该公司第四届董事会独立董事 候选人。现公开声明和保证，本人与该公司之间不存在任何 影响本人独立性的关系，且符合相关法律、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、本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，提名人与本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 、本人不存在《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 、本人符合中国证监会《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。 是 □否 如否，请详细说明：______________________________ 四、本人符合该公司章程 ...

锐捷网络股份有限公司 证券代码：301165 证券简称：锐捷网络 公告编号：2024-081 第三届监事会第十四次会议决议公告 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 11 月 1 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十四次会议的通知，并于 2024 年 11 月 6 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、监事会会议审议情况 经审议，本次会议以记名表决方式通过了如下议案： 表决结果：全体监事以 3 票同意、0 票反对、0 票弃权通过。 1 1、《关于换届选举公司第四届监事会非职工代表监事的议案》 公司第三届监事会任期即将届满，根据公司主要股东推荐，监事会同意换届 并提名李怀宇先生、林东豪先生为公司第四届监事会非职工代表监事候选人。前 述非职工代表监事候选人经公司股东大会选举当选后，其任期为自股东大会决议 通 ...

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]

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 ...