智通财经4月9日电，锐捷网络(301165.SZ)公告，预计2025年第一季度归属于上市公司股东的净利润为 9800万元至12500万元，同比增长4142.15%-5310.90%。报告期内，在AI算力需求持续驱动下，互联网 数据中心市场强势增长，公司面向互联网客户的数据中心交换机产品订单加速交付，同时，公司继续推 进管理改善和效率提升工作，在费用管控层面有所成效，共同推动业绩增长。 锐捷网络：一季度净利润预计同比增长4142%-5311% ...

Financial Performance - The company expects a net profit attributable to shareholders of 98 million to 125 million yuan for Q1 2025, representing a growth of 4142.15% compared to a loss of 53.1 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 85.5 million and 110.5 million yuan, compared to a loss of 13.1 million yuan in the previous year [3]. - The estimated impact of non-recurring gains and losses on the current net profit is approximately 12.5 million yuan [5]. Market Trends - The strong growth in the internet data center market, driven by sustained demand for AI computing power, has accelerated the delivery of data center switch product orders to internet clients [5]. Operational Efficiency - The company has implemented management improvements and efficiency enhancements, resulting in effective cost control that contributed to the performance growth [5].

锐捷网络股份有限公司 投资者关系活动记录表 证券代码： 301165 证券简称：锐捷网络 2024 年，整体的外部宏观市场环境并不乐观，国内经济依托政策刺激 温和复苏但需求仍不足。同时，也看到 24 年 AI 的机会非常突出，上半年 市场加速已经非常明显。所以，24 年公司的目标是稳健发展，做好传统业 务基本盘的同时抓住 AI 带来的机会，做实经营业绩。回顾全年，通过不断 提升产品与解决方案竞争能力，完善内部经营管理体系，提高运营效率， 公司全年实现营收 116.99 亿元，同比增长 1.36%，总体略有增长，实现归 母净利润 5.74 亿元，同比增长 43.09%，净利率 4.91%，增加 1.43pct；全年 综合毛利率 38.62%，与去年基本持平。 投资者关系活 动主要内容介 按照业务板块划分：受益于数据中心业务需求的大幅提升，网络设备 实现收入 96.53 亿元，同比增长 14.90%；因整体经济的复苏进度未达预期， 企业投资动力不足，政府侧的项目延后，网络安全产品收入 4.52 亿元，同 比减少 47.14%，下降明显；云桌面解决方案收入 5.49 亿元，同比减少 27.54%。 按照区域划分：海 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [8][14]. Core Insights - The company achieved a revenue of 11.7 billion yuan in 2024, a year-on-year growth of 1.4%, with a net profit of 570 million yuan, reflecting a significant increase of 43.1% [3]. - The demand for data center switches is strong, driven by AI computing needs, with the revenue from data center switches growing by 120% year-on-year [4]. - The company is focusing on expanding its overseas market presence, with international revenue increasing by 52.72% [4]. Financial Performance - In Q4 2024, the company reported a revenue of 3.32 billion yuan, a decrease of 7.5% year-on-year, but a net profit of 162 million yuan, up 32.5% [3]. - The gross margin for ICT was 38.62%, with a notable increase in Q4 gross margin to 46.5% [5]. - The company’s R&D investment has increased, with a capitalized R&D ratio rising to 14% from 5% the previous year [5]. Market Position and Strategy - The company holds the largest market share in the domestic Ethernet switch market across various sectors, including internet and education [4]. - The company is strategically reducing its focus on non-core businesses, with network security and cloud desktop revenues declining significantly [4]. - The company has launched innovative products, including the world's first 51.2T CPO switch, enhancing its competitive edge in the AI computing infrastructure [6]. Future Projections - The forecast for net profit is 790 million yuan in 2025, 950 million yuan in 2026, and 1.18 billion yuan in 2027, with corresponding PE ratios of 50, 41, and 33 [7][11]. - Revenue is expected to grow significantly, reaching 14.66 billion yuan in 2025, with a growth rate of 25.3% [7][11].

| | | 公司公布 24 年报：2024 年实现收入 116.99 亿元，同比+1%；归母净利润 5.74 亿元，同比+43%。4Q24 公司收入 33.22 亿元，同比-7.5%；归母净利 润 1.62 亿元，同比+32.5%。公司 4Q24 业绩超过我们之前的预期（1.32 亿 元），主要系公司盈利能力大幅优化。我们看好 AI 以太网持续拓展，公司外 部受益于互联网客户资本开支增长，内部经营持续改善。维持"买入"评级。 数据中心交换机 24 年同比高增，网安/云桌面业务需求承压 分板块来看，24 年全年：1）网络设备板块收入 96.53 亿元（同比+15%）， 其中数据中心交换机产品营收 39.64 亿元（同比+120%），系互联网数据中 心网络需求增长叠加公司新工厂于 24 年 11 月投产，看好 25 年数据中心交 换机收入持续高增；2）网络安全产品收入 4.52 亿元（同比-47%），系政企 投资下行，我们判断 25 年板块收入小幅回升；3）云桌面解决方案收入 5.49 亿元（同比-28%）。分地域来看，24 年国内/海外收入同比分别-5%/+53%， 海外收入高增系 SMB 产品"深耕大国、渠道 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 80.51 RMB [9]. Core Insights - The company reported a revenue of 11.699 billion RMB for 2024, a year-on-year increase of 1%, and a net profit attributable to shareholders of 574 million RMB, up 43% year-on-year [2]. - In Q4 2024, the company achieved a revenue of 3.322 billion RMB, down 7.5% year-on-year, but the net profit increased by 32.5% to 162 million RMB, exceeding previous expectations due to significant improvement in profitability [2][3]. - The company is expected to benefit from the growth in AI Ethernet opportunities and the increase in capital expenditures from internet clients [2][5]. Revenue Breakdown - For 2024, the revenue from the network equipment segment was 9.653 billion RMB, a 15% increase year-on-year, with data center switch product revenue reaching 3.964 billion RMB, a remarkable 120% increase [3]. - The network security product revenue was 452 million RMB, down 47% year-on-year, while cloud desktop solutions revenue was 549 million RMB, down 28% [3]. - Domestic revenue decreased by 5% year-on-year, while overseas revenue increased by 53% due to successful implementation of the "deep cultivation in major countries and channel penetration" strategy [3]. Profitability and Cost Management - The overall gross margin for 2024 was 38.62%, a slight decrease of 0.33 percentage points year-on-year, but Q4 2024 gross margin improved to 46.47%, up 7.01 percentage points year-on-year [4]. - The company has shown significant improvement in overall expense ratios, with sales, management, and R&D expense ratios at 15.5%, 5.5%, and 16.1%, respectively [4]. Innovation and Market Trends - The company is focused on innovation in the data center switch sector, with new products such as the TH5 cold plate switch and 51.2T CPO switch, positioning itself to gain advantages in upcoming JDM tenders [5]. - The penetration of Ethernet in AI clusters is expected to continue increasing, driven by major players like NVIDIA and enhanced Ethernet performance [5]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted to 775 million RMB, 961 million RMB, and 1.137 billion RMB, reflecting increases of 15% and 18% from previous estimates [6]. - The company is assigned a PE valuation of 59x for 2025, with a target price of 80.51 RMB, indicating strong growth potential in the high-speed switch business [6].

Summary of Ruijie Networks 2024 Conference Call Company Overview - **Company**: Ruijie Networks - **Year**: 2024 - **Total Revenue**: 11.6 billion CNY, a year-on-year increase of 1.36% [3][11] - **Net Profit**: 570 million CNY, a year-on-year increase of 43% [3] Key Industry Insights - **Network Equipment Revenue**: 9.6 billion CNY, a year-on-year increase of 17%, driven by AI-driven data center construction [4][11] - **Network Security Revenue**: 450 million CNY, a year-on-year decrease of 47% [11] - **Cloud Desktop Revenue**: Decreased by 27% year-on-year [11] - **Overseas Revenue**: Increased by 52% to 1.8 billion CNY, expanding market coverage from over 90 to over 100 countries [4][11] Core Achievements and Innovations - **Data Center Innovations**: Launched PH5 cold plate switch and 51.2T multi-core processor architecture switch, along with 400G/800G optical modules [4][5] - **AI Infrastructure**: Collaborated with major clients like Alibaba, Tencent, and ByteDance to build AI infrastructure [4][8] - **New Product Launches**: Introduced WiFi 7 AP series and efficient desktop version 3.0 to meet demands in education and healthcare [4][6] Market Position and Customer Base - **Market Leadership**: Ranked first in Ethernet switch market in education, circulation, and internet sectors [4][8] - **Key Clients**: Major clients include Alibaba, Tencent, and ByteDance, contributing significantly to revenue [8][33] - **New Client Acquisition**: Engaged with new clients like Didi and Xiaohongshu, although their contribution remains smaller compared to top clients [33] Financial Performance and Projections - **Gross Margin**: Maintained at approximately 38% for the year, with Q4 gross margin benefiting from project settlement structure optimization [15][16] - **2025 Outlook**: Anticipates rapid growth in internet and SMB business, with stable overall gross margin [4][16][19] Strategic Initiatives - **Efficiency Improvements**: Implemented customer-centric processes, product quality management, and digital factories to enhance efficiency and profitability [10][16] - **R&D Investment**: Expected R&D expenditure between 1.8 to 2 billion CNY despite a reduction in R&D personnel [24] Future Market Trends - **Increased Demand for Data Centers**: Significant growth in demand for data centers from internet companies, with a focus on high-speed switches [19][36] - **Emerging Technologies**: New technologies like DeepSIC are expected to drive market changes, with major internet companies planning substantial capital expenditures [13][19] Conclusion - **Company's Vision**: Ruijie Networks aims to leverage AI trends and enhance its network infrastructure offerings to achieve steady growth and provide substantial returns to investors in 2025 [35][37]

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - CPO technology integrates ASIC chips and optical engines on the same high-speed motherboard, reducing signal attenuation, system power consumption, and costs while achieving high integration, applicable in data centers, high-performance computing, AI, and virtual reality [2] - The CPO market is expected to grow rapidly, with Yole predicting a market size of $2.6 billion by 2033, driven by AI demand and requiring collaboration across the industry chain [2] - Major overseas companies are leading the CPO industry development, with significant advancements from Broadcom, Marvell, TSMC, and NVIDIA [2][3] Summary by Sections 1. CPO Technology and Development Trends - CPO technology addresses bandwidth and power challenges, with a 25%-30% reduction in total power consumption for 51.2T switches compared to traditional solutions [12] - CPO technology offers low power consumption, low latency, high bandwidth, improved system performance, and cost-effectiveness [15] - Silicon photonics is becoming the main path for CPO technology due to its high integration and compatibility with CMOS processes [18] 2. CPO Market Size and Major Drivers - The CPO market is projected to grow at a CAGR of 69% from $600,000 in 2022 to $287 million in 2033, while OIO is expected to grow at a CAGR of 81% from $500,000 to $2.3 billion [31] - Major players in the CPO market include Broadcom, Intel, NVIDIA, and Marvell, with significant contributions from laser manufacturers and silicon photonics foundries [35] 3. CPO Switch Internal Structure - CPO switches consist of key components such as ASIC chips, optical engines, external light sources, and flexible optical backplanes [63] - The optical engine is crucial for optical-electrical conversion, with various packaging methods impacting performance and integration [67] 4. Recommended Companies to Watch - Companies actively involved in CPO technology include: - Zhongji Xuchuang, focusing on high-end optical communication modules and CPO-related products [96] - Xinyi Sheng, leveraging silicon photonics technology for CPO applications [101] - Tianfu Communication, developing multiple projects related to CPO components [106] - Taichuang, specializing in optical communication devices and flexible boards [111] - Yuanjie Technology, providing CW light sources for CPO applications [116] - Shijia Photon, offering components for CPO packaging [121] - Guangxun Technology, launching CPO ELS light source modules [126] - Robotech, focusing on silicon photonics and CPO packaging equipment [131] - Ruijie Network, releasing CPO switches with significant market presence [136]

证券代码：301165 证券简称：锐捷网络 公告编号：2025-004 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 华兴会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未发生变更，仍为华兴会计师事务所（特殊 普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以2024年12月31日股份总数568,181,818股为基数，向全 体股东每10股派发现金红利6.06元（含税），送红股0股（含税），以资本公积金向全体股东每10股转 增4股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 报告期内，国内经济依托政策刺激温和复苏，但有效需求不足、 ...