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 ...

中信证券股份有限公司 关于锐捷网络股份有限公司 2024年半年度持续督导跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：锐捷网络 | | --- | --- | | 保荐代表人姓名：卢丽俊 | 联系电话：010-6083 6954 | | 保荐代表人姓名：王彬 | 联系电话：010-6083 3956 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 4次，公司已于2024年5月完成所有募集资金专 | | | 户的销户工作 | | （2）公司募集资金项目进展是 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights a significant recovery in performance with a year-on-year revenue increase of 4.40% to 5.043 billion yuan in H1 2024, and a net profit increase of 10.08% to 154 million yuan [5] - The demand for high-speed data center switches is driving both volume and price increases, with expected annual revenue approaching 2.3 billion yuan [5] - The company maintains a strong market position in the internet sector, ranking second in market share for data center switches in China as of Q1 2024 [5] Financial Performance Summary - H1 2024 revenue was 5.043 billion yuan, with a net profit of 154 million yuan, and a significant Q2 performance showing a revenue of 2.897 billion yuan, up 34.95% quarter-on-quarter [5] - The revenue from network equipment reached 3.984 billion yuan, with a gross margin of 37.29%, while high-speed data center switch products generated 1.685 billion yuan, a 62% increase year-on-year [5] - The company expects revenues of 13.150 billion yuan, 15.876 billion yuan, and 18.901 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 521 million yuan, 657 million yuan, and 812 million yuan [6][10] Market Position and Competitive Landscape - The company has a strong presence in the internet and telecommunications sectors, with significant growth in demand driven by AI [5] - The company ranks second in the Chinese internet industry for data center switch market share and third in both Ethernet and data center switch markets [5] - The report indicates that the company is well-positioned to capitalize on the growing demand for intelligent computing center network solutions [5] Valuation and Investment Recommendation - The report suggests a price-to-earnings (PE) ratio of 35-45 for 2024, with a corresponding fair value range of 32.09 yuan to 41.25 yuan [6] - The investment recommendation remains "Outperform the Market" based on the expected performance relative to the benchmark index [6]

编号：2024-02 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 | --- | --- | --- | --- | |---------------------|------------------------------------------------------------------------------------------------------|-----------------------------------|----------------------------------| | 投资者关系活 动类别 | □ 特定对象调研 □ □ 媒体采访 √ □ 新闻发布会 □ □ 现场参观 □ 其他 \n北京诚盛投资管理有限公司 | 分析师会议 业绩说明会 路演活动 \n | 建信金融资产投资有限公司 | | | 彬元资本有限公司-彬元大中华基金 | | 金信基金管理有限公司 | | | 财通基金管理有限公司 | | 民生加银基金管理有限公司 | | | 财通证券资产管理有限公司 | | 鹏华基金管理有限公司 | | | 创金合信基金管理有限 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 40.90, indicating a potential upside of approximately 30% from the current price of RMB 31.45 [3][8]. Core Views - The company has shown strong performance in the first half of 2024, with revenue reaching RMB 5.043 billion, a year-on-year increase of 4.40%, and a net profit attributable to the parent company of RMB 154 million, up 10.08% year-on-year [6]. - The demand for network equipment is recovering, particularly from internet clients, contributing to a revenue increase in this segment [6][7]. - The company is benefiting from the AI computing wave, with significant growth in data center switch sales, which increased by 62% year-on-year in the first half of 2024 [7]. Financial Performance - Revenue projections for 2024 and 2025 are RMB 13.08 billion and RMB 15.59 billion, respectively, reflecting growth rates of 13.3% and 19.2% [5][10]. - The net profit attributable to the parent company is expected to be RMB 510 million in 2024 and RMB 666 million in 2025, with growth rates of 27.1% and 30.5% [5][10]. - The company’s gross margin is projected to stabilize in the second half of 2024, following a decline due to product mix changes and cost-cutting measures from clients [6][7]. Market Position and Trends - The company holds a leading market share in key sectors such as higher education and wholesale industries, and is expanding its international market presence, with overseas revenue growing by 58.1% year-on-year [7]. - The company has successfully launched innovative products tailored to specific customer needs, enhancing its competitive edge in the market [7]. Valuation Metrics - The current price corresponds to a P/E ratio of 35.0 for 2024 and 26.8 for 2025, indicating a favorable valuation compared to industry peers [8][20]. - The report suggests that the company's valuation may be impacted by the overall industry valuation trends, but maintains a positive outlook based on its growth potential [8].

锐捷网络股份有限公司 舆情管理制度 第一章 总则 第一条 为提高锐捷网络股份有限公司（以下简称"公司"）应对舆情的能力，建立快速反应 和应急处置机制，及时、妥善处理舆情对公司股价、公司商业信誉及正常生产经营活动造成的 影响，切实保护投资者合法权益，根据《深圳证券交易所创业板股票上市规则》等相关法律法 规的规定和《锐捷网络股份有限公司章程》（以下简称《公司章程》），特制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或者将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大影响的事件 信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动，使公司已经 或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变动的负面舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 ...

第三届董事会第二十四次会议决议公告 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。 证券代码：301165 证券简称：锐捷网络 公告编号：2024-071 锐捷网络股份有限公司 （一）《关于<2024 年半年度报告及其摘要>的议案》 董事会审议该议案前，审计委员会会议已审议通过公司 2024 年半年度财务 报告及 2024 年半年度报告中涉及的财务信息，并同意提交董事会审议。 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的 《2024 年半年度报告》及《2024 年半年度报告摘要》。 表决结果：全体董事以 8 票同意、0 票反对、0 票弃权通过。 （二）《关于制定<舆情管理制度>的议案》 经审议，董事会同意公司根据《深圳证券交易所创业板股票上市规则》等相 关法律法规的规定，结合实际情况，制定《舆情管理制度》。 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的《舆 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 8 月 9 日以电子邮件 等方式 ...

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