费用端持续优化，规模效应下盈利能力有所提升。 民生证券股份有限公司范宇近期对锐捷网络（301165）进行研究并发布了研究报告《2025年半年报点评： Q2利润高增，互联网数据中心交换机强势增长》，给予锐捷网络买入评级。 锐捷网络 事件：2025年8月21日，公司发布2025年半年报，H1实现营收66.49亿元，同比增长31.84%；实现归母净利 润4.52亿元，同比增长194.00%；实现扣非归母净利润4.32亿元，同比增长245.14%。单Q2公司实现归母净利 润3.45亿元，同比增长127.66%，环比增长221.46%；扣非归母净利润3.38亿元，同比增长144.01%，环比增 长256.82%。 互联网数据中心交换机强势增长，Q2利润高增。 Q2单季度净利润实现同环比高增，主因互联网行业数据中心加快建设，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，相关营业收入大幅增长。2025年上半年的营收结构来看，按业务结构划分，1)网络 设备：上半年营收58.41亿元，同比增长46.58%，占营业收入比例为87.85%，同比提升8.83pct。其中，数据 中心交换机收入35.39亿元，同比增长110.0 ...

Group 1 - The core point of the article is that Ruijie Networks (SZ 301165) announced an investor survey scheduled for August 21, 2025, where the company's board secretary will participate and address investor inquiries [1] - For the year 2024, Ruijie Networks' revenue composition is entirely from the ICT industry, accounting for 100.0% [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for the autumn season, with 25 job positions available, highlighting a demand for talent in the sector [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 编号：2025-03 | | □ 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 投资者关系活 | 媒体采访 业绩说明会 □ √ | | | 动类别 | 新闻发布会 路演活动 □ □ | | | | □ 现场参观 | | | | 其他 □ | | | | CloudAlphaCapital Management Limited | 三井住友银行股份有限公司 | | | Haitong International Securities Company | 上海常春藤私募基金管理有限公司 | | | Limited | | | | Hanwha Investment Trust Management | 上海峰岚资产管理有限公司 | | | Co.,Ltd | | | | Point72 Asia HongKong Limited | 上海光大证券资产管理有限公司 | | | 宝盈基金管理有限公司 | 上海灏象资产管理有限公司 | | | 北京高信百诺投资管理有限公司 | 上海竑观资产管理有 ...

Ruijie Networks (301165.SZ): Data center switch drives growth ahead; 2Q25 beat; TP up to Rmb103.1; Buy With 2Q25 revenues growing 62% QoQ and 42% YoY, beating our estimate by 24%, we are positive on the strong delivery of the company riding on the AI data center investment trend. For 3Q25, we expect revenues to continue to grow by 33% YoY/ 8% QoQ, with GM remaining stable at 30.2% reflecting the rising exposure to data center whitebox switch. Maintain Buy with TP up to Rmb103.1 (from Rmb90.7). 2Q25 beat: Ru ...

Investment Rating - The report rates the communication industry as "Recommended," expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [29]. Core Insights - The communication sector has shown strong performance, with a weekly increase of 10.84%, outperforming the CSI 300 index by 6.66 percentage points and the ChiNext index by 4.99 percentage points [9][10]. - Year-to-date, the communication industry has risen by 44.91%, significantly surpassing the CSI 300 index's increase of 11.26% by 33.65 percentage points [9][10]. - The report highlights the launch of DeepSeek V3.1, which is designed for the next generation of domestic chips, showcasing improved reasoning speed and capabilities compared to previous versions [16][17]. - ByteDance is developing an AI phone named "Doubao," with ZTE as the ODM manufacturer, expected to be tested internally by the end of this year or early next year [21][22]. Summary by Sections Industry Basic Data - The communication industry consists of 123 listed companies with a total market value of approximately 49,248.97 billion and a circulating market value of about 23,006.93 billion [2]. Relative Index Performance - The absolute performance of the communication sector over 1 month, 6 months, and 12 months is 8.7%, 18.6%, and 30.5%, respectively [3]. Stock Performance - The top five gainers in the communication sector this week include Shengke Communication-U (+43.95%), ZTE (+32.21%), and Ruijie Networks (+32.17%) [12][13]. - The top five decliners include Gaohong Shares (-22.67%) and Beiwai Technology (-11.16%) [12][13]. Key Recommendations - The report recommends focusing on major operators such as China Mobile, China Telecom, and China Unicom, as well as companies in various segments like optical modules and satellite communications [23].

证券研究报告 | 2025年08月24日 通信行业周报 2025 年第 34 周 优于大市 DeepSeek V3.1 发布，工信部有序引导国产算力设施建设 行业要闻追踪：DeepSeek V3.1 发布，国产 GPU 芯片等加速突破。（1）8 月 21 日，DeepSeek 发布 DeepSeek-V3.1，基于下一代国产芯片训练。DeepSeek V3.1 采用 UE8M0 FP8 精度训练，可以直接在任何支持 MXFP8 + UE8M0 的硬 件上执行，能降低内存流量、提升矩阵乘法吞吐。V3.1 通过软件定义与更多 芯片适配，能让超低精度训练/推理在中国自研芯片上更容易实现。（2）工 信部表示将有序引导算力设施建设，加快突破 GPU 芯片等关键核心技术。 算力基础设施公司 2025 上半年业绩快速增长。（1）液冷头部企业英维克 2025H1 总营收 25.73 亿元，同比+50.3%，归母净利润 2.16 亿元，同比+17.5%， 受益于 AI 数据中心需求持续增长，公司机房温控业务收入高速增长，其散 热业务获得头部客户认证并被规模化采用。公司提供液冷全产业链解决方 案，下半年有望持续受益于 AI 数据 ...

Core Viewpoint - Ruijie Networks (301165) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by growth in data center switch product sales [1][4]. Financial Performance Summary - Total revenue reached 6.649 billion yuan, a year-on-year increase of 31.84% [1][4]. - Net profit attributable to shareholders was 452 million yuan, up 194.0% year-on-year [1][4]. - The second quarter alone saw total revenue of 4.113 billion yuan, a 41.99% increase compared to the same quarter last year [1]. - The gross profit margin was 33.19%, down 7.39% year-on-year, while the net profit margin improved to 6.80%, an increase of 123.0% [1][4]. Key Financial Metrics - Operating expenses (sales, management, and financial expenses) totaled 994 million yuan, accounting for 14.95% of revenue, a decrease of 27.08% year-on-year [1]. - Earnings per share (EPS) increased to 0.57 yuan, a rise of 194.05% year-on-year [1]. - The company's cash flow from operating activities showed a significant improvement, with a net increase of 74.32% [8]. Changes in Financial Items - Accounts receivable rose by 49.37% to 2.499 billion yuan, attributed to an increase in direct sales [1][2]. - Short-term borrowings increased by 46.4% due to higher bank borrowings [2]. - Cash and cash equivalents decreased by 34.43% to 1.134 billion yuan, primarily due to increased material procurement payments [1][8]. Business Model and Market Position - The company's performance is heavily reliant on research and marketing efforts, indicating a need for careful analysis of these driving factors [9]. - Historical data shows a median Return on Invested Capital (ROIC) of 29.06%, suggesting strong investment returns despite a recent decline [8]. Fund Holdings - The largest fund holding Ruijie Networks is the Dongfang Alpha Advantage Industry Mixed Fund, which has increased its position [11]. - Other funds have also entered or increased their holdings in Ruijie Networks, indicating growing investor interest [11].

通信行业 2025 年 8 月 22 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2025/8/8-2025/8/21） 行 业 全球首批支持 NB-NTN 卫星通信的可穿戴平台面世 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 | 1、通信行业行情回顾 | | | 3 | | --- | --- | --- | --- | | 2、产业新闻 | | | 4 | | 3、公司公告 | | | 6 | | 4、行业数据更新 | | | 6 | | ...

证券之星消息，8月22日通信设备板块较上一交易日上涨4.07%，锐捷网络领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。通信设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301165 | 锐捷网络 | 90.15 | 10.97% | 22.93万 | | 19.80亿 | | 000063 | 中兴通讯 | 46.55 | 9.37% | 443.63万 | | 198.32亿 | | 002396 | 星网锐捷 | 34.04 | 8.06% | 36.69万 | | 12.24亿 | | 688027 | 園盾重子 | 316.00 | 7.31% | 4.27万 | | 13.22亿 | | 688313 | 仕佳光子 | 64.76 | 6.25% | 37.37万 | | 23.68亿 | | 300502 | 新易盛 | 273.81 | 6.19% | 46.02万 | | 12 ...

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Ruijie Networks, indicating a significant increase in stock price and trading activity [1][2] - As of August 22, Ruijie Networks' stock price rose by 62.07% year-to-date, with a 21.51% increase over the last five trading days and a 74.92% increase over the last 60 days [1] - The company has a market capitalization of 65.93 billion yuan and reported a trading volume of 277 million yuan on August 22, with a turnover rate of 3.56% [1] Group 2 - For the first half of 2025, Ruijie Networks achieved a revenue of 6.649 billion yuan, reflecting a year-on-year growth of 31.84% [2] - The number of shareholders decreased by 13.22% to 25,500, while the average circulating shares per person increased by 61.32% to 3,746 shares [2] - Since its A-share listing, Ruijie Networks has distributed a total of 1.117 billion yuan in dividends [2]