Core Viewpoint - The company's data center business has shown significant growth, with data center switches experiencing a year-on-year increase of 110%, contributing to over 50% of total revenue, leading to accelerated performance growth [1][2]. Group 1: Financial Performance - The company maintained an "overweight" rating, adjusting revenue expectations for 2025-2027 to 14.659 billion, 17.857 billion, and 21.274 billion yuan, with net profits of 1.082 billion, 1.599 billion, and 2.122 billion yuan respectively [2]. - In the first half of 2025, the company reported revenue of 6.649 billion yuan, a year-on-year increase of 31.84%, primarily driven by data center switches, which generated 3.539 billion yuan, reflecting a 110% year-on-year growth [2]. - The overall gross margin decreased by 2.79 percentage points to 33.19%, influenced by the gross margin of data center switches at 20.79%, down 6.85 percentage points year-on-year [3]. Group 2: Cost and Profitability - The company achieved a remarkable net profit of 4.52 billion yuan in the first half of 2025, a year-on-year increase of 194%, with a net profit margin of 8.38%, nearing the quarterly high since its listing in 2022 [3]. - The expense ratios for sales, management, finance, and R&D were 10.23%, 4.65%, 0.06%, and 11.53% respectively, showing a decrease in most areas, which contributed to the improvement in net profit [3].
锐捷网络(301165)：数据中心交换机继续翻倍增长 净利率重回高点