Core Insights - The company's data center switch revenue grew by 110% year-on-year in 25H1, contributing to over 50% of total revenue, which accelerated overall performance growth [1][2]. Financial Performance - The company reported a revenue of 6.649 billion yuan in 25H1, representing a year-on-year increase of 31.84%, primarily driven by data center switch contributions [2]. - Data center switch revenue reached 3.539 billion yuan, continuing its doubling growth trend [2]. - Network equipment revenue was 5.841 billion yuan, up 46.58% year-on-year, while network security product revenue was 212 million yuan, increasing by 19.14% [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%, which fell by 6.85 percentage points [3]. - The net profit for 25H1 was 452 million yuan, a significant increase of 194% year-on-year, with a net profit margin of 8.38%, nearing the quarterly high since the company went public in 2022 [3]. Future Outlook - The company has raised its performance expectations, forecasting revenues of 14.659 billion yuan, 17.857 billion yuan, and 21.274 billion yuan for 2025-2027, with net profits of 1.082 billion yuan, 1.599 billion yuan, and 2.122 billion yuan respectively [2]. - The company maintains an "outperform" rating with a target price of 108.78 yuan based on a 2025 PE ratio of 80 times [2].
锐捷网络(301165)半年报点评：数据中心交换机继续翻倍增长 净利率重回高点