Core Viewpoint - The company maintains a positive business outlook with strong growth in the data communication switch sector, benefiting from ongoing market demand and operational efficiency [1]. Financial Performance - The company expects revenues for 2025-2027 to be CNY 146.59 billion, CNY 178.57 billion, and CNY 212.74 billion, with net profits of CNY 10.82 billion, CNY 15.91 billion, and CNY 21.28 billion respectively, leading to EPS of CNY 1.36, CNY 2.00, and CNY 2.67 [2]. - For the first three quarters of 2025, the company reported revenues of CNY 106.80 billion, a year-on-year increase of 27.50%, and a net profit of CNY 6.80 billion, up 65.26% [2]. - In Q3 2025, revenues reached CNY 40.31 billion, reflecting a year-on-year growth of 20.93% but a quarter-on-quarter decline of 2.00%, with net profit at CNY 2.28 billion, down 11.49% year-on-year and 33.79% quarter-on-quarter [2]. Cost and Profitability - The company recorded an increase in employee compensation liabilities in Q3, totaling CNY 3.53 billion, primarily due to performance bonuses accrued since the beginning of 2025, leading to a significant rise in expenses [3]. - Excluding the impact of employee compensation, the adjusted net profit for Q3 is approximately CNY 5.1 billion, continuing a trend of substantial growth [4]. Strategic Initiatives - The company launched a new equity incentive plan in September, aiming for cumulative growth rates of no less than 25%, 38%, and 46% for the years 2025-2027, which is expected to further enhance its potential [4].
锐捷网络(301165)：Q3业务维持景气 利润受计提奖金影响