AI算力产业链跟踪报告（二十七）：Arista网络24Q3业绩超预期，高速以太网交换机有望开启放量

Investment Rating - The report maintains a "Buy" rating for Arista Networks, indicating an expected investment return exceeding 15% over the next 6-12 months [9]. Core Insights - Arista Networks reported Q3 2024 earnings that exceeded expectations, with revenue of $1.811 billion, a year-over-year increase of 20.0% and a quarter-over-quarter increase of 7.16% [1] - The company anticipates Q4 2024 revenue guidance of $1.85-1.90 billion, representing a year-over-year growth of 20.13%-23.38% [1] - The data center Ethernet switch market is projected to grow significantly, with estimates suggesting it will exceed $40 billion by 2028 [1] - Arista has surpassed Cisco in market share for high-speed data center switches as of H1 2024 [1] Summary by Sections Earnings Performance - For Q3 2024, Arista achieved a non-GAAP net profit of $769 million, surpassing Bloomberg's consensus estimate by approximately 14.9% [1] - The non-GAAP gross margin improved to 64.6%, up from 63.1% in the same period last year [1] Market Potential - The data center Ethernet switch market is expected to continue its growth trajectory, with significant contributions from the top five cloud service providers in the U.S. [1] - Sales of 800Gbps switches are projected to increase, with expectations that by 2028, their sales will far exceed those of 400Gbps and other products [1] Product Development - Arista is collaborating with Meta to develop distributed Ethernet switches, which have been deployed in Meta's latest AI clusters [1] - The new "Distributed Etherlink 7700" was launched to support large AI clusters with over 10,000 GPUs [1] Service and Software Contributions - The service and software support revenue accounted for 17.6% of total revenue in Q3 2024, significantly contributing to overall performance [1] - The EOS software stack is central to Arista's 2.0 plan, enabling efficient access to data for AI and machine learning applications [1]