Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is positioned as a leader in the switch market, providing network construction services for intelligent computing centers to major internet clients such as ByteDance, Alibaba, Tencent, Baidu, Kuaishou, and Meituan [1] - The demand for data communication switches is expected to increase due to the ongoing development of AI capabilities in China, despite a downward revision in performance forecasts due to a sluggish domestic campus switch market [3] - The company has launched an AIGC intelligent computing center network solution that is compatible with various GPUs and accelerators, already implemented in several large internet companies [2] Financial Performance - The company's revenue is projected to grow from 11,326 million in 2022 to 17,176 million by 2026, with a compound annual growth rate (CAGR) of approximately 16.2% [4] - The net profit attributable to the parent company is expected to increase from 552 million in 2022 to 848 million by 2026, reflecting a significant recovery after a decline in 2023 [4] - The earnings per share (EPS) is forecasted to rise from 0.97 in 2022 to 1.49 by 2026, indicating a positive trend in profitability [4] Market Position and Strategy - The company is actively expanding its presence in the 800G, LPO, and CPO sectors, with small-scale supply of 800G switches already initiated for Tier 1 internet companies [3] - The introduction of the AI Fabric solution aims to meet the needs for large-scale networking, rapid deployment, and high data throughput, supporting the construction of green data centers [2] - The company is expected to benefit from the acceleration of domestic computing power construction, leading to increased demand for high-end products [3]
锐捷网络：智算组网核心，交换机龙头助力国产算力发展