Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 108.78 CNY [6][12]. Core Insights - The company's revenue for the first half of 2025 (25H1) reached 6.649 billion CNY, representing a year-on-year increase of 31.84%, primarily driven by the data center switch segment, which saw a remarkable growth of 110% [2][12]. - The data center business now accounts for over 50% of total revenue, indicating significant revenue elasticity [12]. - The report projects revenue growth for 2025-2027 to be 14.659 billion CNY, 17.857 billion CNY, and 21.274 billion CNY, respectively, with net profit estimates of 1.082 billion CNY, 1.599 billion CNY, and 2.122 billion CNY [12][13]. Financial Summary - Total revenue is forecasted to grow from 11.542 billion CNY in 2023 to 21.274 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 19.1% [4][13]. - Net profit attributable to the parent company is expected to rebound from 401 million CNY in 2023 to 2.122 billion CNY in 2027, reflecting a significant recovery and growth trajectory [4][13]. - The company's earnings per share (EPS) is projected to increase from 0.50 CNY in 2023 to 2.67 CNY in 2027 [4][13]. Market Performance - The current stock price is 91.54 CNY, with a 52-week price range of 30.60 CNY to 103.61 CNY [7]. - The company has a total market capitalization of 72.816 billion CNY [7]. - The stock has shown strong performance with a 12-month absolute increase of 310% and a relative increase of 257% compared to the index [11]. Profitability Metrics - The gross margin for the company is projected to be 33.19%, with a slight year-on-year decline of 2.79 percentage points [12]. - The net profit margin is expected to improve, reaching 10% by 2027, up from 3.5% in 2023 [12][13]. - Return on equity (ROE) is forecasted to rise significantly from 9.4% in 2023 to 36.9% in 2027 [4][13]. Valuation - The report suggests a price-to-earnings (P/E) ratio of 80 for 2025, indicating a strong valuation compared to peers [12][14]. - The company’s price-to-book (P/B) ratio is currently at 15.4, reflecting its market valuation relative to its book value [8][12]. Conclusion - The report highlights the company's robust growth potential driven by the data center segment, improved profitability metrics, and favorable market conditions, supporting the "Accumulate" rating and the target price of 108.78 CNY [6][12].
锐捷网络（301165）：公司半年报点评：数据中心交换机继续翻倍增长，净利率重回高点