Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 108.78 based on a 2025 PE of 80x [4][8]. Core Insights - The company's data center business has exceeded expectations, contributing significantly to revenue growth, with a 110% year-on-year increase in data center switch revenue [4][8]. - The overall revenue for 2025 is projected to be RMB 14.66 billion, with net profit attributable to shareholders expected to reach RMB 1.08 billion [4][8]. - The company has shown improved net profit margins and effective cost control, leading to a significant increase in net profit for 2025H1 [4][8]. Financial Summary - Total revenue for 2023A was RMB 11.54 billion, with projections of RMB 11.70 billion for 2024A, RMB 14.66 billion for 2025E, RMB 17.86 billion for 2026E, and RMB 21.27 billion for 2027E, reflecting a growth rate of 25.3% in 2025E [3][4]. - Net profit attributable to shareholders for 2023A was RMB 401 million, expected to rise to RMB 1.08 billion in 2025E, indicating an 88.4% increase [3][4]. - The gross profit margin (GPM) for the company is projected to be 33.19% in 2025, down 2.79 percentage points year-on-year, influenced by the product mix [4][8]. Revenue Breakdown - In 2025H1, the company reported revenue of RMB 6.65 billion, a 31.84% increase year-on-year, primarily driven by data center switches [4][8]. - Network equipment revenue reached RMB 5.84 billion, up 46.58% year-on-year, while network security product revenue increased by 19.14% to RMB 212 million [4][8]. - Cloud desktop revenue, however, saw a decline of 16.90% year-on-year, totaling RMB 189 million [4][8]. Profitability Metrics - The net profit margin (NPM) for 2025H1 was reported at 8.38%, nearing the quarterly high since the company's listing in 2022 [4][8]. - The company has successfully reduced its expense ratios across various categories, contributing to the improved profitability [4][8].
锐捷网络（301165）：数据中心交换机继续翻倍增长，净利率重回高点