Investment Rating - The investment rating for the company is "Accumulate" with a target price of 108.78 CNY [5][11]. Core Insights - The company has maintained a prosperous business environment in the first three quarters of 2025, benefiting from the rapid development of data communication switches [2][11]. - The revenue for the first three quarters of 2025 reached 10.68 billion CNY, representing a year-on-year increase of 27.50%, while the net profit attributable to the parent company was 680 million CNY, up 65.26% year-on-year [11]. - The company has implemented a new equity incentive plan, aiming for cumulative growth rates of no less than 25%, 38%, and 46% for the years 2025 to 2027, which is expected to further stimulate the company's potential [11]. Financial Summary - Total revenue projections for 2025-2027 are 14.66 billion CNY, 17.86 billion CNY, and 21.27 billion CNY, respectively, with corresponding net profits of 1.08 billion CNY, 1.59 billion CNY, and 2.13 billion CNY [3][11]. - The earnings per share (EPS) are forecasted to be 1.36 CNY, 2.00 CNY, and 2.67 CNY for the years 2025, 2026, and 2027, respectively [3][11]. - The company’s net profit margin is projected to improve significantly, with a return on equity (ROE) expected to reach 34.8% by 2027 [3][11]. Market Data - The current stock price is 76.71 CNY, with a market capitalization of 61.02 billion CNY [6][11]. - The stock has a 52-week price range of 48.37 CNY to 103.61 CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 153.66 in 2023 to 28.98 by 2027, indicating a more favorable valuation over time [3][11].
锐捷网络（301165）：2025年三季报点评：Q3 业务维持景气，利润受计提奖金影响