Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a revenue of 10.68 billion yuan for Q3 2025, representing a year-on-year growth of 27.50%, with a net profit attributable to the parent company of 680 million yuan, up 65.26% year-on-year [1] - The data center market is experiencing rapid growth, with the company's revenue from this sector increasing by 85% year-on-year in the first three quarters of 2025 [2] - The company has maintained its leading market position through continuous product innovation and has launched several advanced products in the data center and campus network sectors [3] - The company has significantly expanded its overseas market presence, with overseas revenue reaching 1.836 billion yuan, a year-on-year increase of 47.81% [4] - The company is expected to benefit from the growth of AI and its proactive overseas market expansion, leading to an upward revision of profit forecasts for 2025-2027 [5] Financial Summary - For 2025, the company is projected to achieve a net profit of 903.57 million yuan, with a growth rate of 57.39% [6] - The company's revenue is expected to grow from 11.54 billion yuan in 2023 to 20.86 billion yuan in 2027, reflecting a compound annual growth rate [6] - The earnings per share (EPS) is forecasted to increase from 0.71 yuan in 2023 to 1.72 yuan in 2027 [6]
锐捷网络（301165）：数据中心市场快速增长，海外拓展成效显著