上市企业：锐捷网络（301165）、中兴通讯（000063）、紫光股份（000938）、光迅科技（002281）、 凌云光（688400）、腾景科技（688195）、太辰光(300570)、中际旭创（300308） 相关企业：华为技术有限公司、锐捷网络股份有限公司、新华三技术有限公司、中兴通讯股份有限公 司、腾景科技股份有限公司、武汉光迅科技股份有限公司、广东赛微微电子股份有限公司、苏州盛科通 信股份有限公司、广东亿源通科技股份有限公司、凌云光技术股份有限公司 关键词：光交换机、交换机、数据中心、AI数据中心 内容概要：光路交换机（OCS）不同于传统交换机，可直接进行光路交换，无需做光电转换。OCS的设 计理念是光纤信号进入交换机后，不再进行光电转换，而是通过光信号的波分复用、交叉连接等进行转 发等操作，光电转换在服务器端进行；同时配合3D环状的网络拓扑结构，OCS有效降低了通信硬件成 本和功耗。根据实现技术的不同，光交换技术一般可分为MEMS技术、数字液晶DLC技术、直接光束偏 转 DLBS技术。OCS技术近年来因谷歌的推动而备受关注，在数据中心中的应用逐渐增多。为了支持 AI 训练等大规模计算，谷歌陆续研 ...

点击注册小程序 查看完整报告 特别申明： 在数据中心领域，公司继续提升在网络基础设施领域的创新能力，推动数据中心基础设施建设发展：凭借 对场景和行业的价值赋能，AI-FlexiForce 智算中心网络解决方案实现大规模交付，获"年度影响力解决方 案奖"；携手中移动共同发布自主技术知识产权的 AIGC 智算网络新标准，推动国内智算网络技术体系发 展。2024年公司在关键领域连连突破，成功推出了TH5交换机、51.2T CPO交换机、全球性能领先的 400G/800G LPO光模块的创新产品矩阵等创新解决方案。 公司积极拓展在信创、视联网、车联网等领域的AI应用 （1）信创：公司基于华为最新麒麟 9000C 芯片打造的"升华"系列整机，助力党政、国企、教育、医疗等 行业实现信创智能化升级；持续深化与兆芯、飞腾等生态伙伴的战略合作，发布多个形态的信创整机产 品。 （2）视联网：多款 AI 语音核心产品正式获颁工信部电信设备进网许可证，提升了在运营商市场和行业专 网的竞争力。在政务办公、医疗、金融等多行业实现突破：智慧医疗解决方案批量性落户山东、上海、北 京等省份的国家区域医疗中心；金融相关解决方案中标建设银行总行集 ...

Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, down 4.76% year-on-year [1] Group 1: Financial Performance - The company achieved Q4 revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, up 16.22% year-on-year [1] - The gross margin for Q4 was 38.13%, showing a quarter-on-quarter increase of 6.29 percentage points [1] Group 2: Product and Market Development - The company made significant breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities [2] - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and won the "Annual Influential Solution Award" [2] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and leading global 400G/800G LPO optical modules [2] Group 3: AI Applications Expansion - In the field of trusted computing, the company developed the "Shenghua" series machines based on Huawei's Kirin 9000C chip, aiding various sectors in achieving intelligent upgrades [2] - The company received telecom equipment access licenses for multiple AI voice core products, enhancing competitiveness in the operator market and industry private networks [3] - The company made strides in smart medical solutions, which were implemented in national regional medical centers across provinces like Shandong, Shanghai, and Beijing [3] Group 4: Market Outlook and Profit Forecast - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 39% and 42% to 510 million yuan and 622 million yuan, respectively, while introducing a new forecast of 728 million yuan for 2027 [3] - The company maintains a "buy" rating, anticipating growth opportunities from AI intelligent computing center networks and increased demand for white-label switches in data centers driven by operator investments [3]

Summary of Ruijie Networks 2024 Conference Call Company Overview - **Company**: Ruijie Networks - **Year**: 2024 - **Total Revenue**: 11.6 billion CNY, a year-on-year increase of 1.36% [3][11] - **Net Profit**: 570 million CNY, a year-on-year increase of 43% [3] Key Industry Insights - **Network Equipment Revenue**: 9.6 billion CNY, a year-on-year increase of 17%, driven by AI-driven data center construction [4][11] - **Network Security Revenue**: 450 million CNY, a year-on-year decrease of 47% [11] - **Cloud Desktop Revenue**: Decreased by 27% year-on-year [11] - **Overseas Revenue**: Increased by 52% to 1.8 billion CNY, expanding market coverage from over 90 to over 100 countries [4][11] Core Achievements and Innovations - **Data Center Innovations**: Launched PH5 cold plate switch and 51.2T multi-core processor architecture switch, along with 400G/800G optical modules [4][5] - **AI Infrastructure**: Collaborated with major clients like Alibaba, Tencent, and ByteDance to build AI infrastructure [4][8] - **New Product Launches**: Introduced WiFi 7 AP series and efficient desktop version 3.0 to meet demands in education and healthcare [4][6] Market Position and Customer Base - **Market Leadership**: Ranked first in Ethernet switch market in education, circulation, and internet sectors [4][8] - **Key Clients**: Major clients include Alibaba, Tencent, and ByteDance, contributing significantly to revenue [8][33] - **New Client Acquisition**: Engaged with new clients like Didi and Xiaohongshu, although their contribution remains smaller compared to top clients [33] Financial Performance and Projections - **Gross Margin**: Maintained at approximately 38% for the year, with Q4 gross margin benefiting from project settlement structure optimization [15][16] - **2025 Outlook**: Anticipates rapid growth in internet and SMB business, with stable overall gross margin [4][16][19] Strategic Initiatives - **Efficiency Improvements**: Implemented customer-centric processes, product quality management, and digital factories to enhance efficiency and profitability [10][16] - **R&D Investment**: Expected R&D expenditure between 1.8 to 2 billion CNY despite a reduction in R&D personnel [24] Future Market Trends - **Increased Demand for Data Centers**: Significant growth in demand for data centers from internet companies, with a focus on high-speed switches [19][36] - **Emerging Technologies**: New technologies like DeepSIC are expected to drive market changes, with major internet companies planning substantial capital expenditures [13][19] Conclusion - **Company's Vision**: Ruijie Networks aims to leverage AI trends and enhance its network infrastructure offerings to achieve steady growth and provide substantial returns to investors in 2025 [35][37]