数据中心交换机继续翻倍增长，净利率重回高点 股票研究 / [2025. Table_Date] 10.12 2025-10-11 锐捷网络(301165) 电信运营 [Table_Industry] /信息技术 本报告导读： 25H1 数据中心交换机同比+110%，占收比已超过 50%，带动业绩加速增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,542 | 11,699 | 14,659 | 17,857 | 21,274 | | (+/-)% | 1.9% | 1.4% | 25.3% | 21.8% | 19.1% | | 净利润(归母) | 401 | 574 | 1,082 | 1,599 | 2,122 | | (+/-)% | -27.3% | 43.1% | 88.4% | 47.8% | 32.7% | | 每股净收益(元) | 0.50 | 0.72 | 1.36 | 2.01 | ...

格隆汇10月9日丨锐捷网络(301165.SZ)在投资者互动平台表示，公司与摩尔线程公司有技术方面的交流 与合作，主要在云桌面领域。 ...

Core Viewpoint - The company's data center business has shown significant growth, with data center switches experiencing a year-on-year increase of 110%, contributing to over 50% of total revenue, leading to accelerated performance growth [1][2]. Group 1: Financial Performance - The company maintained an "overweight" rating, adjusting revenue expectations for 2025-2027 to 14.659 billion, 17.857 billion, and 21.274 billion yuan, with net profits of 1.082 billion, 1.599 billion, and 2.122 billion yuan respectively [2]. - In the first half of 2025, the company reported revenue of 6.649 billion yuan, a year-on-year increase of 31.84%, primarily driven by data center switches, which generated 3.539 billion yuan, reflecting a 110% year-on-year growth [2]. - The overall gross margin decreased by 2.79 percentage points to 33.19%, influenced by the gross margin of data center switches at 20.79%, down 6.85 percentage points year-on-year [3]. Group 2: Cost and Profitability - The company achieved a remarkable net profit of 4.52 billion yuan in the first half of 2025, a year-on-year increase of 194%, with a net profit margin of 8.38%, nearing the quarterly high since its listing in 2022 [3]. - The expense ratios for sales, management, finance, and R&D were 10.23%, 4.65%, 0.06%, and 11.53% respectively, showing a decrease in most areas, which contributed to the improvement in net profit [3].

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].

每经AI快讯，有投资者在投资者互动平台提问：请问，从全球化的角度看，公司产品大规模应用需要 具备什么条件？ 麒麟信安（688152.SH）7月29日在投资者互动平台表示，目前公司操作系统、云桌面等核心产品已在 国内电力、政务、金融等重要领域得到广泛应用。未来公司将持续聚焦主业，深耕国内市场并不断强化 核心技术研发，同时密切关注全球前沿科技变化，不断加强技术创新，为把握国际市场机遇、推动产品 大规模应用筑牢根基。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that companies in Guangxi are actively expanding their artificial intelligence (AI) applications in ASEAN countries, focusing on sectors like education, urban governance, and energy management [1][3][4] - Runjian Co., Ltd. has partnered with the Malaysian education department to implement an AI essay evaluation system in 2024 and has established 24 data centers across various ASEAN nations [1][3] - Maiyue Technology Co., Ltd. has developed a diversified system covering education, government services, and enterprise services, with its cloud products gaining popularity in ASEAN markets [3][4] Group 2 - The Guangxi government is promoting AI as a means to strengthen cooperation with ASEAN, aiming to build an AI innovation cooperation center and facilitate the application of AI technologies that meet the needs of various countries [4] - The China-ASEAN AI Innovation Cooperation Center has signed 16 foreign cooperation agreements and 43 domestic AI project contracts, indicating a robust framework for international collaboration [4]

Group 1: Business Performance - The company's game business revenue for 2024 reached 4.662 billion CNY, with over 90% of income coming from overseas and Hong Kong, Macau, and Taiwan regions [4][10] - The two main games, "Age of Origins" and "War and Order," generated revenues of 3.454 billion CNY and 1.062 billion CNY respectively, showcasing strong long-term profitability [4][10] - The software and information technology services business achieved a revenue of 1.790 billion CNY, reflecting a year-on-year growth of over 22% [10] Group 2: Strategic Development - The company is committed to deepening its "innovation-driven, global layout" strategy, focusing on expanding its overseas business and enhancing product competitiveness [3][10] - Continuous investment in research and development is planned, with past expenditures of 275 million CNY, 283 million CNY, and 305 million CNY over the last three years [8] - The company aims to leverage AI technology across its business lines to enhance product and service offerings [14] Group 3: Market Position and Future Outlook - The company has maintained a steady growth trajectory, achieving five consecutive years of revenue and net profit growth [10] - New SLG games are set to enter commercialization, contributing to a diversified product matrix and potential long-term revenue streams [9][12] - The company is actively managing market risks, including foreign exchange risks, by monitoring currency fluctuations and engaging in forward foreign exchange transactions [15]

完善制度保障，确保项目有序推进。在该行2025年信息科技管理委员会会议上，审议通过了《关于创建 绿色机房相关情况的报告》，建立按周汇报制度，领导小组定期听取迁移工作进展汇报，及时解决出现 的问题，确保工作按计划推进。针对无纸化影像平台、ODS、数据摆渡系统等12个应用系统，科技信息 部实施"专人专责"管理机制，制定详细推进计划表，确保任务分解到位、问题响应及时、沟通渠道畅 通。每周向联合银行信息科技部云计算团队专项对接人沟通汇报推进情况，保障项目质量与进度双达 标。 突出转型成效，释放数字发展动能。本次上云工程取得显著成效，一是降本增效成果突出，进一步压降 软硬件采购及相关运行维护费用。累计下线下架服务器55台、存储设备4台、加密机3台，使用云桌面， CDP数据保护两个省版系统替代本地系统，有效降低设备运行耗能，软硬件迭代采购以及运行维护费 用；二是系统管理效能提升，通过云管平台扎口信息系统管理，有序推进系统升级、版本迭代、漏洞修 复等工作，云平台的高可用性与容灾备份能力，有效保障业务连续性减少因硬件故障、机房环境等因素 导致的业务中断；三是科技资源优化配置，进一步释放科技人员运维压力，将更多资源投入数据价值 ...

Core Viewpoint - The impressive performance growth forecast for StarNet Ruijie (002396.SZ) and Ruijie Network (301165.SZ) has generated significant attention in the A-share market, largely attributed to founder Huang Yihua's vision and leadership [1][3]. Company Overview - Huang Yihua, born in 1961 in a tech family, founded Fujian Shida Computer Co., Ltd. in 1988 with 15 partners, achieving rapid growth from 16 people to 1.6 billion [4][5]. - The company transitioned to network equipment in 2000, rebranding as StarNet Ruijie in 2003, and successfully listed on the A-share market in 2010 [5][6]. - StarNet Ruijie invests heavily in R&D, with expenditures exceeding 10% of revenue annually from 2018 to 2021, totaling 53.52 million yuan in 2021 [6][7]. Market Performance - As of April 11, 2023, the combined market capitalization of StarNet Ruijie and Ruijie Network reached 49 billion yuan, with Ruijie Network valued at 38.199 billion yuan and StarNet Ruijie at 10.819 billion yuan [7][8]. - In 2023, StarNet Ruijie's net profit decreased by 26.36%, while revenue grew by 5.35%, with a further decline in net profit of 4.76% expected in 2024 [8][9]. Future Outlook - StarNet Ruijie anticipates a significant increase in net profit for Q1 2024, projecting a growth of 211.64% to 298.20% year-on-year, driven by the demand for AI computing and the growth of the internet data center market [8][9]. - Ruijie Network expects a substantial increase in net profit for Q1 2025, with projections indicating a year-on-year growth of 4142.15% to 5310.90% [9][10].

图源：公司官网 在公布最高30亿元资产购买计划仅10天后，智微智能（001339.SZ）变卦了。 3月29日，智微智能连发两则公告，一则是宣布取消召开2025年第二次临时股东大会，另一则是调整至高30亿元的高性能算力服务器采购方案。这意味着， 争议声中，公司紧急调整了至高30亿元的资产购买计划。 3月31日，消息发布后首个交易日，智微智能盘初一度跌超4%。 30亿算力采购"秒变"按需采购 按照原计划，智微智能将在4月8日举行临时股东大会，审议前述至高30亿元的资产购买议案，该议案具体指，公司拟向多家供应商采购算力服务器，采购合 同金额预计不超过30亿元，资金来源于公司自有资金及自筹资金。 从措辞来看，该次投资意义重大，"完全符合公司整体业务发展方向，是公司把握行业机遇、抢占市场先机的关键举措"。 但由于这笔交易的金额占到公司最近一期经审计净资产的50%以上，若参照公司2024年业绩预告，其代价接近公司未来30年的利润，且又是一次性采购，即 支付定金后十周内交付。所以，在外界看来，颇具"豪赌"成分，将对公司流动性构成严峻考验。 加剧这种忧虑的是，抛出该计划前，公司还宣布为合并报表内子公司提供不超过60亿元的担保 ...