Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company is expected to benefit continuously from the development of AI and data centers, with a significant increase in revenue and profit forecasted for 2025-2027 [3][20]. - The company has launched an equity incentive plan, reflecting confidence in future growth, with specific performance targets set for net profit growth [2][20]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 10.68 billion yuan, a year-on-year increase of 27.5%, and a net profit of 680 million yuan, up 65.26% year-on-year [1][8]. - The gross profit margin for the first three quarters of 2025 was 34.08%, down 4.54 percentage points from 2024, while the gross margin for Q3 2025 was 35.56%, showing a year-on-year increase of 0.78 percentage points [10][1]. - The company’s operating cash flow for the first three quarters of 2025 was 277 million yuan, reflecting a year-on-year improvement [13]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 is as follows: 2025E revenue of 14.67 billion yuan, 2026E revenue of 18.23 billion yuan, and 2027E revenue of 22.53 billion yuan, with growth rates of 25.4%, 24.3%, and 23.5% respectively [4][18]. - The net profit forecast for 2025-2027 is projected to be 1.09 billion yuan, 1.44 billion yuan, and 1.84 billion yuan respectively, with growth rates of 89.8%, 31.7%, and 28.3% [4][20]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 56.6, 43.0, and 33.5 respectively [21][20]. - The company’s return on equity (ROE) is expected to increase from 20.8% in 2025 to 25.6% in 2027 [4][22].

证券研究报告 | 2025年10月23日 锐捷网络（301165.SZ） 优于大市 持续受益 AI 数据中心发展,股权激励彰显信心 受益 AI 发展，公司 2025 年前三季度营收业绩实现双增。2025 年前三季度公 司实现营业收入 106.80 亿元，同比增长 27.5%；归母净利润为 6.80 亿元， 同比增长 65.26%；扣非净利润为 6.55 亿元，同比增长 76.41%。单季度来看， 公司营收及利润环比有所下滑，2025Q3 实现营收 40.31 亿元，同比增长 20.93%，环比下滑 2%；归母净利润为 2.28 亿元，同比及环比分别下滑 11.5% 和 33.8%。 盈利能力稳健，费用率有所下滑。2025 年前三季度公司毛利率为 34.08%， 相较于 2024 年下滑 4.54pp，2025Q3 实现毛利率 35.56%，同比提升 0.78pp，环比提升 5.02pp。2025 年前三季度公司费用率下滑明显，销 售费用率/管理费用率/研发费用同比分别下降 3.04pp/0.6pp/1.83pp， 至 11%/4.42%/12.43%。 国内 AI 需求景气度高，公司有望持续受益。公司聚焦企业 ...

Core Viewpoint - Ruijie Networks experienced a decline of 4.39% in stock price on October 10, with a trading volume of 714 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On October 10, Ruijie Networks had a financing buy-in amount of 45.89 million yuan, while the financing repayment was 75.12 million yuan, resulting in a net financing outflow of 29.22 million yuan [1]. - The total financing and securities balance for Ruijie Networks reached 487 million yuan as of October 10, with the financing balance accounting for 5.78% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - The securities lending data showed that 800 shares were repaid on October 10, with no shares sold, and the remaining securities lending balance was 2.98 million shares, reflecting a high level of borrowing activity [1]. Business Performance - As of June 30, Ruijie Networks reported a total of 25,500 shareholders, a decrease of 13.22% from the previous period, while the average circulating shares per person increased by 61.32% to 3,746 shares [2]. - For the first half of 2025, Ruijie Networks achieved a revenue of 6.649 billion yuan, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million yuan, which is a significant increase of 194% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Ruijie Networks has distributed a total of 1.117 billion yuan in dividends [3]. - As of June 30, 2025, the largest circulating shareholder was Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3]. - New institutional shareholders included E Fund Growth ETF and Invesco Great Wall Industry Trend Mixed A, indicating a shift in the shareholder base [3].

Core Viewpoint - Ruijie Networks has experienced significant stock price growth this year, with a year-to-date increase of 83.42% and a market capitalization of 746.14 billion yuan as of September 26 [1][2]. Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion yuan, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million yuan, which is a remarkable increase of 194.00% [2]. - The company has distributed a total of 1.117 billion yuan in dividends since its A-share listing [3]. Stock Market Activity - As of September 26, Ruijie Networks' stock price was 93.80 yuan per share, with a trading volume of 1.76 billion yuan and a turnover rate of 1.94% [1]. - The stock has seen a net outflow of 20.6085 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Ruijie Networks was 25,500, a decrease of 13.22% from the previous period, while the average number of shares held per shareholder increased by 61.32% to 3,746 shares [2]. - The top five shareholders include various funds, with notable increases in holdings from several institutional investors [3].

Core Viewpoint - Ruijie Networks has shown significant stock performance with an 82.09% increase year-to-date, despite a slight decline in recent trading days [2] Group 1: Stock Performance - As of September 22, Ruijie Networks' stock price increased by 2.03% to 93.12 CNY per share, with a total market capitalization of 740.73 billion CNY [1] - The stock has experienced a 0.09% decline over the last five trading days, a 2.24% increase over the last 20 days, and a 51.51% increase over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion CNY, representing a year-on-year growth of 31.84%, and a net profit of 452 million CNY, which is a 194.00% increase year-on-year [2] - The company has distributed a total of 1.117 billion CNY in dividends since its A-share listing [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of circulating shares per person increased by 61.32% to 3,746 shares [2] - The top shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, with significant increases in holdings from other major shareholders [3]

Core Viewpoint - Ruijie Networks has shown significant stock performance with a year-to-date increase of 68.44% and a recent market capitalization of 68.52 billion yuan [1][2]. Group 1: Stock Performance - As of September 11, Ruijie Networks' stock price reached 86.14 yuan per share, with a trading volume of 2.09 billion yuan and a turnover rate of 2.56% [1]. - The stock has experienced a 4.64% increase over the past five trading days, a 27.69% increase over the past 20 days, and a 69.67% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 117 million yuan on August 18 [1]. Group 2: Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion yuan, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million yuan, reflecting a 194.00% increase [2]. - The company has distributed a total of 1.117 billion yuan in dividends since its A-share listing [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of tradable shares per person increased by 61.32% to 3,746 shares [2]. - The largest shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3].

Core Viewpoint - Ruijie Networks experienced a stock price decline of 2.12% on September 8, 2023, with a current price of 83.47 CNY per share and a total market capitalization of 66.397 billion CNY [1] Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion CNY, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million CNY, which is a significant increase of 194.00% [2] - The company has distributed a total of 1.117 billion CNY in dividends since its A-share listing [3] Stock Market Activity - As of September 8, 2023, the stock has increased by 63.22% year-to-date, but has seen a decline of 19.44% over the past five trading days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 117 million CNY on August 18, 2023 [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of circulating shares per person increased by 61.32% to 3,746 shares [2] - The largest shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3]

Company Overview - Ruijie Networks, established on October 28, 2003, is located in Haidian District, Beijing, and was listed on November 21, 2022. The company specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions [1] - The revenue composition of Ruijie Networks is as follows: network equipment accounts for 87.85%, other products 6.12%, network security products 3.19%, and cloud desktop solutions 2.84% [1] Stock Performance - On August 29, Ruijie Networks' stock fell by 5.01%, trading at 89.01 CNY per share, with a transaction volume of 555 million CNY and a turnover rate of 6.48%. The total market capitalization is 70.803 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Ruijie Networks, Huatai-PineBridge Fund's Huatai Digital Future Mixed A (011399) entered the list in the second quarter, holding 1.0671 million shares, which is 1.12% of the circulating shares. The estimated floating loss today is approximately 5.0049 million CNY [2] - Huatai Digital Future Mixed A was established on February 24, 2021, with a latest scale of 3.212 billion CNY. Year-to-date returns are 47.95%, ranking 719 out of 8189 in its category; over the past year, returns are 75.31%, ranking 1045 out of 7969; since inception, it has a loss of 9.84% [2]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Ruijie Networks, indicating a significant increase in stock price and trading activity [1][2] - As of August 22, Ruijie Networks' stock price rose by 62.07% year-to-date, with a 21.51% increase over the last five trading days and a 74.92% increase over the last 60 days [1] - The company has a market capitalization of 65.93 billion yuan and reported a trading volume of 277 million yuan on August 22, with a turnover rate of 3.56% [1] Group 2 - For the first half of 2025, Ruijie Networks achieved a revenue of 6.649 billion yuan, reflecting a year-on-year growth of 31.84% [2] - The number of shareholders decreased by 13.22% to 25,500, while the average circulating shares per person increased by 61.32% to 3,746 shares [2] - Since its A-share listing, Ruijie Networks has distributed a total of 1.117 billion yuan in dividends [2]

Core Viewpoint - Ruijie Networks Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, driven by strong demand in the digital economy and advancements in AI technology [2][4][11]. Financial Performance - The company's operating revenue reached approximately 6.65 billion yuan, representing a year-on-year increase of 31.84% compared to 5.04 billion yuan in the same period last year [2][19]. - Net profit attributable to shareholders was approximately 432.46 million yuan, a substantial increase of 194% from the previous year's 125.30 million yuan [2][11]. - The net cash flow from operating activities improved significantly, with a net outflow of approximately 313.90 million yuan, a 74.32% reduction from the previous year's outflow of 1.22 billion yuan [2][19]. Business Overview - The main business activities include the research, design, and sales of network equipment, network security products, and cloud desktop solutions, with products widely used in various types of computer networks [4][5]. - The company has a strong focus on innovation, with R&D investment accounting for 12.63% of operating revenue in the first half of 2025 [16][18]. Industry Context - The global data center market is projected to reach approximately 235.65 billion USD by 2025, reflecting the robust demand for computing power driven by the digital economy [5][6]. - The domestic data center switch market continues to grow rapidly, with significant increases noted in sectors such as services, communications, and healthcare [7][9]. Product and Solution Development - The company launched several innovative products, including high-density 400G and 800G switches, which enhance the efficiency of AI model training [11][12]. - New solutions such as the EDN (Experience-Driven Networking) have been introduced to improve user experience and operational efficiency across various sectors [12][13]. Market Position and Customer Base - Ruijie Networks maintains a strong market presence, ranking third in the switch market and first in the 200G/400G data center switch segment in China [15][18]. - The company serves over 1,000 financial institutions and more than 5,000 healthcare organizations, establishing a robust and stable customer base [18][19]. Future Outlook - The company anticipates continued growth in AI applications and infrastructure, with government policies supporting the integration of AI into various sectors [9][11]. - The ongoing digital transformation across industries is expected to drive further demand for the company's products and solutions [6][9].