费用端持续优化，规模效应下盈利能力有所提升。 民生证券股份有限公司范宇近期对锐捷网络（301165）进行研究并发布了研究报告《2025年半年报点评： Q2利润高增，互联网数据中心交换机强势增长》，给予锐捷网络买入评级。 锐捷网络 事件：2025年8月21日，公司发布2025年半年报，H1实现营收66.49亿元，同比增长31.84%；实现归母净利 润4.52亿元，同比增长194.00%；实现扣非归母净利润4.32亿元，同比增长245.14%。单Q2公司实现归母净利 润3.45亿元，同比增长127.66%，环比增长221.46%；扣非归母净利润3.38亿元，同比增长144.01%，环比增 长256.82%。 互联网数据中心交换机强势增长，Q2利润高增。 Q2单季度净利润实现同环比高增，主因互联网行业数据中心加快建设，公司面向互联网客户的数据中心交 换机产品订单加速交付，相关营业收入大幅增长。2025年上半年的营收结构来看，按业务结构划分，1)网络 设备：上半年营收58.41亿元，同比增长46.58%，占营业收入比例为87.85%，同比提升8.83pct。其中，数据 中心交换机收入35.39亿元，同比增长110.0 ...

据证券之星公开数据整理，近期锐捷网络（301165）发布2025年中报。截至本报告期末，公司营业总收 入66.49亿元，同比上升31.84%，归母净利润4.52亿元，同比上升194.0%。按单季度数据看，第二季度 营业总收入41.13亿元，同比上升41.99%，第二季度归母净利润3.45亿元，同比上升127.66%。本报告期 锐捷网络应收账款上升，应收账款同比增幅达49.37%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率33.19%，同比减7.39%，净利率6.8%，同比增 123.0%，销售费用、管理费用、财务费用总计9.94亿元，三费占营收比14.95%，同比减27.08%，每股净 资产5.93元，同比减18.44%，每股经营性现金流-0.39元，同比增81.66%，每股收益0.57元，同比增 194.05% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 50.43 Z | 66.49 亿 | 31.84% | | 归母浄利润（元） | 1.54亿 | 4.52 Z | 194.00% | | 扣非 ...

证券研究报告 星网锐捷 (002396 CH) 2025 年 8 月 22 日│中国内地 通信设备制造 业绩符合预告，AI 数据中心高景气 公司发布 1H25 财报，公司 1H25 实现收入 88.86 亿元，同比+21.76%；归 母净利润 2.12 亿元，同比+69.32%，主要系互联网行业数据中心建设提速， 框采交付进度快于往年。单季度来看，公司 2Q25 实现营业收入 54.01 亿元， 同比+29.86%，归母净利润 1.70 亿元，同比+49.46%，贴近此前中报预告 区间中值（1.68 亿元）。随着英伟达 H20 供应缓和、国产 GPU 逐步放量， 下半年互联网资本开支有望持续高增，数据中心交换机配套需求或进一步抬 升。我们看好公司外部受益数通高景气、内部经营不断优化下，业绩有望加 速成长。维持"买入"评级。 网络设备业务引领增长，海外拓展持续深入 分产品板块来看，1H25 公司：1）企业级网络设备产品收入 64.59 亿元（同 比+41.7%），其中子公司锐捷网络数据中心交换机产品收入 35.39 亿元（同 比+110%），我们看好数据中心交换机的高增趋势延续至全年；2）网络终 端板块收入 3 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 98.13 [2]. Core Views - The report highlights that the demand for data centers is accelerating, leading to an upward revision of the company's performance for the year. The growth in revenue and net profit is primarily driven by the demand from internet AI data centers [6][10]. - The company is positioned as a leading supplier of data center switches in the internet sector, benefiting from increased capital expenditures from clients and improved operational efficiency [6][9]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of RMB 6.649 billion and a net profit of RMB 0.452 billion, representing year-on-year increases of 32% and 194% respectively [6]. - The revenue forecast for the upcoming years is as follows: - 2024: RMB 11.699 billion - 2025E: RMB 15.291 billion (+30.70%) - 2026E: RMB 18.797 billion (+22.93%) - 2027E: RMB 22.121 billion (+17.69%) [5][22]. - The net profit attributable to the parent company is projected to grow significantly: - 2024: RMB 0.574 billion - 2025E: RMB 1.250 billion (+117.82%) - 2026E: RMB 1.815 billion (+45.18%) - 2027E: RMB 2.367 billion (+30.37%) [5][21]. Segment Performance - In the first half of 2025, the company's network equipment products generated revenue of RMB 5.841 billion, a year-on-year increase of 46.6%, with data center switches contributing RMB 3.539 billion, up 110% [7]. - The company has expanded its overseas market presence, achieving revenue of RMB 1.145 billion from international markets, a year-on-year increase of 48.5% [7]. Margin and Cost Efficiency - The overall gross margin for the first half of 2025 was 33.19%, a decrease of 2.79 percentage points year-on-year, primarily due to increased competition and customer cost-cutting demands [8]. - The company has improved its expense ratios significantly, with sales, management, and R&D expense ratios at 10.23%, 4.65%, and 11.53% respectively, all showing year-on-year reductions [8]. Market Position and Outlook - The company is expected to benefit from a new round of bidding from internet companies, with major players like ByteDance and Alibaba projected to increase their capital expenditures significantly in 2025 [9]. - The company holds a 19.2% market share in the domestic data center switch market, ranking third, and leads in the 200G and 400G segments with a 38.1% market share [9]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards, with net profit estimates for 2025-2027 adjusted to RMB 12.50 billion, RMB 18.15 billion, and RMB 23.67 billion respectively, reflecting substantial growth [10][21]. - The target price of RMB 98.13 corresponds to a PE ratio of 43x for 2026, indicating a favorable valuation compared to peers [10][23].

Summary of the Conference Call for 菲菱科思 Company Overview - **Company**: 菲菱科思 - **Industry**: Data Communication and Cloud Computing Key Points Financial Performance - Operating cash flow decreased significantly by 115% in the first half of 2025, primarily due to increased bank acceptance bill deposits and inventory, which included 278 million yuan in raw materials for new projects and 170 million yuan in goods shipped [2][3] - Despite overall performance being less optimistic, there were highlights such as a net profit turnaround for the Zhejiang Haining subsidiary and a stable control of period expenses, with sales expenses down by 11% and R&D expenses up by 14%, accounting for 10% of revenue [3] Product Performance - Sales volume of the company's fast products grew by 67%, with revenue increasing by 120%, driven by growth in the data communication switch sector, which is experiencing positive growth both globally and domestically [2][4] - The company’s main business remains focused on switches, accounting for 80% of total business volume [8] Market Expansion and New Business Development - The company is actively expanding into cloud computing, big data, and AI-related businesses, including new products like data center switches and AI servers, leveraging high-end multi-layer PCB processing capabilities [2][5] - The data center switch market is expected to see good growth, with the company focusing on products below 400G and collaborating with major players like 新华三 and 华为 [2][8] Customer Structure and International Market - The customer structure includes 清华山 (52%) and 华为 (30%), with overseas sales reaching over 15 million yuan in the first half of the year, indicating progress in international market expansion [7] - The company aims to continue focusing on overseas markets to supplement domestic business shortcomings [7] R&D and Future Outlook - R&D expenses increased significantly by 70% to over 78 million yuan, with plans to continue increasing investment in R&D to support future growth [4][26] - The company is optimistic about the future, emphasizing cost control, organizational optimization, and team system construction to achieve revenue and profit growth [27] Competitive Landscape - The high-end switch market is competitive, particularly for products with 48 ports and high-speed capabilities, where quality and reliability are prioritized over pricing [25] - The company is also addressing the growing demand for video chips, with significant R&D efforts underway to meet future market needs [10] Production Capacity and Revenue Contribution - New production capacity in Shenzhen is expected to contribute approximately 1 billion yuan in output over the next two to three years, while the Haining facility could reach 3 billion yuan or more if market demand remains strong [19] - Data center switches are projected to contribute around 20 to 30 million yuan to revenue in 2025, with self-developed data center products expected to significantly impact revenue growth [12][13] Conclusion - Investors should monitor 菲菱科思's business layout and market expansion, particularly in the data center and AI sectors, as the company has strong technical capabilities and quality customer resources that could drive future growth [30]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1][9]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a new phase in the development of controllable nuclear fusion, with significant investment from state-owned enterprises totaling 11.492 billion yuan [5][18]. - The investment cycle for controllable nuclear fusion is on the rise, driven by intensified US-China competition and supportive domestic policies [5][18]. - The AI infrastructure expansion and model transition are expected to drive opportunities across the computing and application stack, highlighting the synergy between hardware and software [6][19]. Summary by Sections Market Review - In the past week (July 21-27, 2025), the Shanghai Composite Index and Shenzhen Component Index rose by 1.67% and 2.33%, respectively, while the CITIC Communication Index fell by 0.47%, ranking 28th among 30 primary industries [4][14]. - The top five performing stocks in the communication sector included Dongxin Peace (34.10%), Cheng Tian Wei Ye (17.14%), and Si Nan Navigation (16.54%) [4][15]. Weekly Topic - The focus is on the significant investment in the fusion energy sector by state-owned enterprises, indicating a strategic shift towards large-scale development [5][18]. - The report suggests monitoring related industry chain stocks due to the ongoing investment cycle in controllable nuclear fusion [5][18]. Industry News - China Mobile's centralized procurement for data center switches is expected to involve approximately 33,300 units, with a total budget of about 2.0294 billion yuan [7][21]. - Huawei has the highest share in this procurement, with several other established domestic manufacturers also participating [7][21][23]. Investment Recommendations - The report recommends focusing on key beneficiaries across various sectors, including controllable nuclear fusion and AI-related hardware and software [6][19].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][41]. Core Viewpoints - In the first half of 2025, China's telecommunications business revenue reached CNY 905.5 billion, showing a year-on-year growth of 1% [20]. - The communication industry is experiencing a period of technological iteration and policy dividends, with growth drivers from AI, quantum communication, and low-altitude economy [38]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + performance certainty" [38]. Summary by Sections 1. Industry Market Review - The communication sector index increased by 6.78% from July 11 to July 24, outperforming the CSI 300 index by 3.31 percentage points, ranking 7th among 31 sectors [11]. - Year-to-date, the communication sector has risen by 17.04%, surpassing the CSI 300 index by 11.60 percentage points [11]. 2. Industry News - Dell'Oro report indicates a 6% CAGR for the global 5G core network market from 2024 to 2029, driven by accelerated deployment of 5G SA architecture [16]. - China Mobile's procurement for data center switches includes major players like Huawei and ZTE, with an estimated procurement of approximately 33,300 units [18]. - The Ministry of Industry and Information Technology reported that the number of mobile phone users reached 1.81 billion, with 5G users at 1.118 billion, accounting for 61.8% of mobile users [20]. 3. Company Announcements - Zhongji Xuchuang expects a net profit increase of 53%-87% for the first half of 2025, driven by strong demand for high-end optical modules [22]. - New Yisheng anticipates a net profit growth of 328%-385% for the same period, benefiting from AI-related investments [24]. - StarNet Ruijie forecasts a net profit increase of 43.81%-91.75% due to accelerated orders for data center switch products [26]. 4. Industry Data Updates - As of June 2025, the length of optical cable lines reached approximately 73.77 million kilometers, a year-on-year increase of 9.91% [29]. - The total number of 5G base stations reached 4.549 million, with a net increase of 298,000 from the end of the previous year [34]. 5. Weekly Perspective on the Communication Sector - The report emphasizes the stable operation of the communication industry, with ongoing growth in telecommunications business volume and new infrastructure construction [38]. - It recommends focusing on companies such as China Telecom, FiberHome, and Changfei Fiber for potential investment opportunities [39].

Core Viewpoint - The communication industry is experiencing stable growth driven by advancements in AI and new infrastructure development, with significant increases in user scale for 5G, gigabit, and IoT services [1][2]. Industry Overview - In the first half of 2025, China's telecommunications industry generated a total revenue of 905.5 billion yuan, marking a year-on-year growth of 1%, and a 9.3% increase when adjusted for last year's prices [1]. - The Shenzhen Stock Exchange's communication sector has 26 companies forecasting a combined net profit of 9.4 billion to 11.3 billion yuan for the first half of 2025 [1]. Company Performance - Wuhan Guangxun Technology Co., Ltd. anticipates a net profit of 323 million to 407 million yuan for the first half of 2025, representing a substantial year-on-year increase of 55% to 95% [2]. - Fujian StarNet RuiJie Communication Co., Ltd. expects a net profit of 180 million to 240 million yuan, reflecting a growth of 43.81% to 91.75% year-on-year [2]. AI Impact - The AI wave is significantly driving growth in the communication sector, with companies like StarNet RuiJie reporting increased orders for data center switch products due to accelerated data center construction [3]. - The demand for AI computing power is expected to continue driving large-scale data center construction, becoming a primary growth engine for the industry [3]. Policy Support - Recent policies have created a favorable environment for the communication industry, including targeted support for 5G, gigabit networks, and AI-communication technology integration [5][6]. - The National Development and Reform Commission and other agencies have set a goal to establish a national data infrastructure by 2029, which will enhance the demand for computing and optical communication infrastructure [5][6]. Future Outlook - The integration of AI with communication technology is anticipated to create vast market opportunities, with companies positioned to benefit from ongoing digital transformation and infrastructure development [3][6]. - The optical module market for AI clusters is projected to grow significantly, with sales expected to reach 12 billion USD by 2029 [4].

Core Viewpoint - The AI wave is significantly driving growth in the communication industry, with many listed companies reporting substantial profit increases due to rising demand for computing power and AI applications. Group 1: Company Performance - As of July 24, 2025, 26 companies in the Shenzhen communication sector forecast a combined net profit of 9.4 billion to 11.3 billion yuan, representing a year-on-year growth of 59% to 90% [1] - Guangxun Technology expects a net profit of 323 million to 407 million yuan, a significant increase of 55% to 95% year-on-year [1] - StarNet Ruijie anticipates a net profit of 180 million to 240 million yuan, reflecting a year-on-year growth of 43.81% to 91.75% [1] - New Yisheng, a leader in optical modules, projects a net profit of 3.7 billion to 4.2 billion yuan, a staggering increase of 327.68% to 385.47% year-on-year [1][3] Group 2: Market Trends - The demand for AI computing power and the deepening of digital transformation are expected to drive large-scale data center construction, becoming the main growth engine for the industry [2] - The optical module market is projected to maintain rapid growth over the next five years, driven by the proliferation of AI large models and increased capital expenditure from internet giants [2] - The telecommunications market is showing signs of recovery due to ongoing construction and upgrades of DCI interconnections and PON networks [2] Group 3: Policy Support - In 2025, the government released several key policies aimed at enhancing computing networks and optical communication infrastructure, including the goal to establish a national data infrastructure by 2029 [4] - The Ministry of Industry and Information Technology emphasized accelerating the construction of 5G and gigabit optical networks, transitioning from "gigabit popularization" to "ten-gigabit initiation" [4] - These policies are expected to stimulate demand for computing and optical network infrastructure, providing significant market opportunities for companies like StarNet Ruijie [5]

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Xingwang Ruijie**, which operates in four main segments: **Ruijie Network**, **Communication**, **Financial Innovation**, and **Metaverse** [2][4][5]. Core Business Segments and Performance - **Ruijie Network**: Expected to contribute significantly to net profit, with projections between **400 million to 500 million CNY** for the first half of 2025, showing a strong performance [2][4][7]. - **Communication Segment**: The core of this segment is the **Optical Communication** business, primarily serving **China Mobile** and expanding into **China Unicom**, **China Telecom**, and **China Tower** markets. A growth period is anticipated in 2025 due to product updates that will increase the proportion of high-margin products [2][5][8]. - **Financial Innovation**: Led by a subsidiary in Shenzhen, this segment provides comprehensive financial solutions and participates in the **digital RMB pilot project**. The company has completed **Hongmeng certification** and is expanding into the **Middle East** and **ASEAN** for international payment solutions [2][3][5][16]. - **Metaverse Segment**: Focuses on audio-visual technology and immersive experiences, with applications in entertainment and corporate promotion. Collaborations with universities are ongoing to explore brain-computer interface technology [2][6][18]. Financial Performance - The company forecasts a net profit of **180 million to 240 million CNY** for the first half of 2025, representing a year-on-year growth of **3.81% to 91%** [4][7]. - The **De Ming Communications** segment, focusing on the U.S. market for vehicle networking, reported a revenue and profit increase of approximately **30%** in the first half of 2025 despite trade tensions [2][5][7]. Future Growth Drivers - Anticipated growth in the second half of 2025 is driven by advancements in computing power and the availability of computing cards, which are expected to boost demand for switches [2][8]. - The overseas business of Ruijie Network has seen over **50% growth** in revenue last year, with expectations for continued strong performance [2][8]. - The company is also focusing on high-margin products in the optical communication sector, including voice gateways and intelligent gateways, to meet AI demands [8][9]. Market Position and Strategy - The company has joined the **Digital RMB Alliance** and collaborates with major firms like **Meituan**, **Alibaba**, **Tencent**, and **JD.com** to expand cross-border payment solutions [3][16]. - The white-box switches, primarily targeting internet companies, have a gross margin of about **20%**, significantly higher than the **8%-10%** margins typical for simple OEM/ODM manufacturers [10][12]. Operational Efficiency - The company has implemented significant operational cost reductions, which are expected to enhance net profit margins as revenue grows without a proportional increase in operational expenses [9][11][14]. AI and Innovation - The company is actively exploring AI applications, particularly in hardware needs for data center switches and integrated solutions for various sectors, including healthcare [18][19]. - Research in brain-computer interface technology aims to provide personalized mental health analysis through advanced modeling techniques [18][19]. Outlook - The overall performance for the first half of 2025 aligns with expectations, with optimism for increased orders and revenue in the second half, particularly in computing power and operator construction opportunities [20]. - New products and market expansions are anticipated to contribute positively to the company's financial performance, enhancing returns for investors [20].